City Developments Limited (CDL) was recently awarded the Government Land Sale (GLS) site at Lakeside Drive on June 9. The exercise saw six bids with the highest at S$608 million, or S$1,132 per square foot per plot ratio (psf ppr).
The plot on tender is zoned residential with commercial use on the first storey. It can be developed to an estimated maximum gross floor area (GFA) of 537,065 sq ft. The plot can yield about 575 units. The commercial component is capped at 10,764 sq ft GFA, of which a minimum 7,535 sq ft has to be for supermarket use.
Mr Sherman Kwek, CDL’s Group CEO, said, “We are delighted to have emerged as the top bidder for this choice site at Lakeside Drive, which presents a rare and valuable opportunity to expand our presence in the West. Situated near Jurong Lake District, the site stands out for its excellent connectivity and access to a rich array of amenities, schools and green spaces. With the last GLS site in the vicinity awarded nearly a decade ago, this site will be a strategic addition to our development pipeline. We look forward to creating a vibrant residential community that complements the ongoing transformation of the Jurong Lake District into a vibrant lifestyle and commercial hub, aligned with Singapore’s broader decentralisation strategy and future growth corridors.”
CDL plans to develop a thoughtfully curated project on the site, comprising five 16-storey residential blocks with around 575 units, complemented by a ground-floor retail podium. The proposed development aims to offer, in selected units, views of Jurong Lake Gardens – Singapore’s first national gardens in the heartlands, comprising Lakeside Garden, Chinese and Japanese Gardens and Garden Promenade across 90 hectares of lush greenery.
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The 99-year leasehold site zoned for Residential with Commercial at 1st storey, is located along Lakeside Drive adjacent to Lakeside MRT station.
A table of all bids submitted for the Lakeside Drive GLS.
(Source: URA, AGRA, The Business Times)
Nearby schools include Rulang Primary School, Shuqun Primary School, Yuhua Secondary School and Yuan Ching Secondary School.
Ismail Gafoor, CEO at PropNex Singapore, shared that developers favour sites like Lakeside Drive for its ready pool of HDB upgraders from nearby Bukit Batok, Jurong East and Jurong West housing estates, and proximity to a substantial industrial employment zone in Boon Lay, Jurong, Pioneer and Tuas.
Nicholas Mak, Chief Research Officer at Mogul.sg, expects the development on the site to be launched between late 2026 and mid-2027, at about S$2,600 to S$2,700 psf.
Congratulations to CDL for clinching the tender award for Lakeside Drive.
