Wing Tai bags Lakeside Apartments for S$273.9m, above reserve price
Wing Tai bags Lakeside Apartments for S$273.9m, above reserve price. Winville Investment, a wholly-owned subsidiary of Wing Tai Holdings: W05 0%, has won the tender for the collective purchase of Lakeside Apartments at S$273.9 million, representing a 14.1% premium over the S$240 million reserve price.
The group said in a press release on Thursday (May 26) that it plans to redevelop the site into a “iconic” residential development with more than 300 units and unobstructed waterfront views of Jurong Lake and its surroundings.
This is subject to approval from the Strata Titles Board and the Singapore Land Authority’s land dealings approval unit.
Wing Tai does not expect its most recent acquisition to have a significant impact on its net asset value.
Tan Hwee Bin, executive director of Wing Tai, expressed confidence in the new project’s demand, citing the area’s limited supply of new residential developments.
Wing Tai anticipates that the Jurong Lake District (JLD), where plans for an integrated tourism attraction are currently in the works, will be transformed into a key commercial and lifestyle hub of Singapore by 2028.
“We are excited to be a part of the Jurong Lake District transformation and look forward to constructing an iconic development that caters to homebuyers’ modern lifestyle needs,” Tan said.
The site, which is located at 9E and 9F Yuan Ching Road, spans 12,465.4 square metres (sq m) and has a plot ratio of 2.1. It has a residential zoning.
Lakeside Apartments has 120 residential units and a 99-year leasehold land tenure that began in March 1977.
The property was first listed for en bloc sale in June 2018, but no bids were received, prompting speculation that the reserve price of S$240 million could be reduced to S$205 million in 2019.
PropNex Realty recently relaunched it for collective sale in March 2022 at the original S$240 million reserve price, equating to a land rate of S$1,077 per square foot per plot ratio (psf ppr) after a lease top-up premium and development charge.
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