CDL places S$1,132 psf ppr top bid for plot next to Lakeside MRT station
[SINGAPORE] City Developments has placed the top bid for a 99-year leasehold site next to Lakeside MRT station in the Jurong West area.
Its bid of S$608 million, which works out to about S$1,132 per square foot per plot ratio (psf ppr), was the highest of six bids received for the site at a state tender that closed on Tuesday (Jun 3).
The plot, in Lakeside Drive, is zoned residential with commercial at first storey. It can be developed to a maximum gross floor area (GFA) of 537,065 sq ft.
The plot can yield about 575 private homes. The commercial component is capped at 10,764 sq ft GFA, of which a minimum 7,535 sq ft has to be for supermarket use.
The second-highest bid at the tender, from a partnership between Frasers Property and Mitsubishi Estate, came in at S$550.56 million (or S$1,025 psf ppr).
Also bidding for the site was a tie-up between units of CapitaLand Development and Sing Holdings, which offered S$529 million or S$985 psf ppr.
A NEWSLETTER FOR YOU
Tuesday, 12 pm Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
Sign Up
Sign Up
Wee Hur Development bid S$938 psf ppr.
Intrepid Investments and TID Residential offered S$922 psf ppr.
The lowest bid, from Sim Lian Land and Sim Lian Development, was S$909 psf ppr.
The plot is a stone's throw from Jurong Lake Gardens; it is also near schools such as Rulang Primary School, Shuqun Primary School, Yuhua Secondary School and Yuan Ching Secondary School.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
14 hours ago
- Business Times
Despite softer retail outlook, most S-Reits with Singapore retail assets record double-digit positive rent reversions
[SINGAPORE] Seven Singapore-listed real estate investment trusts (S-Reits) with local retail assets have recorded improvements in revenue and net property income (NPI), supported by improved operating metrics, positive rental reversions and robust occupancy rates. They are: CapitaLand Integrated Commercial Trust (CICT), Frasers Centrepoint Trust (FCT), Lendlease Global Commercial Reit (L-Reit), Mapletree Pan Asia Commercial Trust (MPACT), OUE Reit , Starhill Global Reit and Suntec Reit . Here is a look at their recent business updates and financials. CICT reported a slight 0.8 per cent year-on-year (yoy) decline in both revenue and NPI for the first quarter of 2025, due to the absence of income from 21 Collyer Quay, which was divested in November 2024. Excluding the divested asset, revenue and NPI were up by 1.1 per cent and 1.4 per cent, respectively. CICT's retail portfolio recorded a 17.5 per cent yoy growth in tenant sales, with shopper traffic rising by 23 per cent. The portfolio's rent reversion was 10.4 per cent, with higher rates in downtown malls compared with suburban ones. The trust expects positive rent reversions signed in FY2023 and FY2024 leases to contribute to FY2025 revenue, along with the full-year distribution income from Ion Orchard, acquired in September 2024. FCT reported increases in revenue and NPI of 7.1 per cent and 7.3 per cent, respectively, for the first half of 2025, driven by higher rental income from renewed and new leases. Its portfolio maintained a committed occupancy of 99.5 per cent. Shopper traffic and tenant sales were up by 1 per cent and 3.3 per cent, respectively, yoy. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Overall rent reversion for the period was positive at 9 per cent. FCT's Hougang Mall property commenced asset-enhancement initiative (AEI) works in April 2025, which are expected to be completed by Q3 2026. The expected return on investment is around 7 per cent, on S$51 million in capital expenditure. At present, 64 per cent of the AEI spaces have been pre-committed. L-Reit reported that its Singapore portfolio, comprising around 90 per cent of its total portfolio by valuation, achieved positive retail rent reversion of 10.4 per cent despite a softer retail landscape. Committed occupancy for Jem and 313@somerset remained high at 99.9 per cent and 98.9 per cent, respectively. MPACT recorded lower revenue and NPI for FY2024/2025, down by 5.1 per cent and 6.1 per cent, respectively, yoy. However, revenue and NPI from MPACT's Singapore portfolio rose by 1 per cent and 1.1 per cent, respectively, driven by VivoCity. Despite disruptions from ongoing AEI works, the mall recorded full-year tenant sales that crossed the S$1 billion mark for a third consecutive year. MPACT achieved 89.6 per cent committed occupancy as at Mar 31, and it recorded a 3.6 per cent rental uplift overall, with VivoCity alone seeing a robust 16.8 per cent rent reversion. OUE Reit's retail segment contributes 16.8 per cent of its overall revenue. Its Mandarin Gallery asset maintained a 99.5 per cent committed occupancy as at Mar 31, and recorded 4.9 per cent positive rent reversion in Q1. Starhill Global Reit reported full occupancy as at Mar 31 for its Singapore retail portfolio. Its overall portfolio has a weighted average lease term expiry of 7.2 years by net lettable area, with more than 64 per cent of leases expiring beyond FY2027/2028. The Reit's Singapore retail properties include a 71.49 per cent stake in Wisma Atria and a 27.23 per cent stake in Ngee Ann City. The Reit renewed its master lease with Takashimaya manager Toshin Development Singapore – which commenced on Jun 8 – for an initial term of 12 years, with further renewal options. The new master lease includes built-in rent escalations and an annual profit-sharing arrangement, providing upside for the Reit. Suntec Reit's Singapore retail portfolio recorded improved committed occupancy of 98.2 per cent as at Mar 31, compared to 95.8 per cent in the year-ago period. Rent reversion for its Singapore retail properties was 10.3 per cent, with a 91 per cent retention rate. The writer is a research analyst at SGX. For more research and information on Singapore's Reit sector, visit for the S-Reits & Property Trusts Chartbook.
Business Times
2 days ago
- Business Times
Doubling home construction will barely improve affordability in Canada: report
[ottawa] Doubling the pace of homebuilding in Canada will only bring affordability back to levels seen right before the Covid-19 pandemic, according to a new government report that lowers expectations for the impact of construction on housing costs. The country must boost building to as much as 480,000 housing units a year by 2035 just to bring affordability back to where it was in 2019, the report from the Canada Mortgage & Housing Corp (CMHC) said on Thursday (Jun 19). The current rate of homebuilding is about 250,000 units, the agency said. Earlier estimates from the national housing agency called for a similar boost in home construction and targeted 2030 as the year it could be achieved. That previous forecast suggested that a rapid boost in housing supply would bring affordability back to 2004 levels. 'Restoring affordability to levels last seen two decades ago isn't realistic, especially after the post-pandemic price surge,' CMHC said. The change in forecast 'highlights how widespread the housing affordability challenge has become across Canada'. While a lack of affordable housing has long plagued major Canadian cities such as Toronto and Vancouver, the low interest rates of 2020 and 2021, along with rapid population growth after the pandemic eased, drove a homebuying frenzy. Prices surged in many cities and regions. Prime Minister Mark Carney was elected in April in part on promises to boost homebuilding to address what many see as a housing crisis. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Economists surveyed by Bloomberg expect Canada's housing starts to average 230,000 units between 2025 and 2027, a significant deceleration in construction because interest rates and economic uncertainty have weighed on the industry. Canada's housing agency explained it revised its timeline partly because of how long it takes to get new housing built. The new estimates now take into account rezoning processes that often add years to construction times, the agency said. These projections are not official government targets, the report said, but estimates of the scale of the problem. Carney's election platform nevertheless promised to ramp up homebuilding activity over the next decade to eventually reach 500,000 homes a year. Last year, all the costs of a home with a typical mortgage would have eaten up about 54 per cent of the average Canadian household's income, the CMHC report shows. The current rate of home construction would result in almost no improvement in that ratio over the next 10 years. By doubling the rate of home construction, that ratio would drop to 41 per cent by 2035, according to the CMHC report. Of all Canada's major cities, Montreal, its second-largest, faces the biggest housing supply gap, with affordability set to deteriorate if this is not addressed, the report said. Toronto, the largest city, must boost annual homebuilding by 70 per cent to improve affordability. 'For many years, housing prices and rents in Vancouver and Toronto attracted attention from all over the world,' the report said. 'Over time, these increases came to burden many Canadians and their children. Low-income and some middle-class households struggle to even find a place to live, let alone at a price they can afford.' BLOOMBERG
Business Times
2 days ago
- Business Times
Canada slashes forecast for making housing more affordable
[ottawa] Doubling the pace of homebuilding in Canada will only bring affordability back to levels seen right before the Covid-19 pandemic, according to a new government report that lowers expectations for the impact of construction on housing costs. The country must boost building to as much as 480,000 housing units a year by 2035 just to bring affordability back to where it was in 2019, the report from the Canada Mortgage & Housing Corp (CMHC) said on Thursday (Jun 19). The current rate of homebuilding is about 250,000 units, the agency said. Earlier estimates from the national housing agency called for a similar boost in home construction and targeted 2030 as the year it could be achieved. That previous forecast suggested that a rapid boost in housing supply would bring affordability back to 2004 levels. 'Restoring affordability to levels last seen two decades ago isn't realistic, especially after the post-pandemic price surge,' CMHC said. The change in forecast 'highlights how widespread the housing affordability challenge has become across Canada.' While a lack of affordable housing has long plagued major Canadian cities like Toronto and Vancouver, the low interest rates of 2020 and 2021, along with rapid population growth after the pandemic eased, drove a home-buying frenzy. Prices surged in many cities and regions. Prime Minister Mark Carney was elected in April in part on promises to boost home building to address what many see as a housing crisis. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Economists surveyed by Bloomberg expect Canada's housing starts to average 230,000 units between 2025 and 2027, a significant deceleration in construction because interest rates and economic uncertainty have weighed on the industry. Canada's housing agency explained its revised timeline in part because of how long it takes to get new housing built. The new estimates now take into account rezoning processes that often add years to construction times, the agency said. These projections aren't official government targets, the report said, but estimates of the scale of the problem. Carney's election platform nevertheless promised to ramp up home building activity over the next decade to eventually reach 500,000 homes per year. Last year, all the costs of home with a typical mortgage would have eaten up about 54 per cent of the average Canadian household's income, the CMHC report shows. The current rate of home construction would result in almost no improvement in that ratio over the next 10 years. By doubling the rate of home construction, that ratio would drop to 41 per cent by 2035, according to the CMHC report. Of all Canada's major cities, Montreal, its second largest, faces the biggest housing supply gap, with affordability set to deteriorate if this is not addressed, the report said. Toronto, the largest city, must boost annual homebuilding by 70 per cent to improve affordability. 'For many years, housing prices and rents in Vancouver and Toronto attracted attention from all over the world,' the report said. 'Over time, these increases came to burden many Canadians and their children. Low-income and some middle-class households struggle to even find a place to live, let alone at a price they can afford.' BLOOMBERG
