The owners of Jalan Besar Plaza are expecting $380 million if the sale goes through. This is the freehold development’s fourth en bloc attempt.
Lakeside Towers and Jalan Besar Plaza are the latest properties to be put up for en bloc sale, with the owners expecting $30.5 million and $380 million respectively, reported the Business Times.
Overlooking Jurong Lake Gardens, Lakeside Towers sits on a 153,237 sq ft site which is zoned residential under the 2014 Master Plan with an allowable gross plot ratio of 2.1. Marketing agent Huttons Asia said the 99-year leasehold site could yield about 321,797 sq ft of gross floor area once redeveloped.
It noted that the price works out to a land rate of $1,125 psf per plot ratio (psf ppr), including the estimated $57 million for intensifying the land and topping up the lease to a fresh 99 years.
“The site offers an excellent redevelopment opportunity for developers, as it is strategically located within a high-growth area – Singapore’s second Central Business District at Jurong Lake District,” said Angela Lim, Huttons Asia’s deputy head of investment sales.
Located near several malls such as IMM and Jem, Lakeside Towers is also close to Nanyang Technological University and River Valley High School.
Jalan Besar Plaza, on the other hand, is nestled on a 53,042 sq ft site which is zoned for commercial and residential use under the 2014 Master Plan.
Huttons, which is also the marketing agent for the property, noted that the guide price works out to “a land rate of $2,115 psf ppr for 40 percent commercial use and 60 percent residential use on the approved GFA of 16,694 sq m (179,693 sq ft)”. No development charge is payable.
This is the freehold development’s fourth en bloc attempt.
The 16-storey building with a three-storey commercial podium features 111 commercial units and 44 apartment units. Located within the vicinity of Jalan Besar Stadium and Kallang Riverside Park, Jalan Besar Plaza is a short drive from the city centre.
The tenders for Lakeside Towers and Jalan Besar Plaza will close on 28 May and 5 June respectively.