CDL has set the highest bid of S$1,132 per square foot for the plot next to the Lakeside MRT station

Six bids are received for a site zoned residential with commercial on the first floor in a state tender.

June 3, 2025

CONDOsingapore.com



Six bids were received on Tuesday, June 3, in a state land tender for a 99-year leasehold private housing plot near the Lakeside MRT station in Jurong West.

This fell between the two and eight bids that analysts predicted in a poll on Monday.

The highest bid from Singapore's largest residential developer, City Developments (CDL), was S$608 million, or S$1,132.08 per square foot per plot ratio (psf ppr). This was also within the analysts' predicted range of S$900 to S$1,250 psf ppr.

The second-highest bid, which came from a joint venture between Frasers Property and Mitsubishi Estate and was roughly S$1,025 per square foot per person, was 10.4% lower than CDL's bid.

At $909 psf ppr, the highest bid from Sim Lian Land and Sim Lian Development was 24.5 percent higher than the lowest bid, according to analysts.

Marcus Chu, CEO of ERA Singapore, stated that the disparity was a reflection of the various market sentiments of the bidders.

The discrepancy points to "differing assessment of the risks and opportunities for this plot among developers," according to Wong Siew Ying, head of research and content at PropNex.



The Lakeside Drive plot undoubtedly boasts a number of advantageous features, such as being close to Jurong Lake Gardens and an MRT station, which will offer residents picturesque views during the site's future development.

Numerous schools are also located nearby, and the growth of the Jurong Lake District (JLD) will be advantageous to the area.

Wong acknowledged that those projects were not close to the MRT station, but she said, "That said, given the relatively slower sales at a couple of launches in the Jurong area, there could potentially be some uncertainty as to the depth of private housing demand."

She was referring to the condo developments Sora and The Lakegarden Residences, which were introduced in 2024 and 2023, respectively. These 99-year leasehold projects are being built on the locations of the Park View Mansions and Lakeside Apartments, which were previously sold collectively.



In contrast to the zero turnout at its tender for the Media Circle Parcel B plot that closed on April 29, the Urban Redevelopment Authority's six bids for the Lakeside Drive site on Tuesday were a far better result.

However, the quantity of bids for the most recent tender is insignificant when compared to the nine, twelve, and fourteen bids received for previous nearby sites, which are now home to Lake Grande, Lakeville, and The Lakefront Residences, according to Tricia Song, head of research for Singapore and South-east Asia at CBRE. In 2010, 2013, and 2015, respectively, they were tendered.

The 99-year leasehold GLS (government land sale) sites in the immediate vicinity of the Lakeside MRT station received comparatively fewer bids than ten years ago, she said, which may be partially due to waning interest in the JLD, which is intended to be the largest mixed-use business district outside of Singapore's city centre.

"The government's decision last year to not award the district's prestigious master developer site has left JLD with an uncertain development timeline."

With a first-story commercial use, the plot up for bid on Tuesday is zoned residential. The maximum gross floor area (GFA) that can be developed is 537,065 square feet.

About 575 private residences could be built on the plot. A minimum of 7,535 square feet of the 10,764 square foot GFA commercial component must be used for supermarket purposes.

"The first-story commercial use will complement the limited retail offerings at the Lakeside MRT station and the HDB neighbourhood across the road," stated Mark Yip, CEO of Huttons Asia. Residents will benefit from increased convenience because they won't have to travel for everyday necessities.

The Lakeside Drive plot "presents a rare and valuable opportunity to expand our presence in the West," according to Sherman Kwek, Group CEO of CDL. "We will strategically add this site to our development pipeline."

If given the site, the property and hotel group said it would create a "thoughtfully curated project" that would include five 16-story residential blocks with a total of 575 units, as well as a ground-floor retail podium. It further stated that "unobstructed views of Jurong Lake Gardens are the goal of the proposed development."

Yuan Ching Secondary School, Yuhua Secondary School, Shuqun Primary School, and Rulang Primary School are all close by.

According to Mogul.sg chief research officer Nicholas Mak, the site's development is anticipated to begin construction between late 2026 and mid-2027, costing between S$2,600 and S$2,700 per square foot.

A partnership between CapitaLand Development and Sing Holdings also placed an offer at Tuesday's tender, offering S$529 million or S$985 per square foot.

Wee Hur Development made a bid of S$938 per square foot.

TID Residential and Intrepid Investments bidded S$922 per square foot.