Lakeside Apartments En Bloc Sold To Wing Tai

Wing Tai Won the Bidding War For This Hotly Contested Site and Has Successfully Acquired For S$273.9 million.

The Owners Were Overjoyed as Their Wish Came True with An Offer Received Above Their Target Price.

With the Latest Lakeside Apartments Sold, Total Collective Sales in Singapore Now Cross Over S$2 Billion Mark!

The west zone of Singapore brightens up with the exciting news of Lakeside Apartments’ collective site being sold.

Winville Investment, a wholly-owned subsidiary of Wing Tai Holdings, has won the tender which they bid for $273.9 million, a 14.1% premium over the reserve price of S$240 million.

Wing Tai claimed in a news release on Thursday (May 26) that it intends to rebuild the acquired site into an “iconic” luxury residential development of more than 300 apartments, with unimpeded waterfront views of Jurong Lake and its environs.

Wing Tai does not expect its most recent purchase to have a significant influence on the company’s net asset value.

Wing Tai’s executive director Tan Hwee Bin, expressed confidence in the new luxury project’s demand, citing a restricted supply of new residential developments in the Jurong region.

They also anticipate JLD to be turned into a vital economic and lifestyle centre of Singapore after it is completed in 2028, citing the site’s advantageous position inside the Jurong Lake District (JLD), where plans for an integrated tourism destination are in the works.

“We are thrilled to be a part of the Jurong Lake District’s transformation and look forward to creating an iconic development that meets homeowners’ modern living demands,” Tan added.

HDB upgraders, new home buyers, even foreigners, have already targeted any new launch project developed here in the Jurong Lake District, said Tracy Goh, PropNex’s head of investment and collective sales, with over 30 years in the real estate business.

The location is perfect for anyone who wants to reside here as all essential amenities are provided in the surrounding area. Whether it is entertainment, attractions, recreation facilities, shopping or dining, or education, all these can be found easily.

The biggest draw of this development is its perpetual unblocked mesmerizing views of Jurong Lake Gardens.  

Excited home buyers will have to wait for the next coming announcement.

Wing Tai Holdings Limited is a renowned property developer and lifestyle firm in Singapore, widely known for its high standards of quality and design.

The company’s primary business is that of an investment holding company focusing on Asia’s key markets.

Wing Tai China Pte Ltd (China), Wing Tai Holdings Limited (Singapore), Wing Tai Properties Limited (Hong Kong), Wing Tai Malaysia Sdn. Bhd. (Malaysia) as well as their subsidiaries are part of the Wing Tai Asia network.

Their core businesses are largely focused on property investment and development, lifestyle retail, and hospitality management.

The M Condo in Bugis, developed by the group, has already enjoyed huge success.

Lakeside Apartments owners would like to thank PropNex Realty for their excellent job done and their superb marketing campaign on their sale site.

The tender result is beyond their satisfaction with the incoming offer, which was a 14.1% premium over the reserve price.

Tracy Goh of PropNex and the en bloc team were happy to serve them and brought them an excellent result, which was beyond the owners’ expectations.

PropNex Realty, not only the largest real estate agency in Singapore, also has the huge list of buyers, which gives them the highest advantages.

Lakeside Apartments collective site is located at 9E and 9F Yuan Ching Road, within Jurong Lake District, in the Outside Central Region (OCR) of Singapore.

The “residential use” zoned site covers an area of 12,465.4 square metres (sq m) and has a gross plot ratio of 2.1.

Lakeside Apartments is a 99-year leasehold land tenure that began in March 1977 and consists of 120 residential units.

The Lakeside MRT station on the East-West Line serves the area, while important highways and expressways like as the Ayer Rajah Expressway and the Pan Island Expressway are nearby.

The Jurong East Integrated Transport Hub, which is set to open in 2027 and will provide seamless connectivity between MRT stations (East-West and North-South Lines, as well as the future Jurong Region Line), bus interchanges, offices, public facilities, and retail spaces, will further improve its connectivity.

Furthermore, the location is close to well-known attractions such as regional retail malls including Jem, Westgate, IMM, and JCube, as well as community healthcare institutions.

The enbloc site is ideally positioned within the Jurong Lake District (JLD), which has been designated as Singapore’s second Central Business District by the government.

In addition, the upcoming Jurong Innovation District, which will become Singapore’s center for innovative manufacturing and R&D, is only a 10-minute drive away.

Within the JLD, there are also plans to construct an integrated tourism destination. With a completion date of 2028, the Jurong area will be transformed into a major economic and leisure centre in Singapore.

The property was initially placed up for en bloc sale in June 2018, but there were no takers, prompting speculation that the S$240 million reserve price might be reduced to S$205 million in 2019.

PropNex Realty reintroduced the property for collective sale in March 2022 at the initial S$240 million reserve price, which equates to a land cost of S$1,077 per square foot per plot ratio (psf ppr), including a lease top-up premium and development fee.