The recent government land sale (GLS) tender for the Lakeside Drive site attracted six bids, marking a resurgence in developer interest following a lacklustre response to previous tenders. Leonard Tay, head of Research at Knight Frank Singapore, noted that despite concerns over development costs, the site’s attractive attributes have drawn attention. The Lakeside Drive site is poised to benefit from the government’s vision for Jurong Lakeside as a vibrant, mixed-use precinct, potentially becoming Singapore’s second Central Business District.
The top bid of $608m, translating to $1,132 per square foot per plot ratio (psf ppr), exceeded expectations. This suggests that future selling prices could start above $2,300 psf, with averages between $2,400 and $2,500 psf, depending on project design and finishes. Local demand, particularly from HDB upgraders in nearby areas like Bukit Batok and Jurong East, is anticipated to drive interest in the site.
Strategically located next to Lakeside MRT station on the East-West Line, the site offers excellent connectivity across Singapore. Its proximity to Jurong Lake Gardens and established primary schools such as Shuqun and Rulang enhances its appeal to families. Additionally, the area’s substantial industrial employment zone, with nearly 220,000 workers, may attract executives seeking a convenient commute.
The Lakeside Drive tender reflects developers’ confidence in the Jurong Lakeside area’s long-term growth potential, aligning with the government’s plans for the region.
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