CDL's S$608M bid for Lakeside Drive could become one of the highest land rates outside central region in years, property expert says
Photo: Screengrab from URA
SINGAPORE: City Developments Limited's (CDL) S$608 million bid — or S$1,132 per square foot per plot ratio (psf ppr) — for the Government Land Sales (GLS) site at Lakeside Drive was the highest of six bids and could become one of the highest land rates for a residential GLS site outside the central region in recent years, if the site is awarded to the property giant, said Wong Siew Ying, head of research and content at PropNex, EdgeProp Singapore reported.
The Urban Redevelopment Authority (URA) closed the tender for the site at Lakeside Drive on Tuesday (June 3).
The 145,314 sq ft plot is zoned for a mix of residential and commercial use. It sits right next to Lakeside MRT station and can yield about 575 housing units along with 10,764 sq ft of commercial space. The plot has a gross plot ratio of 3.6 and is near Jurong Lake Gardens.
CDL's offer came in 10.4% above the second-highest bid of S$550.56 million, or S$1,025 psf ppr, from a joint venture between Frasers Property and Mitsubishi Estate Asia. A CapitaLand Development and Sing Holdings tie-up placed the third-highest bid at just over S$529 million (S$985 psf ppr).
The fourth bid came from Wee Hur Holdings at S$503.9 million (S$938 psf ppr), followed by Hong Leong Holdings and TID at S$495.18 million (S$922 psf ppr), and Sim Lian Group at S$488.2 million (S$909 psf ppr).
If awarded, CDL plans to develop five 16-storey residential blocks with 575 units and a ground-floor retail podium.
Sherman Kwek, CDL's group CEO, said the site's location near Jurong Lake District 'stands out for its excellent connectivity and access to a rich array of amenities, schools and green spaces.' He added, 'With the last GLS site in the vicinity awarded nearly a decade ago, this site will be a strategic addition to our development pipeline.'
Only two land rates have been higher than CDL's bid, which were transacted earlier this year: S$1,388 psf ppr for Bayshore Road and S$1,250 psf ppr for Clementi Avenue 1. The bid is also higher than the S$1,037 psf ppr for Media Circle (Parcel A) in the Rest of Central Region (RCR).
Ms Wong estimates the future development at the Lakeside Drive site could have an average selling price of around S$2,400 psf. /TISG
Read also: HPL receives green light to acquire entire Concorde Hotel and Shopping Mall strata area at S$821M
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