Lakeside Apartments is now on the market with a reserve price of S$240 million, becoming the latest development to wade into the collective sale arena.
With more than 80 per cent of the owners at the 134,176 sq ft site in the Jurong Lake District area having agreed to sell their units, the tender was launched on Tuesday.
Each owner in the 120-unit development could get S$2 million. There are 58 years left on the development’s 99-year lease.
The site along Yuan Ching Road is zoned residential with a plot ratio of 2.1. It currently houses two tower blocks of 15 storeys each.
Developers will have to cough up an enhancement premium of S$55.56 million to top up the lease and to intensify the land use from the current baseline of 24,721 sq m, or an equivalent gross plot ratio of 1.98.
JTC used to manage the land, but this task has since been handed over to the strata title unit owners.
According to press reports from the late 1970s, JTC built Lakeside Apartments at the time to provide housing for those working in the Jurong area.
The units went for between S$64,900 and S$66,800 each when they were launched to the public.
Adapted from: The Business Times, 14 June 2018