New Launch Condo - Wing Tai's The LakeGarden Residences
New launch condo NEWS: PREVIEW of Jurong's new project, The LakeGarden Residences, which will kick off on Saturday (July 22), with prices starting at just under S$2,000 per square foot (psf).
Wing Tai Holdings' 99-year rental condominium covers 134,176 square feet (sq ft), with a gross lot rate of 2.1. It was secured with a bid of S$273.9 million in a collective sale bid in May 2020, with a 14% premium over the S$240 million starting price. This calculates land rates from S$1,250 to S$1,260 psf per lot rate (ppr).
This New Launch Property includes 306 apartments in two 19-story towers. Apartments include four duplex penthouses ranging in size from 2,002 square feet (sq ft) to 2,260 square feet, each with its own private elevator.
One-bedroom apartments, some of which include study rooms, range in size from 484 square feet to 635 square feet. Two-bedroom apartments start at 592 square feet, three-bedroom apartments from 926 square feet, four-bedroom apartments from 1,270 square feet, and five bedrooms. -Bedroom units from 1,550 square feet.
Nearly three-quarters of the apartments, or 227 apartments, will have two to three bedrooms, Stacey Ow Yeong, Wing Tai's chief marketing officer, told reporters at Monday's preview.
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This is mainly because the New Launch Condo is targeted at local owner buyers, she said. This includes Housing and Development Board suburban upgraders, she added, who are eyeing these units because they live or work nearby.
Ow Yeong pointed out that The LakeGarden Residences will be the first condominium launch in the area in seven years. The last launch in the vicinity was MCL Land's Lake Grande in 2016.
Alert data from URA Realis shows resale prices at Lake Grande ranged from S$758,000 (S$1,853) to S$2.1 million (S$1,628) over the past few months. At the end of May, a 614 square foot apartment was trading at around S$1 million or S$1,720 psf.
Resale prices for private apartments in Jurong ranged from S$703,000 (S$1,519) to S$5.2 million (S$1,103) in recent months. The latest transaction in mid-July was for a 2,002 square foot unit in The Centris 99 year rental apartment, which changed hands for just over S$2 million or S$1,021 psf.
When asked if the starting price of around S$2,000 per unit might be too high for a new apartment in Jurong, Ow Yeong pointed out that there is "very little choice" in the pricing of the property. Wing Tai, especially with soaring land, construction, logistical and financial costs.
“With Lentor, which is a no-brainer, at S$2,000 psf, I think (our pricing) is fine,” she said. “It's not because we're all trying to push up prices unnecessarily. That's because the cost is just there.
Ow Yeong added that The LakeGarden Residences' vision is a "sustainable modern home in harmony with the surrounding gardens". Solar energy, for example, will power nearly a third (30%) of the apartment's common areas, she said.
“When completed, The LakeGarden Residences will be one of the finest riverside developments in the Jurong Lake District (JLD); it will be well connected to established utilities, educational facilities and junctions,” she said.
Located at 80 and 82 Yuan Ching Road, The LakeGarden Residences is located within the upcoming JLD – soon to be Singapore's largest business district outside the city centre, set up under URA's decentralized strategy.
In March, Wing Tai acquired the 19-unit Holland Tower for S$76.3 million through a collective sale. The price of land there is up to S$1,746 psf ppr.
Wing Tai CEO Tan Hwee Bin said the group plans to "take advantage of its superior location attributes" to redevelop the property into a "luxury and iconic" residential area.
LakeGarden Residences will take reservations from August 5, and is expected to send notice of vacancy by August 2027.
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