Wing Tai Holdings outguns rivals in en bloc Singapore residential tender with US$199 million bid
- Lakeside Apartments, a 57-year-old residential building, sits on the edge of Jurong Lake Gardens
- Wing Tai Holdings plans to redevelop the plot into an ‘iconic’ residential development of more than 300 units with unobstructed waterfront views
Singapore-listed property developer Wing Tai Holdings has won the tender for a residential property in one of the biggest collective sales in the Southeast Asian city state this year, paying 14 per cent more than the reserve price to outbid its rivals.
A collective sale, also known as en bloc, is a sale of two or more property units to a single common purchaser. In Singapore, it requires residents of an older development agree to sell their homes in the entire block or project at the same time for redevelopment.
Wing Tai said it plans to redevelop the Singapore plot into an “iconic” residential development of more than 300 units with unobstructed waterfront views of Jurong Lake and its surroundings.
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“Given the limited supply of new residential developments in the area, we are confident that demand for this new project will be strong,” said Tan Hwee Bin, executive director of Wing Tai Holdings.
