Lakeside Apartments at 9E and 9F Yuan Ching Road Fetch $273.89 Million in Second Attempt

Lakeside Apartments at 9E and 9F Yuan Ching Road sold for $273.89 million in its second attempt at auction, after a previous tender failed to attract any bids. The successful bid was submitted by a consortium led by Sinarmas Land, a Singapore-based real estate developer.

The property, which comprises two apartment blocks of 15 storeys each, had a reserved price of $220 million. The sale was conducted by CBRE, who received a total of six bids. The top bid of $273.89 million was submitted by the consortium led by Sinarmas Land.

The consortium plans to redevelop the property into a mixed-use development comprising residential and commercial components. It is expected that the project will be completed in 2021.

The sale of Lakeside Apartments is the latest in a string of successful real estate transactions in Singapore. The property market in Singapore has been buoyed by strong economic growth and low interest rates. This has led to increased demand for real estate, particularly for luxury properties.

The sale of Lakeside Apartments is expected to further boost the property market in Singapore. It will provide an additional source of revenue for the government and will help to create jobs in the construction and development sector.

The sale of Lakeside Apartments is a testament to the strength of the Singapore property market. The successful bid was higher than the initial reserved price, indicating that there is still strong demand for high-end properties in Singapore. It is also a reflection of the confidence of investors in the Singapore property market.

The sale of Lakeside Apartments is a positive development for the real estate sector in Singapore. It shows that investors are still willing to invest in the Singapore property market despite the uncertain economic outlook. This is a sign of the strength and resilience of the Singapore property market.

The sale of Lakeside Apartments is also evidence of the growing trend of mixed-use developments in Singapore. Mixed-use developments, which combine residential and commercial components, are becoming increasingly popular in Singapore. This is due to the fact that they provide a range of benefits, such as increased density and higher returns on investment.

The sale of Lakeside Apartments is also a sign of the growing trend of foreign investment in the Singapore property market. The consortium that purchased the property is a Singapore-based developer with international investors. This indicates that foreign investors are increasingly turning to the Singapore property market for investment opportunities.

The sale of Lakeside Apartments is a positive development for the Singapore property market. It is a clear indication that investors are still willing to invest in the Singapore property market despite the uncertain economic outlook. It is also a sign of the increasing trend of mixed-use developments and foreign investment in the Singapore property market. The successful bid also shows that the Singapore property market is still attractive to investors, which is a positive sign for the real estate sector in Singapore.

Lakeside Apartments, located at 9E and 9F Yuan Ching Road, have been sold for a whopping $273.89 million in a second attempt. This is the second highest price ever paid for a residential development site in Singapore. The record sale price of $278.86 million was achieved in April 2017, when a residential site at Jalan Jurong Kechil was sold.

The Lakeside Apartments site has a land area of 41,016.2 square metres. The deal was sealed in the form of a collective sale agreement, with the developer, Far East Organization, paying $6,711 per square metre of land area for the site. It is set to yield about 1,030 residential units after redevelopment.

The site previously belonged to the late Tan Sri Khoo Teck Puat, who had bought it from the previous owner, a company owned by the Kwee brothers, for $148 million in 2010. The Kwee brothers had bought it in 2006 for $55 million.

The Lakeside Apartments site was put on the market for the second time in 2017, after the first collective sale attempt in 2016 failed due to a lack of buyers. This time, the site was marketed at an asking price of $280 million, with a minimum bid price of $265 million. The tender closed in June 2017 and the site was eventually sold to Far East Organization.

The sale of the Lakeside Apartments site is expected to be a boon for the property market in Singapore. Developers will likely be more keen to embark on new residential projects, given the high price paid for the Lakeside Apartments site. This could result in a surge in new residential units in the market, helping to ease the current supply shortage in the country.

The Lakeside Apartments site is located in a prime location, close to a number of amenities such as shopping malls, schools, and MRT stations. This could make it an The Lakegarden Residences attractive option for potential buyers. The site could also benefit from its proximity to the Jurong Innovation District and the Jurong Lake District, both of which are set to be major hubs of activity in the near future.

The success of the second collective sale attempt for the Lakeside Apartments site shows that Singapore’s property market is still robust despite the current economic challenges. This is a testament to the attractiveness of Singapore’s property market for investors and developers. With the Lakeside Apartments site fetching such a high price, investors and developers are likely to be more confident in investing in the country’s property market.

Overall, the sale of the Lakeside Apartments site for $273.89 million is a positive development for Singapore’s property market. It could result in a surge in new residential units in the market, helping to ease the current supply shortage. In addition, the success of the second collective sale attempt also shows that Singapore’s property market is still attractive to investors and developers. As such, the sale of the Lakeside Apartments site could serve as a catalyst for further investment and development in the country.