As the race for prime real estate heats up in Singapore, City Developments Limited (CDL), a leading builder in the city-state, has clinched the top spot with a hefty bid of S$608 million—or about US$472.4 million—for the Lakeside Drive GLS site on June 3, 2025.
This bold move, translating to S$1,132 per square foot per plot ratio, outshone five other competing offers for the 145,152-square-foot plot in Jurong West. With a 99-year leasehold and potential for 537,065 square feet of housing—think around 575 private units—this site isn’t just land; it’s a future community waiting to bloom.
CDL’s S$1,132 psf ppr bid for the Jurong West plot promises a vibrant future community with around 575 private units.
Located right next to Lakeside MRT station, the site couldn’t be more connected if it tried. It’s a stone’s throw from Jurong Lake Gardens and close to schools like Rulang Primary and Yuan Ching Secondary, making it a family-friendly spot. According to market insights, the strong demand for this site is driven by its strategic location and significant buyer catchment in the Jurong area strong demand drivers.
Plus, with the Jurong Lake area shaping up as an alternative city center, CDL seems to have sniffed out a goldmine. The site represents an excellent opportunity for portfolio diversification as property values in this emerging district are projected to rise significantly over time. The site, zoned for residential use with a small commercial twist at the first storey, even mandates space for a supermarket—handy for future residents needing a quick grocery run! Additionally, the commercial component includes a minimum of 7,535 square feet for supermarket use minimum supermarket requirement.
It’s no wonder analysts, like Mohan Sandrasegeran from Singapore Realtors Inc, are buzzing about its appeal.
CDL’s bid wasn’t just a number; it was a statement. Outpacing Frasers Property and Mitsubishi Estate’s S$550.56 million offer, and even further ahead of others like Sim Lian’s lowest bid at S$909 psf ppr, CDL showed confidence despite a cautious market.
This tender, the second most contested GLS site of 2025 after Bayshore Road, reflects strong developer interest, especially for a non-central location. Propnex Realty analysts noted this as one of the highest bids outside downtown in years, a nod to suburban growth potential.
Under tycoon Kwek Leng Beng‘s control, CDL’s aggressive play signals faith in Jurong’s future. Even with market uncertainty and a flood of supply, their strategy paid off.
As CBRE commented, healthy participation in this tender, opened on April 8, proves developers still see value worth chasing. Talk about betting big on tomorrow!
