As per my previous posting on old condominium. I always have a love affair with them.
Today, I will be talking about Lakepoint Condominium. This condominium is almost unheard of if you are not staying in the West. For those that stay in the West, you would most probably give this unsightly looking condominium a miss too when you drive along Corporation Road.
Here, let dive straight to the details. Lakepoint is a 99 years leasehold condominium from 1983. This 304 units development uniquely is seating on land own by Jurong Town Corporation (JTC). Despite been old and with a remaining lease of 61 years. This old development remains very popular with home buyers because of the following reasons:
Why Lakepoint Condominium?
1. Lakepoint comprises of two bedroom apartments of 915 – 1,044 sqt, maisonettes of 1,884 – 2,217 sqf, penthouses of 2,734 – 3,261 sqf and townhouses of 2,486 – 3,401 sqf. These sizes are almost unheard of for most new development. Lakepoint offer spaces that most home owners will be envy off.
2. Based on the latest transaction from Dec 2020 to Jan 2021. A typically 3 bedroom that measure 1,884sqf was transacted less than $1.3 million or $657psf. Here, where to find a condominium in Singapore at $657psf?? This is definitely undervalue in my opinion. Nearby condominiums are trending from $900 – $1,400psf.
3. Lakepoint is only 5 minutes walk to Lakeside MRT station via the back gate located nearest to Block 10. You don’t go wrong staying next to a MRT on the green line.
4. Lakepoint is seating on a massive land area of 560,000sqf. If you are unsure how big is this. Let me give you a perspective. Lakepoint’s land area is 3 times larger than its neighbor – Lakefront Residences. Such sprawling land size fulfill the definition of condominium living is all about! Moreover, its plot ratio is only 1.4 compare to the neighbouring residential sites that have plot ratio ranging from 2.8 to 3.5. Lakepoint is definitely underbuilt!
5. Lakepoint is seating next to the remaking of the Jurong Lake District. This come back to my property investment strategy of looking into the URA Master Plan if you plan to buy an investment property. Some argue that the scrapped KL-Singapore high speed rail (HSR) plan may delay the transformation of Jurong Lake District. In my personal opinion, I think the HSR is going to be a white elephant anyway. It is better not to build it in the first place! The precious land designated for the HSR can be used for better purposes. I am very confident that the URA planners can transform Jurong as Singapore’s first industrial town into the new gateway for Singapore.
6. Lakepoint is within 1km from the popular Rulang Primary School. River Valley Secondary School is also neaby.
7. Lakepoint offer scenic view of the Jurong Lake and the park connector that line around the Jurong River. The alternative view will be the low rise landed along Corporation Rise and the expansive Tuas industrial estate. Have you noticed that the industrial building along International Road are usually low rise? This is because it is seating on the flight path of our F16 returning back to Tengah Airbase! Thus, you can be assure of this low rise view in many years to come!
8. There is a huge under supply of private condominium in the West. Just look at the overwhelming responses whenever there is a new launch condominium for sale in the Jurong area. This can be testify by the past sales in J Gateway, Lake Life, Lake Grande, LakeVille, Lakefront and Caspian. Else, you can drive around Jurong East and West and notice that there are many potential HDB upgraders with nothing to buy! What does this mean for Lakepoint then? This come back to my last point.
9. Lakepoint condominium has ultimately enbloc potential! Lakepoint was in the news before regarding its enbloc potential. The above 8 pointers are good catalyst for any future re-development plans.
Lakepoint condominium is a gem in District 22. Its attractive price and spaciousness make up for the remaining shorter lease. This also mean that an enbloc potential is on the horizon. Buy to wait! Don’t wait to buy! Btw, If you are keen to invest into any enbloc properties. Read my article on enbloc here.