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, reported The Business Times citing PropNex Realty.
The 309-unit development was launched for en bloc sale on 21 October this year carrying a reserve price of $640 million.
PropNex Head of Investment and Collective Sales Tracy Goh believe the 10-week private treaty negotiation process will provide interested parties “ample time” to review their plans and strategies, given the new property cooling measures.
“We remain cautiously optimistic about the collective sale tender given the attractive site location and the limited new private housing supply in the immediate areas.”
The government introduced new property cooling measures on 16 December, which include higher Additional Buyer’s Stamp Duty (ABSD) rates, to curb the exuberance within the housing market.
With the new measures, developers face an ABSD rate of 35%, up from 25% previously. BT reported that property analysts expect developers to be more cautious with their land acquisitions and the collective sale buzz to fizzle out.
Lakepoint Condominium is a 99-year leasehold development that occupies over 562,286 sq ft. Located near Jurong Lake District and Lakeside MRT station, the site is zoned for Residential use under the 2019 Masterplan with a plot ratio of 1.4.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: firstname.lastname@example.org.