Wing Tai snaps up The Lakeside Apartments for $273.88m
It is situated on a 12,465 sqm site and can be redeveloped into 307 condos.
The Lakeside Apartments in Yuan Ching Road has sold for over $273.88m to Winville Investment, a subsidiary of Wing Tai Holdings, via collective sale tender.
The sale price is 14% above the owners’ reserve price of $240m, according to the apartments’ exclusive marketing agent, Propnex Realty. This is the Lakeside Apartments’ second attempt at a collective sale.
The 99-year leasehold development, located in the Jurong East area comprises 120 residential units. The apartments are situated in a 12,465-square-metre site (134,177 square feet). The site has a gross plot ratio of 2.1 and is zoned for residential use.
According to PropNex, the site has the potential to be redeveloped into a 24-storey residential building with 307 condominium units averaging 915sq. ft. each.
The apartments are located near the Lakeside MRT station on the East-West Line. Come 2027, residents can look forward to the upcoming Jurong East integrated transport hub, which will house a bus interchange, offices, public facilities, and retail spaces.
Schools nearby include Lakeside Primary School, Rulang Primary School, Jurong Secondary School, Fuhua Secondary School, River Valley High School, Millennia Institute, Nanyang Technological University, and the Canadian International School (Lakeside Campus).
The collective sale tender exercise was launched on 22 March 2022.