Updates to planning parameters on Lakepoint Condominium collective sale site
Along the southerly border block encountering landed houses, URA is prepared to relax the existing five-storey height control to seven-storey for the blocks. For the north-east border, blocks as much as a height of 12 floors could be sustained, ensured it does not exceed the height of the existing 12-storey block and a smallest trouble of 10m from the common limit with Caspian residence is enforced. URA has stated it is prepared to take into consideration further relaxation of the building height of up to 16 floors for the remaining blocks along the north/north-west border, subject to a minimal 30m setback from the usual boundary with Lakeholmz condominium.
The existing tender will end July 22 at 2pm.
Lakepoint Condominium has a site location of 562,286 sq ft and is zoned for domestic usage, with a plot ratio of 1.4, under the URA Master Plan 2019. The property comprises 304 property devices as well as five store devices. It rises within strolling distance of the Shore MRT Station. The area is additionally near the Jurong Lake Area, which will certainly be the most extensive mixed-use business district outside the city centre. There are a total amount of 2,652 residential units within a 500m radius, of which 712 units are from the adjoining Caspian.
“We are heartened that the URA is prepared to loosen up the varying height controls. With several of the blocks going as high as 12 and 16 storeys, this will certainly capture stunning views of the Jurong Lake Gardens in the brand-new project,” claims Tracy Goh, head of investment and cumulative sales at PropNex.
JTC has also validated the property baseline, which converts to a projected land fee of $988 psf per plot ratio, inclusive of the property fee as well as lease top-up premium.
The reserve cost stays at $640 million.
URA has actually specified to the Lakepoint Condominium Collective Sale Committee that it is “prepared to relieve elevation controls for future developments on the site”, based on problems and also thorough evaluation upon formal planning application, according to PropNex.
PropNex Real estate, the special advertising representative of the Lakepoint Residence cumulative sale, has actually publicized updates to the land preparation criteria of the location in an announcement on July 13, adhering to URA’s reply.
Lakepoint Condominium, a 99-year leasehold property located on Lakepoint Drive in Jurong, was relaunched for collective sale on April 19. The earlier tender shut without proposals, and PropNex has entered into private treaty discussions with interested parties after the tender closed.