This West-Side GLS Plot Just Got A $608M Bid And 6 Bidders: Why Lakeside Drive Bucked The Trend

Developers have been conservative between 2024 and 2025. Cases in point: the lack of response to Media Circle Parcel B on 29th April, a mere two bids for the Lentor Gardens site on 3rd April, the muted interest in Jalan Tembusu Parcel B in Q1 this year, and many more. So the interest shown in the recent Lakeside Drive plot definitely bucks the trend: it drew six bidders and an aggressive top bid, despite being in the west, where land prices tend to be more subdued. Let’s take a look at the site and what it says about developer tendencies of late:

What happened at Lakeside Drive?  

The Lakeside Drive tender, on 8th April 2025, stood out in what’s been a sluggish Government Land Sales (GLS) season. In spite of the slow interest discussed above, Lakeside Drive drew six bidders. Listed in order of bid rankings, these were:

• City Developments Limited (CDL) – Top bidder with $608 million ($1,132 psf)
  
• Frasers Property and Mitsubishi Estate Asia (Joint Venture) – Second-highest bid at $550.6 million ($1,025 psf)
  
• CapitaLand Development and Sing Holdings (Joint Venture) – Third place with an estimated $529 million ($985 psf)
  
• Wee Hur Holdings – Submitted a bid of $503.9 million ($938 psf)
  
• Hong Leong Holdings and TID (Joint Venture) – Offered $495.2 million ($922 psf)
  
• Sim Lian Group – Lowest bid at $488.2 million ($909 psf)

Note that CDL’s top bid was higher than Frasers by around 10.4 per cent, which is considered a strong upfront premium and a sign of interest. 

It also stands out because CDL’s winning bid would be the second-highest land bid in the Outside of Central Region (OCR) this year. It’s only slightly behind the highest OCR bid so far in 2025, which was $1,388 psf for the Bayshore Road tender in March 2025. 

A quick analysis of the Lakeside Drive parcel

The land parcel is adjacent to Lakeside MRT station (EWL), close to Boon Lay Way and Yuan Ching Road. This is an approximately 145,300+ sq ft plot zoned for residential and commercial. Expectations are for around 575 residential units and 10,760+ sq ft of commercial space, with a Gross Plot Ratio of 3.6

As the name of the land parcel implies, it’s very close to the Jurong Lake Gardens, which is one of the most famous scenic spots in Singapore, with the Chinese Garden, Japanese Garden, etc.

From the adjacent Lakeside MRT, it’s only two stops to Jurong East interchange (NSL, EWL), an area that’s been designated as Singapore’s “second CBD.” It’s already a major hub with malls like IMM, JEM, J’den, etc. in the area, plus offices as well, so Lakeside’s proximity can be a draw to both homeowners and investors.

From word on the ground and media news, CDL’s plans for the area involve five blocks of 16 storeys each, as well as a ground-floor retail podium. It’s almost certain that the project will take advantage of the excellent views of Jurong Lake Garden, although some realtors opined that nearby projects, such as Sora and LakeGarden Residences, may be closer to the lake gardens or have equally good views. 

The location also has primary schools nearby: Rulang, Lakeside, and Shuqun Primary are all expected to fall within a one-kilometre distance.

Besides good access to Jurong East MRT, what’s making this land parcel stand out?

• It’s the last sizeable land plot within the vicinity 
• First mover advantage exists despite previous condos, because it’s mixed-use
• Price points of nearby condos 

1. It’s the last sizeable land plot within the vicinity 

You don’t even need to view the Master Plan: you can see this yourself by emerging from Exit A of the Lakeside MRT station. There is simply no space left for any other major residential project within this area. 

As such, this is one of the last opportunities to get a Jurong Lake view, barring the resale market – and it’s quite likely that future resale prices will be much higher, as Jurong is set to become Singapore’s “second CBD.” 

2. First mover advantage exists despite previous condos, because it’s mixed-use

Even though Sora and LakeGarden Residences can boast the same view, they are zoned for purely residential use, as are the other surrounding land plots. This means the Lakeside Drive parcel is going to be the only one here which has a mall and the related amenities. 

It also helps that CDL is the developer, as CDL is an established mall operator; their retail portfolio includes City Square Mall, Sengkang Grand Mall, and Quayside Isle at Sentosa. This provides reassurance that the tenant mix will be properly curated.

Buyers are likely to consider a first-mover advantage, making the project here the first major hub for the neighbourhood. 

3. Price points of nearby condos 

The presence of Sora and LakeGarden Residences provides a good point of reference. Units at Sora reached $2,216 psf at launch in 2023, while LakeGarden Residences (in the same year) were at around $2,120 psf. If you want to look farther out, to the pricier Jurong East area, projects like J’den are already around $2,317 psf. At the time of writing, Sora is already about 42 per cent sold, while LakeGarden Residences is 71 per cent sold, and J’den is almost sold out (94 per cent).

Overall, realtors and market watchers have said the likely selling price is around $2,400 psf. This is enough for a good margin of profitability at the $1,132 psf price, but still within range (and hence likely considered affordable) for the surrounding properties. 

This shows developers aren’t pessimistic about the market, but rather just picky and waiting for the best offerings first

The outcome at Lakeside Drive reflects the way developers are approaching land acquisition in 2025. While surface-level trends might suggest caution or a market slowdown – especially when looking at the no-bid outcomes for Media Circle Parcel B or the lukewarm response to Lentor Gardens – what we’re seeing instead is a more discerning, precision-based approach to land banking.

This is in contrast to previous “feast and famine” cycles, when developers with depleted land banks would throw huge sums at practically any GLS offering, just to build anything to sell. Today’s market is much more selective, and this will be the new norm given wider economic uncertainties. 

For more on the Singapore property market, follow us on Stacked. We’ll update you further when the future development of Lakeside Drive becomes a reality.