The full article can be found in The Business Times, Real Estate Section, Page 16, 14 June 2018.
80 per cent of owners at Lakeside Apartments have already agreed to put their units up for sale and SLP International is the marketing agency. This means that Lakeside Apartments is now the latest development to be put up for collective sale, with a reserve price of S$240 million. Each owner could receive S$2 million.
The 134, 176 square feet site located in the Jurong Lake District area has 58 years left on its 99-year lease. Should developers want to boost the land use from the current baseline of 24, 721 square meters, they will have to pay an enhancement premium fee of S$55.56 million. It is, however, an exceptional opportunity for developers seeking to create an iconic residential development. The tender will close on 24 July 2018.
ZACD Executive Director and Chief Investment Officer, Nicholas Mak commented, “JTC used to manage the land, but this task has since been handed over to the strata title unit owners.”
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