City Developments Limited (CDL) has secured the highly coveted Lakeside Drive Government Land Sales (GLS) site with a top bid of S$608 million, outpacing six competing developers in a closely watched tender that closed on June 3, 2025. The winning bid translates to approximately S$1,132 per square foot per plot ratio (psf ppr) for the 99-year leasehold site, which is strategically positioned adjacent to Lakeside MRT station in Singapore’s developing Jurong West area.
CDL secures prime Lakeside Drive site for S$608 million, establishing dominant position in Singapore’s emerging Jurong West district.
The CDL bid markedly surpassed the second-highest offer from Frasers Property and Mitsubishi Estate partnership, which came in at S$550.56 million (S$1,025 psf ppr), representing a premium of S$57.44 million. CapitaLand Development and Sing Holdings secured the third position with a bid of S$529 million (S$985 psf ppr), while the remaining contenders—Wee Hur Development, Intrepid Investments with TID Residential, and Sim Lian Group—submitted bids ranging from S$909 to S$938 psf ppr. The lowest bid of S$909 psf ppr came from Sim Lian Land and Sim Lian Development, demonstrating the considerable range in developer valuations.
The 1.39-hectare site features a maximum gross floor area of 537,065 square feet with a gross plot ratio of 3.6, allowing for mixed-use development that includes residential units with commercial space permitted on the ground floor. Development plans indicate the potential for approximately 575 private residential units, complemented by 10,764 square feet of commercial space, of which a minimum of 7,535 square feet must be dedicated to supermarket use. This development aligns with the emerging neighborhoods trend highlighted by investment experts as areas with strong growth potential. Market experts suggest that future homes at this development could command prices of over S$2,400 per square foot based on current market conditions.
Located within the burgeoning Jurong Lake District, which is being developed as Singapore’s second Central Business District, the site offers exceptional connectivity and proximity to significant amenities. Future residents will benefit from direct access to Lakeside MRT station, Jurong Lake Gardens, and various educational institutions including Rulang Primary School and Yuhua Secondary School.
The Lakeside Drive parcel was released under the confirmed list of the first half 2025 Government Land Sales program, which aims to supply a total of 5,030 residential units across multiple sites.
With the project expected to launch around April 2025, CDL’s successful acquisition underscores the continued robust investor confidence in Singapore’s residential property market, particularly in strategic growth areas.
