# Lakeside Towers Launches Third En Bloc Tender at $350 Million

- **Source:** Stacked Homes
- **Published:** 2026-08-05T10:07:01.000Z
- **Author:** Timothy Tay
- **Original:** https://stackedhomes.com/this-45-year-old-condo-making-third-en-bloc-attempt-350-million-price-tag/
- **Topics:** Private Residential, New Launches, Transactions & Deals

## Featured rationale

Strong nearby new-project sales and Lakeside Towers’ scarce lakefront site may support developer interest, although earlier failed tenders indicate continued sensitivity to redevelopment costs.

## AI summary

Lakeside Towers launched its third collective-sale tender on Aug 5 at an unchanged $350 million reserve price, translating to $1,277 psf ppr before balcony bonus GFA.

## Original article

When the owners of Lakeside Towers saw their neighbours at Lakeside Apartments and Park View Mansions celebrate their successful collective sales in 2022, there was a sense that being the last ageing condo fronting Jurong Lake Gardens would help them secure a better deal when they launched their own collective sale tender.

At the time, there was good reason for the owners of Lakeside Towers to believe that the enbloc momentum was in their favour.

Then, as now, there are only three condominium sites along Yuan Ching Road, which stretches along the Western edge of the Jurong Lake Gardens, from Lakeside MRT station on the East-West Line to the southern edge of the Jurong Lake District.

In 2022, enbloc activity began when the former Lakeside Apartments were sold to Wing Tai Holdings for $273.88 million ($1,260 psf per plot ratio) in May of that year. It was quickly followed by the sale of the former Park View Mansions to a SingHaiyi-led consortium, who purchased the site in an en bloc deal worth $260 million ($1,023 psf ppr).

Wing Tai would launch its new project, the 306-unit LakeGarden Residences, in August 2023. According to developer sales data, the project is nearly fully sold (99%) and has set an average selling price of $2,160 psf.

Meanwhile, SingHaiyi and its partners launched the 440-unit Sora in July 2024. The condominium has sold just over half (51%) of its total units, and set an average selling price of $2,237 psf.

Third time’s the charm for Lakeside Towers?

The owners of Lakeside Towers, together with JLL as the marketing agent, launched a collective sale tender for the 99-year leasehold condo in February 2023, listing the property at a reserve price of $350 million or about $1,244 psf ppr.

That wasn’t the first time Lakeside Towers had been offered for sale. Back in 2018, the development was listed for $305 million. But the collective sale tender closed without any successful bids.

The 2022 collective sale launch coincided with a renewed redevelopment focus in the Jurong East region, and days after CapitaLand Development announced that it was redeveloping the former JCube into a new residential project. That site has since been launched as the 368-unit J’Den, which entered the market in November 2023. According to caveats, the project is nearly fully sold (97%) with an average selling price of $2,475 psf.

The view from the top of Lakeside Towers towards Jurong Lake, and the Chinese and Japanese Gardens.

The Jurong East region also garnered much attention as the government progressively revealed more details around the Jurong Lake District master plan. URA launched a massive 6.5-ha master developer site close to Jurong East MRT Interchange in June 2023.

Ultimately, the master developer site was not awarded, and the government subsequently carved out the site into separate parcels, launching a 3.72-ha mixed-use site at Town Hall Link in July this year. That tender closes on November 17.

The 2022 collective sale tender for Lakeside Towers closed without a successful bid. The collective sale committee would relaunch the tender a few months later, on June 30 2023 with the reserve price unchanged, but this would also fail to secure a successful bid.

Nicholas Ng, Head of Land and Collective Sales at JLL Singapore, says that back then underlying market forces had started to turn the tide against enbloc hopefuls. That year saw financing costs rise on the back of a higher interest rate environment. Moreover, developers faced an elevated development market amid persistently high, and rising, construction costs.

However, after four years, the owners of Lakeside Towers are making their third attempt at a collective sale. With JLL returning as the marketing agent, the 45 year old condo has launched a collective sale tender on Aug 5 with the same reserve price of $350 million.

The reserve price translates to a land rate of $1,277 psf ppr at the base gross plot ratio of 2.36 for the site, after accounting for an estimated lease top-up premium with no land betterment charge.

If the bonus GFA for balconies is included, it would bring the land rate to approximately $1,225 psf ppr, inclusive of both the lease top-up premium and a land betterment charge.

Expensive to maintain and lease decay bites away at their property value

Maureen Tan, chairwoman of the current collective sale committee (CSC) at Lakeside Towers, says that many of the owners are motivated to see the ageing condo sold and eventually redeveloped.

She says that nearly all of the owners are retirees who are keen to capitalise on the value of the existing property, and most of them prefer to subsequently downsize to a HDB flat and pocket any remaining sale proceeds to help fund their retirement.

In fact, the latest announcement of the removal of the 15-month wait out period for private home owners purchasing a five-room or larger flat was a popular topic of discussion among the senior owners at Lakeside Towers, says Tan.

Lakeside Towers comprises two 20-storey blocks on a 99-year leasehold site at 9G & 9H Yuan Ching Road.

Thus, it did not take long for the owners to set things in motion for this latest collective sale attempt. According to Tan, discussions came to a head in January 2025 which quickly saw the formation of the CSC, and they started collecting signatures for the approval of the collective sale agreement in May that year.

While the 45 year old condo is still structurally sound, Tan says that some of the owners are struggling to cover the amount of repairs needed within their units. She adds that while the condo’s management corporation strata title (MCST) and property manager have been able to spruce up the development as much as possible, the upkeep of the condo is projected to significantly increase in the coming years.

In addition, many of the owners also realise that the deteriorating leasehold tenure of the property means that their units have little to no chance of seeing further price growth if they were to sell on the resale market, says Ng of JLL.

Lakeside Towers has a 99-year leasehold land tenure that started in 1975. The lease situation that the owners face is made worse because the condo was only completed in 1981. With less than 48 years left on its lease, the negative impact of lease decay will start to severely erode the capital value of the units there.

The collective sale tender of Lakeside Towers was launched on Aug 5, with a reserve price of $350 million.

Tan, who has lived at Lakeside Towers for the past six years, says that it was the development’s proximity to the Jurong Lake Gardens as well as the number of convenient amenities in the vicinity that captivated her and her husband.

As a fitness enthusiast, her husband loves the extensive network of park connectors and bicycle paths that radiate around the Jurong Lake Gardens. Lakeside Towers is next to the Entrance Pavillion and North Carpark of Lakeside Garden.

This 60-ha section of Western section of the Jurong Lake Gardens houses several of the amenities and recreational activities like the Broadwalk and Floating Wetlands, the children’s water playground at Clusia Cove, PAssion Wave @ Jurong Lake Gardens, as well as several of the gardens and open fields.

The views of Jurong Lake Gardens and Jurong Lake will likely be one of the development’s strongest selling point to a potential developer. With Sora and LakeGarden Residences already in the market, redeveloping Lakeside Towers is the last remaining chance for a developer to introduce a new project that capitalises on this rare lakefront view in Singapore.

At the same time, Tan says that the number of nearby wet markets, supermarkets, and food centres in the Taman Jurong area was what helped to seal the deal for her to live at Lakeside Towers.

If the site is redeveloped, residents at the new condo would get rare lakefront views, such as this view from Lakeside Towers towards Boon Lay Way and Lakeside.

Lakeside Towers represents a rare convergence of lakefront scarcity and strategic location, says Ng of JLL. He adds that the development has approximately 190 metres of unobstructed lakefront views, which is a feature that gives future residents a backyard that is difficult to replicate in land-scarce Singapore.

He continues: “This site offers developers a compelling value proposition at a time when there is currently no other residential site that is located next to the Jurong Lake Gardens for redevelopment.”

New projects and transformation plans shaping Jurong Lake District

The collective sale of Lakeside Towers also comes as some of the buying attention in the new launch market this year starts to pivot towards this part of Jurong East and the Jurong Lake District.

This quarter, we expect to see City Developments Ltd (CDL) launch its 570-unit Lucerne Grand condo along Lakeside Drive. A government land sale (GLS) site, CDL was awarded this plot after it put in the top bid of $608 million ($1,132 psf ppr) in June 2025.

Located next to Lakeside MRT station, Lucerne Grand will comprise five 17-storey residential towers and a commercial podium. It will be the newest condo in the area since the launch of Sora and LakeGarden Residences. Some market analysts predicted, when the GLS tender closed last year, that the new development could see an average selling price of $2,400psf.

This comes amid the gradual development of the Jurong Lake District (JLD) into Singapore’s largest regional business and commercial hub outside of the Central Business District. This regional transformation is being anchored by existing developments like JEM and Westgate, as well as new mixed-use developments.

The JLD Master Plan envisions the area as a mixed-use hub combining business, residential, retail, and recreational uses, with connectivity enhanced by the existing Jurong East and Lakeside MRT interchange stations.

“The site’s proximity to Jurong Lake District as Singapore’s second CBD, together with established employment nodes including International Business Park, the surrounding Jurong industrial estates, and the mega Tuas Port development, points to strengthening rental demand for private housing in this corridor,” says Ng.

As the district continues to develop, the convergence of infrastructure investment, employment growth, and transport connectivity creates a compelling case for long-term value appreciation, he says.

The construction of LakeGarden Residences (pictured on the left) and Sora is progressing along Yuan Ching Road.

The CSC of Lakeside Towers and JLL are also banking on the four new stations that were announced as part of the Cross Island (CRL) Line Phase 3, which was unveiled on July 31. The Land Transport Authority (LTA) says that four new underground stations will extend the CRL westwards from Jurong Lake District MRT station towards Gul Circle on the East-West Line.

Jurong Lake District is a new MRT interchange that will eventually connect the CRL and the future Jurong Region Line. The planned interchange is close to the former Jurong Town Hall and new Singapore Science Centre.

According to Ng, it is the right time for Lakeside Towers to re-enter the enbloc market. He points to the ongoing sales at Sora and LakeGarden Residences, as well as the expected launch of Lucerne Grand, as indicators that developers and homebuyers are still keen on new homes in this part of Jurong Lake District.

He suggests that with most of the already-launched supply of new condos snapped up, a redevelopment of Lakeside Towers – after the launch of Lucerne Grand – would continue to benefit from the strong buying demand for new condos in this area.

## Chinese translation

> Translation model: openai_codex_cli

### Lakeside Towers 以 3.5 亿新元推出第三次集体出售招标

Lakeside Towers 第三次重新推出集体出售招标，保留价维持在 3.5 亿新元不变。这座位于 Yuan Ching Road 沿线、拥有 99 年租赁地契的公寓，曾在 2018 年、2022 年和 2023 年未能找到买家。

当 Lakeside Towers 的业主看到邻近的 Lakeside Apartments 和 Park View Mansions 在 2022 年成功完成集体出售时，他们曾感觉，作为最后一个面向 Jurong Lake Gardens 的老旧公寓项目，将有助于他们在推出自己的集体出售招标时争取到更好的交易。

当时，Lakeside Towers 的业主有充分理由相信，集体出售的势头对他们有利。

无论当时还是现在，沿着 Yuan Ching Road 只有三个公寓地块。Yuan Ching Road 沿 Jurong Lake Gardens 西侧延伸，从东西线 Lakeside MRT 站一直到 Jurong Lake District 南端。

2022 年，集体出售活动开启，前 Lakeside Apartments 于当年 5 月以 2.7388 亿新元（按地积比率计每平方英尺 1,260 新元）售予 Wing Tai Holdings。紧随其后的是前 Park View Mansions 售予由 SingHaiyi 牵头的财团，该财团以价值 2.6 亿新元（按地积比率计每平方英尺 1,023 新元）的集体出售交易购入该地块。

Wing Tai 随后于 2023 年 8 月推出其新项目、拥有 306 个单位的 LakeGarden Residences。根据发展商销售数据，该项目几乎已售罄（99%），平均售价为每平方英尺 2,160 新元。

与此同时，SingHaiyi 及其合作伙伴于 2024 年 7 月推出拥有 440 个单位的 Sora。该公寓已售出略高于总单位数一半（51%），平均售价为每平方英尺 2,237 新元。

Lakeside Towers 第三次会成功吗？

Lakeside Towers 的业主与营销代理 JLL 于 2023 年 2 月为这座 99 年租赁地契公寓推出集体出售招标，物业保留价为 3.5 亿新元，或约按地积比率计每平方英尺 1,244 新元。

这并不是 Lakeside Towers 第一次挂牌出售。早在 2018 年，该项目就以 3.05 亿新元挂牌。但集体出售招标结束时没有成功投标。

2022 年的集体出售启动，正值 Jurong East 区域重新聚焦重建之际，也是在 CapitaLand Development 宣布将前 JCube 重建为一个新住宅项目数日之后。该地块后来以拥有 368 个单位的 J’Den 推出，并于 2023 年 11 月入市。根据备案记录，该项目几乎已售罄（97%），平均售价为每平方英尺 2,475 新元。

从 Lakeside Towers 高处眺望 Jurong Lake，以及 Chinese and Japanese Gardens。

随着政府逐步披露 Jurong Lake District 总体规划的更多细节，Jurong East 区域也获得大量关注。URA 于 2023 年 6 月推出一个靠近 Jurong East MRT 转换站、占地 6.5 公顷的大型主发展商地块。

最终，该主发展商地块未获批出，政府随后将该地块拆分成不同地段，并于今年 7 月推出 Town Hall Link 一个占地 3.72 公顷的综合用途地块。该招标将于 11 月 17 日截止。

Lakeside Towers 的 2022 年集体出售招标结束时没有成功投标。集体出售委员会数月后于 2023 年 6 月 30 日重新推出招标，保留价不变，但这次同样未能取得成功投标。

JLL Singapore 土地与集体出售主管 Nicholas Ng 表示，当时基础市场力量已经开始对集体出售期待者不利。那一年，在较高利率环境下，融资成本上升。此外，发展商面对的是持续高企且仍在上升的建筑成本所造成的偏高开发市场。

然而，四年后，Lakeside Towers 的业主正在进行第三次集体出售尝试。JLL 再次担任营销代理，这座 45 年楼龄的公寓已于 8 月 5 日推出集体出售招标，保留价同样为 3.5 亿新元。

在计入预估续租补价且没有土地增值费后，以地块 2.36 的基础总地积比率计算，保留价相当于按地积比率计每平方英尺 1,277 新元的土地价格。

如果纳入阳台奖励总楼面面积（GFA），在包括续租补价和土地增值费的情况下，土地价格将约为按地积比率计每平方英尺 1,225 新元。

维护成本高昂，租约衰减侵蚀物业价值

Lakeside Towers 现任集体出售委员会（CSC）主席 Maureen Tan 表示，许多业主都有动力看到这座老旧公寓出售并最终重建。

她说，几乎所有业主都是退休人士，希望利用现有物业价值变现，且多数人倾向随后缩小居住规模，搬到 HDB 组屋，并将剩余售楼所得收入囊中，以帮助支付退休生活。

Tan 表示，事实上，最近宣布取消私人住宅业主购买五房式或更大组屋时的 15 个月等候期，是 Lakeside Towers 年长业主之间热议的话题。

Lakeside Towers 由两栋 20 层高楼组成，坐落于 9G & 9H Yuan Ching Road 的 99 年租赁地契地块上。

因此，业主们很快就启动了此次最新集体出售尝试。根据 Tan 的说法，讨论在 2025 年 1 月达到关键阶段，很快促成 CSC 成立，并在当年 5 月开始收集签名，以批准集体出售协议。

虽然这座 45 年楼龄的公寓结构仍然稳固，但 Tan 表示，一些业主正难以负担各自单位所需的维修费用。她补充说，虽然公寓的管理公司分层地契（MCST）和物业经理一直尽可能美化项目，但预计未来几年公寓维护费用将显著增加。

此外，JLL 的 Ng 表示，许多业主也意识到，该物业租赁期限不断缩短，意味着如果他们在转售市场出售单位，单位几乎没有进一步价格增长的机会。

Lakeside Towers 拥有始于 1975 年的 99 年租赁地契。业主面临的租约情况因公寓直到 1981 年才竣工而变得更糟。随着租约剩余不足 48 年，租约衰减的负面影响将开始严重侵蚀当地单位的资本价值。

Lakeside Towers 的集体出售招标于 8 月 5 日推出，保留价为 3.5 亿新元。

Tan 过去六年一直住在 Lakeside Towers。她说，项目靠近 Jurong Lake Gardens，以及周边便利设施众多，是吸引她和丈夫的原因。

作为健身爱好者，她的丈夫喜欢环绕 Jurong Lake Gardens 延伸的庞大公园连道和自行车道网络。Lakeside Towers 毗邻 Lakeside Garden 的 Entrance Pavillion 和 North Carpark。

Jurong Lake Gardens 西部这一 60 公顷部分，设有多项设施和休闲活动，例如 Broadwalk and Floating Wetlands、Clusia Cove 的儿童水上游乐场、PAssion Wave @ Jurong Lake Gardens，以及多个花园和开放草地。

Jurong Lake Gardens 和 Jurong Lake 的景观，很可能会成为该项目对潜在发展商最强的卖点之一。随着 Sora 和 LakeGarden Residences 已经入市，重建 Lakeside Towers 是发展商引入一个可利用新加坡罕见湖畔景观新项目的最后剩余机会。

与此同时，Tan 表示，Taman Jurong 一带附近湿巴刹、超市和熟食中心的数量，是促成她选择住在 Lakeside Towers 的因素。

如果该地块重建，新公寓的居民将获得罕见的湖畔景观，例如从 Lakeside Towers 眺望 Boon Lay Way 和 Lakeside 的这一视角。

JLL 的 Ng 表示，Lakeside Towers 代表了湖畔稀缺性与战略位置的罕见汇合。他补充说，该项目拥有约 190 米无遮挡湖畔景观，这一特点为未来居民提供了一个在土地稀缺的新加坡难以复制的后院。

他继续说道：“在目前没有其他位于 Jurong Lake Gardens 旁、可供重建的住宅地块之际，该地块为发展商提供了有吸引力的价值主张。”

新项目和转型规划正在塑造 Jurong Lake District

Lakeside Towers 的集体出售也发生在今年新盘市场的一部分买家关注开始转向 Jurong East 这一带和 Jurong Lake District 之际。

本季度，我们预计 City Developments Ltd（CDL）将在 Lakeside Drive 沿线推出其拥有 570 个单位的 Lucerne Grand 公寓。作为一个政府售地（GLS）地块，CDL 于 2025 年 6 月以 6.08 亿新元（按地积比率计每平方英尺 1,132 新元）的最高投标价获得该地块。

Lucerne Grand 位于 Lakeside MRT 站旁，将包括五栋 17 层高住宅楼和一个商业裙楼。这将是继 Sora 和 LakeGarden Residences 推出后，该地区最新的公寓。在去年 GLS 招标结束时，一些市场分析师预测，新项目可能实现每平方英尺 2,400 新元的平均售价。

这发生在 Jurong Lake District（JLD）逐步发展成为新加坡中央商业区以外最大区域商业和商务中心的背景下。这一区域转型由 JEM 和 Westgate 等现有项目，以及新的综合用途发展项目所支撑。

JLD 总体规划将该区域设想为一个结合商业、住宅、零售和休闲用途的综合枢纽，并通过现有 Jurong East 和 Lakeside MRT 转换站提升连通性。

Ng 表示：“该地块靠近作为新加坡第二个 CBD 的 Jurong Lake District，加上包括 International Business Park、周边 Jurong 工业区，以及大型 Tuas Port 发展项目在内的成熟就业节点，显示该走廊私人住房租赁需求将增强。”

他说，随着该区域持续发展，基础设施投资、就业增长和交通连通性的汇合，为长期价值增值创造了有力理由。

LakeGarden Residences（图左）和 Sora 正在 Yuan Ching Road 沿线推进建设。

Lakeside Towers 的 CSC 和 JLL 也寄望于作为 Cross Island Line（CRL）第三阶段一部分公布的四个新车站，该阶段于 7 月 31 日揭晓。陆路交通管理局（LTA）表示，四个新的地下车站将把 CRL 从 Jurong Lake District MRT 站向西延伸至东西线的 Gul Circle。

Jurong Lake District 是一个新的 MRT 转换站，最终将连接 CRL 和未来的 Jurong Region Line。规划中的转换站靠近前 Jurong Town Hall 和新的 Singapore Science Centre。

Ng 表示，现在是 Lakeside Towers 重新进入集体出售市场的合适时机。他指出，Sora 和 LakeGarden Residences 的持续销售，以及 Lucerne Grand 的预期推出，都显示发展商和购房者仍对 Jurong Lake District 这一带的新房感兴趣。

他认为，在大多数已推出的新公寓供应已被买走的情况下，Lakeside Towers 若在 Lucerne Grand 推出后重建，将继续受益于该地区对新公寓的强劲购买需求。