Lakeside Drive, Dunearn Road and Woodlands Drive GLS Tender Launch in April 2025: Commentary by ERA

SINGAPORE, 8 April 2025 –URA has just launched the tender for the Government Land Sale (GLS) parcels at Lakeside Drive (potentially yielding 575 units) and Dunearn Road (380 units), while HDB has launched an Executive Condominium (EC) site at Woodlands Drive 17 (420 units).

The tenders for the Lakeside Drive, Dunearn Road and Woodlands Drive 17 sites will close at 12 noon on 3 June 2025, 26 June 2025 and 5 August 2025 respectively.

Lakeside Drive – Attractive site beside the Lakeside MRT

Marcus Chu, Chief Executive Officer, ERA Singapore said: “The Lakeside Drive parcel is the latest GLS site to be launched in the vicinity since 2015.  It is the first site to be launched in the vicinity since Jurong West Street 41 (Lake Grande) was sold in March 2015 for $630 psf ppr.”

“Notably, Lakeside Drive parcel is the just steps away from the Lakeside MRT, and this exceptional proximity provides to-be residents great convenience in their daily commutes, while enhancing the site’s appeal to potential bidders. While not near amenities, future residents are just one MRT stop away from Jurong Point.”

“The site also enjoys proximity to the scenic Jurong Lake Gardens and Lakeside MRT station, offering future occupants both nature and convenience at their doorstep.”

“There is a shortage of new private homes in District 22 (Jurong). Across the three new developments available for sale – J’den (93.8% sold), The Lakegarden Residences (71.6%) and SORA (41.6%), there is only 360 units remaining. A new launch in Lakeside Drive that will inject 575 new units could cater to the demand from this large district and support the growth of the JLD.”

Proximity to Jurong Lake District could be an advantage

“We have seen a significant ramp-up in housing supply in recent years in the West Region, likely aimed at supporting the anticipated growth of the Jurong Lake District (JLD) slated to transform into a vibrant live-work-learn-play destination in the next two decades.”

Woodlands Drive 17 – EC site, OCR location with MRT and growth potential

“This EC site is located adjacent to Woodlands Health Hub, and within 5 minutes’ walking distance from Woodlands South MRT on the Thomson-East Coast line. It is one stop away from Woodlands interchange, providing a transit option to the North-South line and a bus interchange.”

“Woodlands regional centre is also undergoing transformation into a new lifestyle and commercial hub, housing a range of office spaces, retail malls, and entertainment options just one stop away. These include existing points of interest such as Causeway Point shopping centre and Woodlands Civic Centre, alongside future developments to come.”

Demand for future project driven by HDB upgraders in North region

“Demand for this future EC development will come primarily from HDB upgraders in Woodlands, although we could see interest from upgraders coming from nearby towns in the North, such as Sembawang and Yishun.

Between 2026-2029 itself, we will see over 1,800 (4-room and larger) flats fulfil their Minimum Occupation Period in Woodlands, with a further almost 3,500 of such MOP flats in Yishun and Sembawang. This should create a healthy supply of potential upgraders for the launch of the future project.”

“Developers may take cue from the pent-up demand for new homes in Woodlands, evident in the performance of Norwood Grand that is just 5-minutes walk from this EC GLS site. To date, the project has sold all of its 1-, 2-, and 3-bedroom units, selling 83% of its total stock at a median $2,080 psf.”

Pent-up demand due to lack of EC stock in North region and District 25 (Woodlands)

“The last Executive Condominium project to launch in Woodlands was Northwave, launched in 2016. With no new EC launches in almost a decade, there is sure to be pent-up demand among for ECs in the area. This could compel developers to bid competitively to seize the opportunity in plugging the supply gap in this market.”

“Moreover, North Gaia, the last EC to launch in the north region in 2022 has recently sold all its remaining units. The scarcity of new EC stock for north-dwelling homebuyers will be a key factor fuelling demand for the future project at Woodlands Drive 17.”

Moderate bidders for this site, balanced by concurrently closing EC site at Senja

“Developers could show considerable interest in this Woodlands Drive 17 EC site, given limited competition due to the scarcity of fresh EC supply in the immediate vicinity. Woodlands South is a burgeoning estate seeing continued development with the presence of new BTO flats and Woodlands Health Hub, creating essential amenities that will help improve liveability in the area and drive future demand for the project.”

“The continued strong demand for new ECs has resulted in developers increasingly aggressive bidding strategy. Between 2015 and 2024, the average EC land costs have risen 164%, from $287 psf ppr to $733 psf ppr. As such, we could see new benchmark prices for ECs. Prices will be a far cry from Northwave, the last EC sold in Woodlands which was tendered for a land cost of $566 psf ppr in 2015.”

“The Woodlands Drive 17 EC site, and the Senja Close EC site launched in March 2025 are both in HDB towns that have not seen launches in recent years. Hence, we do expect pent-up demand for these launches. However, as both sites share the same tender closing date, we expect more dilute and hence moderate bidding activity.”

Dunearn Road – New CCR site part of the Bukit Timah Turf City transformation

“The Dunearn Road GLS site sits in the heart of Bukit Timah, a prestigious CCR district. Future residents will enjoy the quietness of the surrounding neighbourhood, as well as good connectivity, and priority access to the upcoming Turf City masterplan transformation.”

“The Bukit Timah Turf City precinct is envisioned as a vibrant, car-lite township, and the site is advantageously located just one bus stop from Sixth Avenue MRT Station. Additionally, the upcoming Turf City MRT station on the Cross Island Line could be completed as soon as 2032, further enhancing transport connectivity.”

“The site will may fall within the 1km priority enrolment distance of Methodist Girls’ School, which is a key consideration for many families and homebuyers.”

Potential demand due to upcoming Bukit Timah Turf City Development

“The last launch in the area was Fourth Avenue Residences in 2017, which sold a median price of $2,406 psf. Hence, we can expect substantial pent-up demand for homes in this area considering its proximity to top schools.”

“Residents from future prime HDB flats in Turf City may become potential upgraders after fulfilling their 10-year MOP, boosting longer-term demand for private homes in this precinct.”

“We anticipate that this GLS parcel will draw strong interest from developers seeking to foray into the new Turf City precinct. Its palatable size and exceptional location make it appealing to both boutique and large-scale developers.”

ERA maintains a cautiously optimistic medium- to long-term outlook in the face of unfolding global uncertainties. ERA believes that Singapore’s residential sector is non-speculative will continue to offer growth opportunities for investors with a medium- to long-term perspective, supported by firm economic fundamentals. The three sites launched today are situated in locations with strong underlying demand, making them well-positioned to attract steady interest from developers.

For media enquiries, please contact:

Ning Peh, Senior Marketing Communications Manager, ERA Singapore

Email: [email protected]

Kaixin Yue, PR Manager, ERA Singapore

Email: [email protected]

Disclaimer

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