Lakepoint Condominium in Jurong West has been launched for collective sale, announced marketing agencies Strata AMC and SLP International Property Consultants. The asking price will be disclosed only in discussions with interested developers, the agencies say.
The 36-year-old condo is next to the Jurong Lake District and was developed by Jurong Town Corporation in the 1980s. The development sits on a 562,285 sq ft plot which has about 63 years left to its 99-year lease. The 304-unit condo comprises maisonettes, studios, townhouses, penthouses, and five shop units.
The site has a gross plot ratio of 1.4 under the 2019 Draft Master Plan, and the development has a baseline record of 962,034 sq ft that points to potential intensification. A pre-application feasibility study indicates that the site is able to support a higher density based on traffic impact studies.
“Given its positive, large site attributes, Lakepoint Condominium is likely to gain strong keen interests from established developers, both local and overseas,” the agencies say.
New private residential developments are in limited supply around the Jurong Lake District area. The last government land tender in the vicinity was in 2015 and the site has been developed into the 710-unit Lake Grande, they add.
Lakepoint Condominium is a five-minute walk to the nearby Lakeside MRT Station on the North-South Line. It is also close to shopping malls such as JEM, Westgate, IMM, and JCube. Nearby educational institutions include River Valley High School, the Canadian International School, and Nanyang Technological University.
The tender for the collective sale closes on Sept 10.
The private property resale market continued to be in the doldrums even as new private home sales increased in the second quarter of 2019, revealed a Huttons report.
About 2,400 resale transactions were registered in Q2 2019, down 50 percent over the same period last year.
According to Today Online, the real estate firm attributed the poor sales performance partly to the significant gap in expectations between buyers and sellers.
“The plethora of new launches in (the second quarter) also drew away demand from the resale market. Nevertheless, prices in the resale market held steady,” said Huttons.
With 17 new launches in Q2 2019, developer sales climbed six percent year-on-year to around 2,500 units.
“The pickup in demand shows the underlying strength of the market and a return of confidence in property as a good store of value against uncertainty and inflation in the mid to long term.”
Huttons noted that the number of new units has been on the uptrend since February.
The average monthly sales in Q2 2019 stood at around 836 units, up from Q1 2019’s 613 units.
Treasure at Tampines was the best-selling new project, followed by Amber Park. Completing the top five best-selling new projects are Parc Botannia, The Florence Residences and The Tre Ver.
Looking ahead, Huttons expects private property sales for this year will to outpace that of last year, given that transaction volume for 1H 2019 is already higher compared to the same period last year.
Over the past 10 years working as a full time real estate salesperson, we have seen too many costly mistakes by Singapore property investors.
Here are 7 of the common yet painful mistakes investors commit:
No. 1 Not buying below market value! In fact, many bought above market value!!! It is the basic but often forgotten.
No. 2 Banking of Capital Appreciation and Overlook the importance of yield & cash flow.
No. 3 Not doing sufficient research, buying purely based on discount, emotion, many screw up here.
No. 4 Sell the property when there is a profit, this is like killing a goose that is laying golden eggs.
No. 5 Buying oversea, off plan, out of area, may lose 100% of your investment, get stuck and unable to find next buyer, happens way too often with oversea purchase.
No. 6 Getting emotional about the numbers, the numbers don't tell lie, getting emotional / not trusting the numbers will come back to hurt you.
No. 7 Over focus on the importance of Freehold and forget about location!!! Location is still the number one factor in property investment!!!
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