Commentary on URA tender closing at Lakeside Drive

By Tricia Song (宋明蔚), Head of Research, Southeast Asia, CBRE

Amid slowing new home sales and economic headwinds from tariffs uncertainty, developers continued to display heightened caution at the close of URA tender for the residential with commercial at 1st storey site, Lakeside Drive. The second land tender to close after US’ reciprocal tariffs were announced in early April, the site right next to Lakeside MRT attracted 6 bids, much better than zero bids for the Media Circle Parcel B site which closed on 29 April. However, the number of bids paled in comparison to Bayshore site which closed with 8 bids in March 2025 before the tariffs were announced, as well as its nearby comparable sites albeit last tendered in 2010-2015.

Lakeside Drive

The plot at Lakeside Drive (575 units) drew a healthy 6 bids, and a top bid price of $608.00 mil or $1,132 psf ppr, submitted by CDL entities. Developers displayed mixed sentiment for the site, with 3 of the 6 bids received more than 20% lower than the top bid of $1,132 psf ppr. 

While this was much better than zero bids for the Media Circle Parcel B site which closed on 29 April, the number of bids paled in comparison to the 9, 12 and 14 bids received for earlier adjacent sites which housed Lake Grande, Lakeville and Lakefront Residences when they were tendered in 2015, 2013 and 2010 respectively. It is also lower than the 8 bids received for a similar-sized Bayshore site in March for $1,388psf ppr.

Given its proximity to the MRT station and several schools including a popular one, and it is the first GLS tender in the vicinity in a decade, the response is considerably weaker than expected. The nearest and latest being the Lake Grande GLS site which drew 9 bids and was sold in Mar 2015 at a land rate of $630psf ppr. Before that, Lakeville site sold in Jan 2013 drew 12 bids and a top land rate of $651psf ppr. 

In year to date 2025, comparable non-landed private homes nearby traded at median prices of $1,161 psf for 27-year-old Parc Vista to $1,844 psf for newest Lake Grande which was completed in 2019.  

Further out, new launches include mixed-use project J’den launched in Nov 2023 which traded at $2,441psf and is near to Jurong East MRT; SORA and The Lakegarden Residences, next to the Jurong Lake Garden, transacted at $2,301 and $2,096psf respectively – the price gap probably due to the smaller layout of the former.

Project Name	Median price transacted in 2025 to date $psf	Units sold in 2025 to date	Tenure	Completion year
J'DEN	2,441	3	99 yrs from 30/08/2023	Uncompleted
SORA	2,301	50	99 yrs from 30/08/2023	Uncompleted
THE LAKEGARDEN RESIDENCES	2,096	25	99 yrs from 31/05/2023	Uncompleted
LAKE GRANDE	1,844	11	99 yrs from 09/06/2015	2019
LAKEVILLE	1,767	9	99 yrs from 30/04/2013	2017
THE LAKEFRONT RESIDENCES	1,731	8	99 yrs from 03/08/2010	2014
CASPIAN	1,511	9	99 yrs from 17/03/2008	2012
THE LAKESHORE	1,510	10	99 yrs from 22/11/2002	2008
LAKEHOLMZ	1,249	5	99 yrs from 29/10/2001	2005
PARC VISTA	1,161	8	99 yrs from 01/03/1995	1998

Source: CBRE Research, URA

At a top bid price of $1,132 psf, the new development could potentially be launched at prices starting from $2,300 psf.