THE marketing agent for Lakepoint Condominium, which closed its collective sale tender on June 8 without bids, has announced updates to the site’s land planning parameters on Wednesday (July 13).
According to PropNex Realty, the Urban Redevelopment Authority (URA) has said it is prepared to relax height controls for the future development to be built on the site, subject to certain conditions and detailed evaluation when the formal planning application is received.
PropNex Realty said URA is prepared to relax the 5-storey height control to 7 storeys for the blocks along the southern boundary facing landed houses.
The authority is also prepared to support up to 12 storeys for blocks near the north east boundary. But the new 12-storey blocks are not to exceed the height of the existing 12-storey block and to provide a minimum of 10 metres’ building setback from the common boundary with neighbouring Caspian condo.
Finally, URA is prepared to consider a further relaxation of building height of up to 16 storeys for the remaining blocks along the north/north west boundary. This is subject to a minimum setback of 30 metres from the common boundary with Lakeholmz condo.
It was earlier reported that the condominium’s owners had obtained URA approval for higher height redevelopment, which would allow the site’s buyer to build a mix of residential blocks 5 storeys and 12 storeys high.
In addition, PropNex said the JTC has also confirmed the condo’s development baseline. With the reserve price remaining at S$640 million, this translates to an estimated land rate of S$988 per square foot per plot ratio inclusive of a lease top-up premium, development charge and a 7 per cent balcony space.
The 99-year leasehold Lakepoint Condominium in Jurong West was relaunched for collective sale via tender on April 19 and had entered into private treaty negotiations since the tender closed.
The previous tender had also closed without a bid on Dec 22, 2021.
“We are heartened that the URA is prepared to relax and support the varying height controls for the redevelopment of Lakepoint Condominium, subject to conditions being met,” said Tracy Goh, head of investment and collective sales at PropNex.
She said the site’s height control was one concern raised among some interested parties and believes URA’s latest reply will go some way in addressing the issue.
“With some of the blocks going as high as 12 and 16 storeys, this will enable the architect to capture stunning views of the Jurong Lake Gardens in the new development. We are presently in private treaty talks with a few developers and look forward to garnering a positive outcome for the owners.”
Lakepoint Condominium comprises 304 residential units and 5 shop units and sits on a plot spanning 562,286 square feet zoned for residential use under the URA Master Plan 2019. It has a plot ratio of 1.4. Located near the Jurong Lake District, it is within walking distance to the Lakeside MRT station.
PropNex said offers for the site will be reviewed by July 22 at 2pm.
This version of article written by CORINNE KERK and first appeared at The Business Times.