Top Bid for Lakeside MRT Station Site

A recent state land tender for a housing project near the Lakeside MRT station attracted strong interest, receiving six bids in total. City Developments Limited (CDL) led with a record bid of S$1,132 per square foot per plot ratio, amounting to S$508 million, as reported by The Business Times. The bids fell within analysts’ forecasts, which had anticipated offers between S$900 and S$1,250 per square foot.

CDL’s bid of S$1,132 psf was notably higher than those from other bidders, including Frasers Property and SML, who submitted lower proposals. The Lakeside Drive area is seeing significant interest, with developers acknowledging the site’s proximity to amenities, despite mixed sentiments regarding earlier projects nearby.

Analysts highlighted the importance of the site, envisioning it as a beneficial addition to the development landscape at Lakeside. CDL views this opportunity as a way to enhance their presence in the region, with plans for a sizable housing development that will cater to community needs.