New Lakeside Landmark: CDL's Upcoming Jurong Lake Project Could Reach $2,400 PSF

Singapore property developer City Developments Ltd (CDL) recently unveiled its latest business updates, with multiple residential and hospitality projects progressing concurrently.

Drawing the keenest market attention is Lucerne Grand, a new private residential project located along Lakeside Drive, right next to Lakeside MRT station.

Slated for launch in the third quarter of 2026, the development will offer 570 residential units and is poised to benefit from the broader master plan for the Jurong Lake District.

New Lakeside Project Lucerne Grand Expected to Launch in 2026

Lucerne Grand is situated along Lakeside Drive, close to Jurong Lake Gardens and right adjacent to Lakeside MRT station.

The development scheme comprises five 17-storey residential blocks housing a total of 570 units, complemented by commercial space on the ground floor.

Positioned within the core growth corridor of the future Jurong Lake District, it is widely viewed by the market as offering strong long-term capital appreciation potential.

In fact, CDL secured the site last year with a top bid of around S$608 million, translating to a land rate of approximately $1,132 psf ppr (per square foot per plot ratio).

Market analysts had already projected back then that the launch could achieve average selling prices of around $2,400 psf, potentially setting a new price benchmark for the Lakeside precinct.

As Jurong East steadily transforms into Singapore's second CBD—bolstered by the expansion of office, commercial, and lifestyle amenities alongside improved connectivity—the western residential market has drawn sustained interest in recent years.

Two Executive Condominium (EC) Projects Slated for 2027 Launch

In addition to private condominiums, CDL is also advancing two executive condominium (EC) developments.

Yielding a combined total of 732 units, both projects are anticipated to launch in the first quarter of 2027.

These include:

1) Woodlands Drive 17 EC: Spanning a site area of approximately 271,330 sq ft, it is projected to yield 430 units.

2) Senja Close EC: Occupying around 109,354 sq ft, offering an estimated 302 units.

CDL highlighted that neither EC project will be affected by the government's recently tightened EC policies.

New EC Policies Do Not Affect Existing Pipeline Projects

The government announced tighter EC regulations on 8 May, which include extending the Minimum Occupation Period (MOP) from 5 to 10 years, removing the Deferred Payment Scheme (DPS), and increasing the quota for first-time homebuyers.

However, these new measures apply only to EC land tenders closing after 8 May.

As CDL was awarded both EC sites prior to the policy announcement, they remain governed under the previous regulatory framework.

Market watchers believe this could make upcoming EC launches under the "old rules" even more appealing over the next two years.

Stellar Sales Performance at Newport Residences

CDL also released its residential sales figures for the first quarter of 2026.

The group moved 242 units, chalking up a total sales value of around S$609.6 million.

Among them, luxury freehold development Newport Residences in Tanjong Pagar served as the primary sales driver.

Launched in January this year, the 246-unit project has sold approximately 78% of its units to date.

Commercial and Retail Occupancy Remains Resilient

Beyond its residential portfolio, CDL's commercial assets also posted resilient performances.

In 1Q 2026, the developer concluded approximately 184,000 sq ft in office leases across new commitments and renewals, with rental reversions continuing on an upward trend.

Notably:

Republic Plaza achieved an occupancy rate of 96.6%

City House achieved full 100% occupancy

Meanwhile, the group's overall retail portfolio clocked an occupancy rate of 96.8%, outperforming the islandwide average of 93.7%.

City Square Mall Reopens Following Asset Enhancement

CDL's City Square Mall completed its asset enhancement initiative (AEI) and officially reopened in March this year.

As of end-March, mall occupancy reached 97.8%.

Upgrades included interior mall refurbishments and enhancement works at City Green park.

This underscores that retail footfall and leasing demand remain broadly healthy.

M Hotel Singapore to Embark on Major Revamp

On the hospitality front, CDL continues to deploy capital into asset enhancements and new hotel developments.

Located along Anson Road, the 415-key M Hotel Singapore will commence a phased refurbishment starting May 2026, expected to run through the third quarter of 2027.

In addition, the group's hotel properties in London, New York, and Sunnyvale, US, are undergoing concurrent AEIs and developments.

Market Outlook: CDL Strengthens Long-Term Asset Strategy

Looking at its recent initiatives, CDL is strategically active across multiple pillars: Singapore private housing, the EC market, commercial office assets, and hospitality portfolio upgrades.

Key growth nodes such as Jurong Lake District and Woodlands continue to serve as strategic focal points for major developers.

Against the backdrop of progressive supply additions and ongoing regional transformation, market watchers anticipate sustained healthy interest across the western and northern residential sectors in the coming years.