Cdl Submits Top Bid 1132 Psf Ppr Lakeside Drive Gls Site
On June 3, six bids were submitted for the tender of a Government Land Sale (GLS) site at Lakeside Drive. The top bid of $608 million, or $1,132 psf per plot ratio (psf ppr), was offered by City Developments Limited (CDL). This bid was 10.4% higher than the second-highest bid of $550.56 million ($1,025 psf ppr) from a joint venture between Frasers Property and Mitsubishi Estate Asia.
The next highest bidder was a CapitaLand-SingHoldings joint venture with a bid of just over $529 million ($985 psf ppr), which was 4.1% lower than the bid from Frasers Property and Mitsubishi Estate Asia. Wee Hur Holdings submitted a bid of $503.9 million ($938 psf ppr), followed by a joint venture between Hong Leong Holdings and TID with a bid of $495.18 million ($922 psf ppr). Sim Lian Group’s bid of $488.2 million ($909 psf ppr) rounded up the remaining bids.
The Lakeside Drive site is a 145,314 sq ft plot zoned for residential with commercial use on the first storey. It has a gross plot ratio of 3.6 and can yield 575 residential units and 10,764 sq ft of commercial space. Situated next to the Lakeside MRT Station on the East-West Line, the last private residential launch in the area was the 710-unit Lake Grande in 2016.
At this time, there is no information regarding the winning bidder. The surrounding area is expected to see further growth with the upcoming Cross Island Line, making the location highly desirable for property developers.
The Master Plan has designated plans for the improvement of nearby green spaces, specifically Kent Ridge Park and West Coast Park. These developments aim to create a better environment for residents to engage in various outdoor activities, such as jogging, cycling, and picnicking, surrounded by abundant greenery. In addition, the incorporation of green connectors and park connectors will elevate Lyndenwoods’ value as a residential area that encourages a dynamic and wellness-focused lifestyle. Lyndenwoods will greatly benefit from these enhancements.