{"id":61838,"date":"2017-07-26T05:00:49","date_gmt":"2017-07-25T22:00:49","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/lakepoint-condo-eyeing-en-bloc-sale-site-bigger-than-shunfu-ville\/"},"modified":"2017-07-26T05:04:35","modified_gmt":"2017-07-25T22:04:35","slug":"lakepoint-condo-eyeing-en-bloc-sale-site-bigger-than-shunfu-ville","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lakepoint-condo-eyeing-en-bloc-sale-site-bigger-than-shunfu-ville\/","title":{"rendered":"Lakepoint condo eyeing en bloc sale, site bigger than Shunfu Ville"},"content":{"rendered":"


\nView of the Lakepoint condominium at Lakepoint Drive. (Photo: Jianwei Huang)
\nOwners of the ageing Lakepoint condominium near Lakeside MRT station are believed to be exploring opportunities to go en bloc in the next two years, or even earlier, according to some residents with knowledge of the matter.
\nPropertyGuru understands that a collective sale committee has been formed, and they are looking to appoint a marketing agent to do the groundwork and put a price tag.
\nDeveloped by Jurong Town Corporation and completed in 1983, the 304-unit project at Lakepoint Drive sits on an approximately 560,000 sq ft site and has a plot ratio of 1.4.
\nUnit types include studio apartments, maisonettes, penthouses and townhouses from about 915 sq ft to 3,247 sq ft. There are also five shops, a clubhouse and 400 parking spaces.
\nLocated close to Singapore\u2019s second CBD at the Jurong Lake District, the sprawling 99-year leasehold site is much larger than the 408,927 sq ft Shunfu Ville plot, which was sold collectively for $638 million to Qingjian Realty in May last year. \u00a0
\nSEE ALSO: Qingjian acquires Shunfu Ville, plans to build over 1,000 homes
\nOne resident, who wanted to be known only as Mr Tan, told PropertyGuru that discussions to sell the property have been ongoing for about 10 years.
\nHe bought his unit for $340,000 in the 80s, but it is now valued at around $1.2 million. Based on recent en bloc transactions of privatised HUDC estates, he thinks each owner could receive close to $2 million.
\n\u201cEarlier, fewer people were prepared to sell, but times change,\u201d he said. \u201cNow (the property) is almost 35-years-old. Many of the original owners have moved out and the composition of owners is now different.\u201d
\nThe more robust property market in recent months has also led to renewed interest in the site\u2019s en bloc potential.
\n\u201cAt this stage, getting the consent of 80 percent of the owners is easy,\u201d said Tan, who feels that the site has \u201chuge potential\u201d.
\nMore collective sales expected
\nMeanwhile, analysts are seeing more collective sale committees being formed, especially after the high-profile sale of Shunfu Ville. \u00a0
\n\u201cWe expect more projects to launch for collective sale this year and in the first quarter of 2018,\u201d said Ian Loh, Executive Director & Head, Investment and Capital Markets at Knight Frank.
\nIn fact, the marketing agent is gearing up to launch Dunearn Court in District 11 for sale this Thursday (27 July), and possibly Normanton Park in District 5 as early as next month.
\n\u201cMarket sentiment has picked up and sites trying for en bloc should expect keen interest,\u201d said Loh, who reckons there could be 10 to 15 transactions this year.
\nDesmond Sim, Head, CBRE Research, Singapore and South East Asia, isn\u2019t surprised that more homeowners are thinking of a collective sale. \u00a0
\n\u201cNew projects are setting price benchmarks,\u201d he said, adding that it is difficult for older developments to do the same given their \u201cinelastic property values\u201d.
\nAt the same time, competition for land is heating up given the cutback in Government Land Sales sites this year, pushing up land bids, said Sim.
\nVilla D\u2019Este in Dalvey Road was recently relaunched for collective sale by CBRE at a guide price of $96 million. Other collective sale projects this year could include Cairnhill Mansions, Changi Gardens and Pearl Bank Apartments, noted Sim.
\nSo far this year, there have been five collective sale transactions amounting to about $1.58 billion, compared to just three deals totalling over $1 billion for the whole of 2016.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Lakepoint condo eyeing en bloc sale, site bigger than Shunfu Ville<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

View of the Lakepoint condominium at Lakepoint Drive. (Photo: Jianwei Huang) Owners of the ageing...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-61838","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-g5o","jetpack-related-posts":[{"id":123962,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lakepoint-condominium-enters-private-treaty-negotiations-process\/","url_meta":{"origin":61838,"position":0},"title":"Lakepoint Condominium enters private treaty negotiations process","date":"December 24, 2021","format":false,"excerpt":"\r Located at Lakepoint Drive, the 309-unit Lakepoint Condominium, which sits on a 562,286 sq ft site, fell short of its reserve price of $640 million. Lakepoint Condominium closed its collective sales tender with offers falling short of its reserve price and has now entered the private treaty negotiation process,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/12\/Lakepoint-2.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":109296,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lakepoint-condominium-up-for-en-bloc-sale-for-640m\/","url_meta":{"origin":61838,"position":1},"title":"Lakepoint Condominium up for en bloc sale for $640m","date":"July 24, 2019","format":false,"excerpt":"\r Lakepoint Condominium near Jurong Lake District has been put up for collective sale via public tender, carrying a reserve price of $640 million, reported The Business Times. Developed by Jurong Town Corporation, the 36-year-old property comprises 304 residential units that range from studio units to penthouses, as well as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61948,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/dunearn-court-put-up-for-en-bloc-sale\/","url_meta":{"origin":61838,"position":2},"title":"Dunearn Court put up for en bloc sale","date":"July 27, 2017","format":false,"excerpt":"\r The guide price for the freehold site is $38.8 million, or about $1,443 psf per plot ratio. (Photo: Knight Frank) A 12-unit apartment complex along Dunearn Road in District 11 is the latest in a string of residential properties to attempt a collective sale. The freehold Dunearn Court sits\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":64146,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/normanton-park-launched-for-sale-owners-expecting-above-800m\/","url_meta":{"origin":61838,"position":3},"title":"Normanton Park launched for sale, owners expecting above $800m","date":"August 21, 2017","format":false,"excerpt":"\r Each owner could receive between $1.6 million and $1.8 million if the sale goes through. (Photo: Knight Frank) \u00a0 \u00a0 The huge Normanton Park site located beside Kent Ridge Park has been launched for collective sale for a second time, marketing agent Knight Frank said on Monday (21 August).\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":123929,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/en-bloc-hopefuls-march-ahead-with-tenders-despite-new-curbs\/","url_meta":{"origin":61838,"position":4},"title":"En bloc hopefuls march ahead with tenders despite new curbs","date":"December 22, 2021","format":false,"excerpt":"\r Despite the increased ABSD rates for developers, tenders for properties such as Lakepoint Condominium, Dublin Lodge, Sixth Avenue Centre, Baode Building, and Hillview Terrace will continue. 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