City Developments’ Lucerne Grand tests upgrader demand in Lakeside after 10-year launch gap

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For a decade, homebuyers in Jurong West's Lakeside area have not had a new private condo launch to consider. Lucerne Grand will test whether that scarcity has translated into pent-up demand from upgraders.

Property giant City Developments Ltd (CDL) previews the 570-unit, 99-year leasehold development on Sept 18, with sales expected to begin on Oct 3.

Lucerne Grand will have five 17-storey residential blocks, with 10,764 sq ft of commercial space on the first storey. According to CDL, the commercial component, called Lucerne Galleria, will comprise a supermarket, with a mix of F&B and retail units.

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Covered walkways from the commercial podium and a side gate of the residential development will connect pedestrians to the adjacent Lakeside MRT Station on the East-West Line. Jurong Lake Gardens is also within walking distance.

There will be no one-bedroom units, with the unit mix ranging from two-bedroom to four-bedroom premium apartments. Indicative prices start from $1.498 million, or $2,401 psf, for a 624 sq ft, two-bedroom unit. Three-bedroom units start from 883 sq ft and $1.988 million ($2,251 psf), while four-bedroom premium units start from 1,152 sq ft and $2.788 million ($2,420 psf).

CDL won the Lakeside Drive site in a Government Land Sale tender that closed in June 2025. It emerged as the top bidder among six, with an offer of $608 million, or $1,132 psf per plot ratio.

Lucerne Grand marks the developer’s first private condo in the Lakeside area of Jurong Lake District. “As the precinct continues to evolve, Lucerne Grand is well-positioned to benefit from Jurong’s ongoing transformation, offering homebuyers a rare opportunity to be part of its remarkable growth story,” says Sherman Kwek, CDL’s group CEO, in a statement.

CDL has seen strong demand for homes in the wider Jurong precinct, as reflected by the positive response to its executive condos (ECs), the 639-unit Copen Grand in Tengah Garden Walk, launched in 2022; and the 512-unit Lumina Grand in Bukit Batok West, launched in 2024. Both are fully sold and completed in 2025 and 2026, respectively, says Chia Ngiang Hong, CDL group general manager.

Last new launch was in 2016

For the Lakeside neighbourhood, Lucerne Grand ends a decade-long drought in new private condo supply. The last condo launch in the area was the 710-unit Lake Grande in July 2016, says Mark Yip, CEO of Huttons Asia.

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“The 10-year gap between new condo launches in the immediate Lakeside area could give Lucerne Grand an opportunity to tap a pool of buyers who have been waiting for a newer option without necessarily wanting to leave the neighbourhood,” says Marcus Chu, CEO of ERA Singapore.

Before Lake Grande’s 2016 debut, the 696-unit Lakeville was launched in 2014.

Closer to Lucerne Grand and Lakeside MRT Station, the 712-unit Caspian hit the market in 2009, while the 629-unit The Lakefront Residences was launched in 2010. The 369-unit Lakeholmz and 848-unit The Lakeshore were launched in 2003.

Lucerne Grand will be benchmarked not only against newer projects elsewhere in Jurong Lake District, but also against older nearby resale condos, says Chu.

The nearest is The Lakefront Residences, completed in 2014 and the newest of five condos within 500m of Lucerne Grand. It recorded a median resale price of $1,783 psf year-to-date, while Caspian fetched $1,616 psf and Lakeholmz $1,351 psf, according to ERA Research & Market Intelligence.

While these older developments offer lower entry prices, they also have shorter remaining leases, as well as older facilities and specifications, says Chu.

“This creates a natural comparison for buyers assessing the premium they are prepared to pay for a new development,” he adds.

Read also: City Developments to preview Lucerne Grand from Sept 18, with prices starting from $2,251 psf

Median prices of older condos up 39% to 45%

Older 99-year leasehold condos in the area have benefited from the dearth of new launches, says Huttons’ Yip.

Huttons Data Analytics shows that the median resale price at The Lakefront Residences rose almost 45% from 3Q2021 to 3Q2026. Over the same period, median prices at Lakeholmz and Caspian increased by about 40% and 39%, respectively.

Yip says the absence of new homes in Lakeside has also shifted some buying demand to newer 99-year leasehold projects elsewhere in Jurong Lake District, including J’den, The LakeGarden Residences and Sora.

The 368-unit J’den in Jurong East Central was launched in November 2023 and is 98.6% sold, according to Huttons. The 306-unit The LakeGarden Residences on Yuan Ching Road, launched in August 2023, is 99.7% sold, while the neighbouring 440-unit Sora, launched in July 2024, is 53.6% sold.

MRT location could command price premium

The LakeGarden Residences and Sora, farther down Yuan Ching Road, both have direct frontage on Jurong Lake Gardens. Both projects, however, are about 1km from Lakeside MRT Station.

Based on URA caveat data, units at The LakeGarden Residences achieved an average price of about $2,240 psf in 2026, while Sora recorded an average of around $2,350 psf over the same period, notes PropNex CEO Kelvin Fong.

“Lucerne Grand has the advantage of being on the doorstep of Lakeside MRT Station, and buyers could potentially be willing to pay a premium for that,” says Fong.

Huttons Data Analytics estimates that projects next to an MRT station can command a premium of 10% to 20% over those farther away.

Christine Sun, chief researcher and strategist at Realion Group, puts the range at 10% to 30%, although the extent of the premium depends on other factors, including the project’s attributes, surrounding amenities and the age of competing properties.

Fong estimates that Lucerne Grand could achieve an average selling price above $2,450 psf, while Ken Low, managing partner of SRI, expects an average of around $2,500 psf.

Low points out that Sora and The LakeGarden Residences were launched before the harmonised gross floor area framework took effect, whereas Lucerne Grand falls under the new framework.

Upgrader catchment

The decade-long dearth of new launches could have created pent-up demand among buyers looking to upgrade to a newer development while remaining within a familiar area, says Low.

He expects owner-occupiers from District 22 to make up a significant proportion of the potential buyer pool, particularly HDB households and existing private homeowners in Jurong West and Jurong East.

Jurong West has a sizeable pool of potential HDB upgraders. Based on HDB resale transactions in the first eight months of 2026, the town recorded about 1,040 transactions.

“That makes Jurong West among the top 10 towns with the highest resale volumes islandwide,” SRI’s Low notes.

Huttons’ Yip estimates that almost 7,000 HDB flats in Bukit Batok, Choa Chu Kang, Jurong East and Jurong West reached their five-year minimum occupation period over the past three years.

He also sees owners of newer executive condos as another potential upgrader group, including iNz Residence, Lake Life and Sol Acres.

While the west is likely to provide the main buyer catchment, Realion’s Sun expects interest to extend beyond the immediate area.

She sees a broad spectrum of potential buyers, including “executive singles, young couples, young families, new citizens and PRs who may be keen to stay here”, as well as white-collar employees working in Jurong, including those in the public sector.

The project’s education catchment could further strengthen its appeal to families, PropNex’s Fong says.

Four primary schools are within 1km of the site: Boon Lay Garden Primary School, Lakeside Primary School, Rulang Primary School and Shuqun Primary School.

Another four primary schools are within 1km to 2km, while several secondary schools, including River Valley High School and Yuan Ching Secondary School, are nearby.

The Canadian International School, one MRT stop away at Chinese Garden, could also broaden the project’s appeal to expatriate households, says ERA’s Chu.

“On the whole, the combination of MRT convenience and commercial offerings on-site, as well as school proximity, should strengthen Lucerne Grand’s appeal as an owner-occupier proposition,” says Fong.

Existing convenience, future transformation

The project’s location also gives residents access to established amenities beyond its own commercial podium.

One stop away at Boon Lay MRT Station is Jurong Point, a major heartland shopping destination in western Singapore, while two stops away at Jurong East MRT Interchange are Jem, Westgate and IMM Building, says SRI’s Low.

In the opposite direction, Chinese Garden MRT Station is one stop away. The area will be home to the new Science Centre Singapore, designed by Zaha Hadid Architects in collaboration with Architects 61, which is targeted to open around end-2027.

A planned integrated tourism development next to the new Science Centre, directly connected to Chinese Garden MRT Station, is also part of the precinct.

“These additions could progressively strengthen the recreational and lifestyle offerings within the wider Jurong Lake precinct,” says Low.

Jurong Lake District is expected to create 100,000 new jobs and 20,000 new homes by 2040 to 2050, says Huttons’ Yip. The wider district will also be served by four MRT lines — the East-West, North-South, Jurong Region and Cross Island lines.

“Proximity to green spaces has become a key priority for modern homebuyers, directly driving property demand and pricing resilience,” says Yip.

With Lucerne Grand just across the road from Jurong Lake Gardens and next to Lakeside MRT Station, the project “may provide greater potential to homebuyers as the district transforms”, he adds.

PropNex’s Fong says many homebuyers tend to place greater emphasis on tangible attributes such as proximity to the MRT station and access to commercial amenities and schools. Equally important, he adds, are the project’s “overall affordability and pricing”.

Fong believes the project could also benefit from the longer-term transformation of Jurong Lake District, which he sees as “an additional growth catalyst”.

With the Jurong Lake District and Jurong Innovation District continuing to develop, the precinct is evolving into an increasingly important business and lifestyle hub, says CDL’s Chia. “We believe that Lucerne Grand is well positioned to benefit from this transformation and will deliver long-term value for aspiring homeowners and investors.”

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