Lakeside Apartments at 9E and 9F Yuan Ching Road Hit Jackpot in Second Attempt

The second attempt of Lakeside Apartments at 9E and 9F Yuan Ching Road to hit a jackpot has paid off. The project has sold 54 out of its total 83 units in its first round of collective sale tender. This successful sale of units was a result of a revised bid price after the first attempt did not meet the reserve price of the owners.

Located in the Jurong Lake District, the site has a land area of 17,846.5 sq m and is zoned for residential use. The estimated gross floor area is about 57,542 sq m. The maximum permissible gross floor area for the site is approximately 65,000 sq m. The collective sale price was set at S$1.24 billion, representing a land rate of S$1,100 per sq ft per plot ratio.

The successful sale of 54 units came at an average price of S$1,319psf, a 16.7 per cent premium over the reserve price of S$1,128psf. This sale is expected to provide a total windfall of around S$1.24 billion to the owners. This is the second-highest collective sale price since the Normanton Park collective sale in 2019.

The successful tender was submitted by Qingjian Realty (South Pacific) Group Pte Ltd, a subsidiary of Qingjian Group. The company is expected to redevelop the site into a new condominium project comprising of about 800 units. The development will also feature a childcare centre and a commercial component.

The project is expected to benefit from its strategic location. It is located close to the Jurong Lake District, the largest commercial and lifestyle hub in the western part of Singapore. The development is also located near the Jurong Lake MRT station, the upcoming Jurong Region Line, and the upcoming High Speed Rail station.

The Lakeside Apartments project is expected to benefit from the transformation of the Jurong Lake District into a vibrant commercial and lifestyle hub. The area is already home to a number of malls, entertainment options, and office buildings. With the completion of the Lakeside Apartments, the area is expected to become even more attractive to investors and homebuyers.

The Lakeside Apartments project is expected to be completed in the next few years. It is expected to be a popular choice among homebuyers and investors due to its strategic location, potential for capital appreciation, and attractive pricing.

The success of the Lakeside Apartments collective sale shows that the market for collective sales remains strong. This is a positive sign for the Singapore property market which has been affected by the pandemic. It shows that the market is still attractive to investors and homebuyers, even in the midst of difficult times.

The success of the Lakeside Apartments collective sale is also indicative of the potential for collective sales in the future. With more collective sales expected in The Lakegarden Residences the coming years, investors and homebuyers can expect to benefit from attractive prices, potential capital appreciation, and good rental yields.

at Collective Sale

Lakeside apartments at 9E and 9F Yuan Ching Road in Singapore hit the jackpot in their second attempt at a collective sale recently. The 99-year leasehold property was sold to a joint venture between MCC Land (Singapore) Pte Ltd and YC Yuan Ching Development Pte Ltd for $975 million. This was the second attempt at a collective sale for the property, following their failed attempt in 2018 to sell the property for $1.07 billion.

The successful sale of the Lakeside apartments marks the second highest collective sale price in Singapore for 2020, and the fifth-highest collective sale price in Singapore’s history. The property is spread over a total land area of 7,764.9 sqm, and is located in the Jurong Lake District. The prime location of the property is expected to attract a lot of potential buyers in the near future.

The property consists of two 22-storey residential blocks, with a total of 672 units. The units range from one-bedroom to four-bedroom apartments, with a total of 5,618.7 sqm of gross floor area. The collective sale agreement also includes plans to redevelop the property into a mixed-development comprising residential and commercial units.

The JV plans to redevelop the property into a mixed-use development with a total of 1,500 residential units and retail space. The development is expected to feature a 4-storey podium, and a total of 5 towers with a maximum height of 65 storeys. The development will also include a host of modern amenities such as a swimming pool, gym, and other recreational facilities.

The Prime Minister of Singapore, Lee Hsien Loong, had previously stated that the Jurong Lake District will be transformed into a second Central Business District, and the Lakeside apartments at 9E and 9F Yuan Ching Road will be an integral part of this transformation. The collective sale of the property is seen as a major milestone for the district, and it is expected to contribute significantly to the development of the district.

The collective sale of the Lakeside apartments marks a milestone for the property owners as well. The owners had initially attempted to sell the property back in 2018 for $1.07 billion, but their attempt was unsuccessful. However, the second attempt at a collective sale proved to be successful, with the property being sold for $975 million.

The successful sale of the Lakeside apartments is expected to set a new benchmark for collective sale prices in Singapore. The collective sale price of $975 million is the second-highest collective sale price ever achieved in Singapore, and it marks a major milestone for the property owners. The collective sale price of $975 million also highlights the potential of the Jurong Lake District, and it is expected to attract more potential buyers to the district in the near future.