Lakeside Drive GLS Tender Launch in June 2025: Commentary by ERA

SINGAPORE, 03 June 2025 – The tender for the Government Land Sale (GLS) site at Lakeside Drive closed on 03 June 2025. In total, the site drew interest from six bidders, with the top bid of $608 million (or $1,132 psf ppr) being put in by CDL Polaris Properties Pte. Ltd. and CDL Polaris Commercial Pte. Ltd.

“Among the six bidders for the site, CDL Polaris Properties Pte. Ltd. and CDL Polaris Commercial Pte. Ltd. put in the highest bid at $608 million, translating to a land rate of $1,132 psf ppr. The highest bid was just 10.4% more than the next highest bidder, highlighting an overall competitive round of bidding for this GLS site.”

“Additionally, the gap of 24.5% between the lowest and highest bids is reflective of mixed market sentiments among participating bidders.”

“Despite the heightened economic volatility, developers continue to favour sites that are located in established housing estates and near MRT stations. Sites with such qualities have fared better in recent sales launches. We are seeing a growing bifurcation in the housing market, with established estates experiencing a faster pace of growth” said Marcus Chu, CEO, ERA Singapore.  

“With proximity to green spaces being a growing preference among today’s homeowners, future buyers could view the site’s closeness to Jurong Lake Gardens as a plus. However, the site’s main draw is undoubtedly its proximity to Lakeside MRT station. This closeness ensures ready access to key interchange stops on the East-West Line, allowing for easy transfers to the North-South Line and Circle Line via Jurong East station and Buona Vista station, respectively.”

“We expect the future project to set a new benchmark price for the Lakeside area, surpassing The LakeGarden Residences and Sora. Both preceding projects were launched last year, and have achieved median prices of $2,134 psf and $2,216 psf respectively, as of present.”

This is due to Lakeside Drive having a harmonised GFA, as well as its proximity to Lakeside MRT. Therefore, we can expect launch prices starting from around $2,400 psf.”

“In the next 5 years, we will see around 2,890 HDB flats in Jurong West exiting their Minimum Occupation Period (MOP). The upcoming project at this GLS site will supply crucial stock into the Jurong West market as there are only 327 remaining units across The LakeGarden Residences and Sora.”

“Proximity to the Jurong Lake District (JLD) may also increase the site’s appeal to future residents. As the largest planned business district beyond the city centre, the JLD is a key focus of long-term regional development for western Singapore. The upcoming district will create jobs, as well as essential amenities to bolster the quality of life for west-side Singaporeans.”

For media enquiries, please contact:

Ning Peh, Senior Marketing Communications Manager, ERA Singapore

Email: [email protected]

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