City Developments Limited (CDL) has emerged as the top bidder for the Lakeside Drive Government Land Sales (GLS) mixed-use site, offering $1,132 per square foot per plot ratio (psf ppr). This bid represents the highest level of participation and price for a site in the Outside Central Region (OCR) since November 2023, when Clementi Avenue 1 was sold.
CDL, known for its expertise in developing mixed-use projects with retail components, previously saw success with its Piccadilly Grand development. The strong interest in the Lakeside Drive site is attributed to several factors, including a pause in tariffs between major global economies, the need to replenish landbanks, and the area’s robust upgrading demand.
The site, which has not seen a land sale since 2015, is strategically located with convenient access to Lakeside MRT station and is a mere 250 metres from Rulang Primary School. This proximity is expected to attract potential buyers, particularly those from the more than 2,500 flats in the vicinity that have met their minimum occupation period and are eligible for upgrading.
The commercial space on the first storey of the development will enhance the limited retail offerings currently available at Lakeside MRT station and the nearby HDB neighbourhood. This addition is anticipated to provide residents with greater convenience, reducing the need for travel to meet daily needs.
Mark Yip, CEO of Huttons Asia, commented on the development, highlighting the potential pent-up demand and the site’s appeal due to its strategic location and amenities.
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