CDL Submits Top Bid of $1,132 psf ppr for Lakeside Drive GLS Site

<p data-start=”243″ data-end=”469″>The tender for a Government Land Sale (GLS) site at Lakeside Drive closed on June 3, drawing six bids. The top bid of $608 million, or $1,132 per square foot per plot ratio (psf ppr), came from City Developments Limited (CDL).</p>
<p data-start=”471″ data-end=”873″>CDL’s bid was 10.4% higher than the second-highest bid of $550.56 million ($1,025 psf ppr) submitted by a joint venture between Frasers Property and Mitsubishi Estate Asia. The next highest bidder was a joint venture between CapitaLand Development and Sing Holdings, which submitted a bid of just over $529 million ($985 psf ppr), 4.1% lower than the bid by Frasers Property and Mitsubishi Estate Asia.</p>
<p data-start=”875″ data-end=”1106″>The remaining bids came from Wee Hur Holdings ($503.9 million or $938 psf ppr), followed by a joint venture between Hong Leong Holdings and TID ($495.18 million or $922 psf ppr), and Sim Lian Group ($488.2 million or $909 psf ppr).</p>
<p data-start=”1108″ data-end=”1423″>The Lakeside Drive site is a 145,314 square foot plot zoned for residential use with commercial space on the first storey. The site has a gross plot ratio of 3.6 and can yield 575 residential units and 10,764 square feet of commercial space. It is located adjacent to the Lakeside MRT Station on the East-West Line.</p>

<table style=”width: 100%; border-collapse: collapse;”><caption style=”font-weight: bold; margin-bottom: 0.5em;”>Bids received for Lakeside Drive site</caption>
<thead>
<tr>
<th style=”border: 1px solid #ddd; padding: 8px; text-align: left;”>Bidders #</th>
<th style=”border: 1px solid #ddd; padding: 8px; text-align: left;”>Name of tenderer</th>
<th style=”border: 1px solid #ddd; padding: 8px; text-align: right;”>Bid price</th>
<th style=”border: 1px solid #ddd; padding: 8px; text-align: right;”>Bid price
(psf per plot ratio)</th>
</tr>
</thead>
<tbody>
<tr>
<td style=”border: 1px solid #ddd; padding: 8px;”>1</td>
<td style=”border: 1px solid #ddd; padding: 8px;”>City Developments</td>
<td style=”border: 1px solid #ddd; padding: 8px; text-align: right;”>$608,000,000</td>
<td style=”border: 1px solid #ddd; padding: 8px; text-align: right;”>1,132</td>
</tr>
<tr>
<td style=”border: 1px solid #ddd; padding: 8px;”>2</td>
<td style=”border: 1px solid #ddd; padding: 8px;”>Frasers Property and Mitsubishi Estate Asia</td>
<td style=”border: 1px solid #ddd; padding: 8px; text-align: right;”>$550,555,555</td>
<td style=”border: 1px solid #ddd; padding: 8px; text-align: right;”>1,025</td>
</tr>
<tr>
<td style=”border: 1px solid #ddd; padding: 8px;”>3</td>
<td style=”border: 1px solid #ddd; padding: 8px;”>CapitaLand Development and Sing Holdings</td>
<td style=”border: 1px solid #ddd; padding: 8px; text-align: right;”>$529,008,819</td>
<td style=”border: 1px solid #ddd; padding: 8px; text-align: right;”>985</td>
</tr>
<tr>
<td style=”border: 1px solid #ddd; padding: 8px;”>4</td>
<td style=”border: 1px solid #ddd; padding: 8px;”>Wee Hur Holdings</td>
<td style=”border: 1px solid #ddd; padding: 8px; text-align: right;”>$503,900,000</td>
<td style=”border: 1px solid #ddd; padding: 8px; text-align: right;”>938</td>
</tr>
<tr>
<td style=”border: 1px solid #ddd; padding: 8px;”>5</td>
<td style=”border: 1px solid #ddd; padding: 8px;”>Hong Leong Holdings and TID</td>
<td style=”border: 1px solid #ddd; padding: 8px; text-align: right;”>$495,178,540</td>
<td style=”border: 1px solid #ddd; padding: 8px; text-align: right;”>922</td>
</tr>
<tr>
<td style=”border: 1px solid #ddd; padding: 8px;”>6</td>
<td style=”border: 1px solid #ddd; padding: 8px;”>Sim Lian Group</td>
<td style=”border: 1px solid #ddd; padding: 8px; text-align: right;”>$488,195,000</td>
<td style=”border: 1px solid #ddd; padding: 8px; text-align: right;”>909</td>
</tr>
</tbody>
<tfoot>
<tr>
<td style=”border: 1px solid #ddd; padding: 8px; font-style: italic; text-align: left;” colspan=”4″>Source: URA, developers</td>
</tr>
</tfoot>
</table>
<p data-start=”1425″ data-end=”1671″>In a statement, CDL said that if awarded the site, it plans to develop a 575-unit project, comprising five 16-storey residential blocks along with a ground-floor retail podium. The development will offer unobstructed views of Jurong Lake Gardens.</p>
<p data-start=”1673″ data-end=”2007″>“Situated near the Jurong Lake District, the site stands out for its excellent connectivity and access to a rich array of amenities, schools, and green spaces,” said Sherman Kwek, CDL’s group CEO. “With the last GLS site in the vicinity awarded nearly a decade ago, this site will be a strategic addition to our development pipeline.”</p>
<p data-start=”2009″ data-end=”2382″>The bids for the Lakeside Drive site represent a rebound from the subdued responses to GLS plots that have launched since the US announced reciprocal tariffs on April 2. The Media Circle (Parcel B) site in the one-north area received zero bids upon tender closing on April 29. Prior to that, the tender for a GLS site at Lentor Gardens closed on April 3 with only two bids.</p>
<p data-start=”2384″ data-end=”2773″>However, the number of bids pales in comparison to the Bayshore Road GLS site, which closed with eight bids in March 2025, before the tariffs were announced, noted Tricia Song, head of research for Singapore and Southeast Asia at CBRE. “Amid slowing new home sales and economic uncertainty due to tariff-related concerns, developers continued to display heightened caution,” she explained.</p>
<p data-start=”2775″ data-end=”2946″>The gap between the lowest and highest bids, at 24.5%, may also reflect mixed market sentiments among participating bidders, according to Marcus Chu, CEO of ERA Singapore.</p>
<p data-start=”2948″ data-end=”3288″>Nevertheless, the response to the Lakeside Drive site signals developers’ willingness to pursue parcels with attractive attributes, says Leonard Tay, head of research at Knight Frank Singapore. “Although developers remain mindful of development costs, the attractiveness of the Lakeside Drive site overcame some of these concerns,” he adds.</p>
<p data-start=”3290″ data-end=”3523″>In addition to being at the doorstep of the Lakeside MRT Station, the site’s proximity to schools, Jurong Lake Gardens, and the Jurong Lake District increased its appeal, noted Wong Siew Ying, head of research and content at PropNex.</p>
<p data-start=”3525″ data-end=”3818″>Wong also pointed out that there have been no condo launches in the area since 2016, when the 710-unit Lake Grande was launched. “We anticipate there could be pent-up demand for private homes in this area, including from HDB upgraders who are currently residing in the Jurong area,” she added.</p>
<p data-start=”3820″ data-end=”4362″>If awarded to CDL, the $1,132 psf ppr land rate for the Lakeside Drive site would be among the highest for a residential GLS plot in the Outside Central Region (OCR) in recent years, Wong noted. It is surpassed only by the $1,388 psf ppr for the Bayshore Road site in March and the $1,250 psf ppr achieved for the GLS plot at Clementi Avenue 1 (now the site of the 501-unit Elta). The top bid for the Lakeside Drive plot is also higher than Media Circle (Parcel A) in the Rest of Central Region, which was awarded in March for $1,037 psf ppr.</p>
<p data-start=”4364″ data-end=”4513″>Based on the top bid, Wong estimates that the average selling price for the future development on the Lakeside Drive site could be around $2,400 psf.</p>
<p data-start=”4515″ data-end=”4823″>ERA Singapore’s Chu believes that the future project will set a new benchmark price for the Lakeside area, surpassing the 306-unit The LakeGarden Residences and the 440-unit Sora, both of which launched in 2023. These projects have achieved median prices of $2,134 psf and $2,216 psf, respectively, he added.</p>