GILSTEAD Court and Lakeside Apartments are returning to the en bloc market with possible lower reserve prices, said the marketing agents for both properties on Tuesday.
For Gilstead Court, which was relaunched on Tuesday, the Collective Sale Committee (CSC) proposed to lower the reserve price from S$168 million to S$153 million. For Lakeside Apartments, the reserve price is possibly being lowered from S$240 million to S$205 million.
Owners supportive of the almost 9 per cent price cut for Gilstead Court have begun signing a supplemental agreement, said JLL.
Nonetheless, for the change to take effect, the legal process requires approval from owners representing at least 80 per cent by total share value and by total floor area. As at Jan 29, owners representing more than 60 per cent have approved the lower reserve price, JLL said.
The original reserve price of S$168 million translates to a land rate of about S$1,590 per sq ft per plot ratio (psf ppr), or about S$1,486 psf ppr after factoring in the 7 per cent bonus balcony plot ratio.
Should more than 80 per cent of the owners agree to the lower proposed reserve price of S$153 million, the unit land rate will be reduced to S$1,448 psf ppr, or S$1,353 psf ppr with the 7 per cent bonus balcony plot ratio.
As there is a high development baseline for the site, development charge is not payable for the proposed redevelopment with the bonus gross floor area, JLL said.
Built around 1978, Gilstead Court in the Novena-Newton enclave comprises 24 apartments of 129 sq m each, and 24 apartments of 136 sq m each, totalling 48 units in three four-storey apartment blocks.
The 75,479 sq ft site is zoned "residential" with a gross plot ratio of 1.4. Located in District 11, the development is also near Novena MRT station, with schools such as St Joseph's Institution (Junior) and Anglo-Chinese School (Junior) in the vicinity.
Meanwhile, Lakeside Apartments will be relaunching for collective sale by public tender on Jan 30. The effort to garner a fresh 80 per cent support from owners is still ongoing. The support level on the new reserve price is currently at 70 per cent, said marketing agent SLP International.
With the new reserve price, the land rate would be about S$939 per sq ft per plot ratio (psf ppr) after taking into account the lease extension premium, differential premium, possible bonus balcony and the 5 per cent additional buyer's stamp duty (ABSD) introduced last July.
Lakeside Apartments along Yuan Ching Road is located within the Jurong Lake District, minutes away from Lakeside MRT station, and has a full unblocked view of the Jurong Lake.
The land size is 12,465 sq m, and there are currently 120 units with the same built-in size.
The tender for Gilstead Court closes at 2.30 pm on Feb 27, while the tender for Lakeside Apartments will end at 3 pm on Feb 27.