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Lakepoint Condominium goes into exclusive treaty negotiations procedure

Found at Lakepoint Drive, the 309-unit Lakepoint Condominium, which remains on a 562,286 sq ft website, disappointed its reserve cost of $640 million.

Lakepoint Condo closed its cumulative sales tender with offers falling short of its get cost as well as has currently entered the private treaty settlement procedure, reported Business Times pointing out PropNex Realty.

The 309-unit advancement was introduced for en bloc sale on 21 October this year bring a reserve cost of $640 million.

PropNex Head of Financial Investment as well as Collective Sales Tracy Goh think the 10-week exclusive treaty settlement procedure will certainly give interested events “sufficient time” to examine their plans and also approaches, given the new residential property cooling measures.

” We remain very carefully confident concerning the collective sale tender given the attractive website location and also the limited brand-new private real estate supply in the immediate locations.”

The federal government introduced new residential or commercial property cooling down steps on 16 December, which include greater Extra Purchaser’s Stamp Responsibility (ABSD) rates, to curb the liveliness within the housing market.

With the new procedures, developers deal with an ABSD rate of 35%, up from 25% formerly. BT reported that home analysts anticipate developers to be extra mindful with their land procurements as well as the collective sale buzz to fizzle out.

Lakepoint Condominium is a 99-year leasehold growth that inhabits over 562,286 sq ft. Located near Jurong Lake District and also Shore MRT terminal, the site is zoned for Residential use under the 2019 Masterplan with a story ratio of 1.4.