SINGAPORE, 08 June 2022 – PropNex Realty has announced that the collective sale tender for Lakepoint Condominium in Jurong West has closed at 2pm on 8 June 2022 without bids. The 99-year leasehold development was relaunched for collective sale for a reserve price of $640 million on 19 April 2022.

Lakepoint Condominium has a site area of 562,286 sq ft and it is zoned for residential use, with a plot ratio of 1.4, under the URA Master Plan 2019. The condo development – comprising 304 residential units and 5 shop units – is located within walking distance to the Lakeside MRT station and is near the Jurong Lake District, which will be the largest mixed-use business district outside the city centre.

Tracy Goh, Head of Investment and Collective Sales at PropNex, said, “While there was interest in the Lakepoint Condominium site among developers, we did not get a bid at the close of the collective sale tender. We will now enter into private treaty negotiations with interested parties. Under laws governing collective sales, owners of the development may enter into a private treaty contract with a buyer within 10 weeks from the tender closing date.”