Developers have shown a cautious approach at the Urban Redevelopment Authority (URA) tender for the Lakeside Drive site, which closed recently. The site, located next to Lakeside MRT, received six bids, with the highest bid of $608m or $1,132 per square foot per plot ratio (psf ppr) submitted by CDL entities. This comes amid a backdrop of slowing new home sales and economic headwinds due to tariff uncertainties.
The number of bids for the Lakeside Drive site was notably lower than previous tenders in the area. Comparable sites, such as Lake Grande, Lakeville, and Lakefront Residences, received 9, 12, and 14 bids, respectively, when tendered between 2010 and 2015. The recent Bayshore site tender in March 2025 also saw eight bids, highlighting the tempered enthusiasm for the Lakeside Drive site.
Tricia Song, CBRE Head of Research for Singapore and Southeast Asia, noted that the response was weaker than expected given the site’s proximity to the MRT station and several schools. The Lakeside Drive site is the first Government Land Sales (GLS) tender in the vicinity in a decade, with the last being Lake Grande in 2015, which drew nine bids and was sold at a land rate of $630 psf ppr.
Looking ahead, the new development at Lakeside Drive could potentially launch at prices starting from $2,300 psf. This reflects the ongoing demand for residential properties in the area, despite the current economic challenges. The cautious sentiment among developers may continue to influence future tenders in the region.
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