Future New Launch Prices May Start from $2,300 PSF as Jurong Lake District Becomes a Private Home Hotspot

City Developments Limited (CDL) has clinched the residential site at Lakeside Drive next to Lakeside MRT station with a top bid of $608 million, reflecting robust developer confidence in the future growth potential of Jurong Lake District.

According to tender results released by the Urban Redevelopment Authority (URA) on 3 June, the land parcel drew bids from six developers. CDL’s subsidiary, CDL Polaris, emerged victorious with a bid equivalent to $1,132 per square foot per plot ratio (psf ppr)—around 10% higher than the second-highest bid and well above market expectations.

Five Residential Towers with Lake Views: CDL Expands Footprint in the West

CDL plans to develop five 16-storey residential blocks on the site, capitalising on panoramic views of Jurong Lake Gardens. Sherman Kwek, CDL’s Group Chief Executive Officer, noted that the site’s prime location—with seamless access to transport nodes, reputable schools, and parks—makes it a strategic and pivotal addition to the group's development portfolio.

This marks the first private residential land parcel released under the Government Land Sales (GLS) programme in Jurong Lake District since 2015. Spanning approximately 145,000 sq ft, the site can yield around 575 residential units and includes 1,000 sq m of commercial space on the first storey.

Market Analysis: Limited Supply + Resilient HDB Upgrader Demand = Prime Opportunity

More than 2,500 HDB flats in the surrounding neighbourhood have crossed their five-year Minimum Occupation Period (MOP), leaving homeowners eligible to upgrade to private property. This strong upgrader catchment is expected to provide solid baseline support for future sales.

Compared to the capital-intensive Jurong Lake District "white site", the Lakeside Drive parcel offers a more manageable development scale and a shorter construction cycle, making it considerably more attractive to developers.

The winning land rate of $1,132 psf ppr edges close to the Outside Central Region (OCR) benchmark of $1,388 psf ppr set by the Bayshore Road parcel in March, indicating that launch prices could comfortably range between $2,300 and $2,400 psf.

Keen Competition Stands in Contrast to Lukewarm Sites

The enthusiastic participation in this tender highlights revived developer appetite for Jurong Lake District. This stands in sharp contrast to the Media Circle (Parcel B) site in April, which was rejected after drawing only one below-market bid, and the master developer "white site" in Jurong Lake District that was shelved in 2024 after bids fell short of expectations.

The successful outcome of this tender proves that developers remain eager to acquire well-located sites boasting excellent transport links, comprehensive amenities, and proven demand drivers to meet ongoing mass-market homebuyer interest.

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