Cdl Submits Top Bid 1132 Psf Ppr Lakeside Drive Gls Site
Six bids were received for the Government Land Sale (GLS) site at Lakeside Drive as the tender closed on June 3. The top bid for the 145,314 sq ft plot came from City Developments Limited (CDL) at $608 million, or $1,132 per square foot per plot ratio (psf ppr).
CDL’s bid was 10.4% higher than the second-highest bid of $550.56 million ($1,025 psf ppr) submitted by 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), 4.1% lower than the Frasers Property and Mitsubishi Estate Asia bid.
There were three other bidders for the site – Wee Hur Holdings, Hong Leong Holdings and TID joint venture, and Sim Lian Group – who submitted bids of $503.9 million ($938 psf ppr), $495.18 million ($922 psf ppr), and $488.2 million ($909 psf ppr) respectively.
The Lakeside Drive site is zoned for residential with a commercial first storey, and has a gross plot ratio of 3.6, which equates to a potential yield of 575 residential units and 10,764 sq ft of commercial space. It is located next to the Lakeside MRT Station on the East-West Line.
The last private residential development in the area was the 710-unit Lake Grande, which launched in 2016.
This story is being updated.
In summary, the upcoming Sembawang Road EC offers an exceptional opportunity for both homeowners and investors in search of a property that combines affordability, quality, and long-term potential for growth. Its location in a well-established estate with a range of amenities, reputable schools, efficient transportation links, and future development prospects makes it an extremely appealing choice. As with all executive condominium launches, the demand is expected to be high, and eligible buyers are advised to stay updated on launch dates, pricing, and application procedures. Whether for personal use or investment purposes, the Sembawang EC new executive condominium at Sembawang Road, conveniently located near Canberra MRT station, is set to become one of the most highly sought-after developments in the northern region of Singapore. Don’t miss out on the opportunity to own a unit at the Sembawang Road EC at Canberra MRT.
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