The tender for a Government Land Sale (GLS) site at Lakeside Drive closed on June 3, drawing six bids. The top bid of $608 million, or $1,132 psf per plot ratio (psf ppr) came from City Developments Limited (CDL).
CDL’s bid was 10.4% higher than the second-highest bid of $550.56 million ($1,025 psf ppr) that came from a joint venture between Frasers Property and Mitsubishi Estate Asia. The next highest bidder was a CapitaLand-SingHoldings joint venture, which submitted a bid of just over $529 million ($985 psf ppr), 4.1% lower than the bid by Frasers Property and Mitsubishi Estate Asia.
The remaining bid bids came from Wee Hur Holdings, who submitted a bid of $503.9 million ($938 psf ppr); followed by a joint venture between Hong Leong Holdings and TID ($495.18 million or $922 psf ppr) and subsequently Sim Lian Group ($488.2 million or $909 psf ppr).
The Lakeside Drive site is a 145,314 sq ft plot that is zoned for residential with commercial at the first storey use. The site has a gross plot ratio of 3.6 and can yield 575 residential units and 10,764 sq ft of commercial space. It is adjacent to the Lakeside MRT Station on the East-West Line.
The last private residential launch in the area was the 710-unit Lake Grande, which launched in 2016.
This story is being updated.
