Lucerne Grand 61.4% sold with overall project pricing averaging $2,480 psf
The strong take-up after Lakeside’s decade-long private-launch gap signals underlying owner-occupier, upgrader and investor demand, potentially supporting nearby launches despite buyers’ financing-cost concerns.
City Developments sold 350 of Lucerne Grand’s 570 units, or 61.4%, during its launch weekend at an average price of $2,480 psf.
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On its launch weekend, developer City Developments Ltd (CDL) sold 350, or 61.4%, of the 570 units at Lucerne Grand as of 6pm on Oct 4. The project was priced at an average of $2,480 psf.
About 93% of the buyers are Singaporeans, while the remaining 7% are Permanent Residents (PRs) from Malaysia, China, India, Bangladesh, Myanmar and South Korea, says CDL.
The residential development has five blocks of 17 storeys each, and a first-storey commercial podium, Lucerne Galleria. It is directly linked to Lakeside MRT Station, and is the first new private residential launch in the Lakeside precinct in a decade, following the launch of Lake Grande in 2016.
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“With Lakeside MRT station at its doorstep and Jurong Lake District close by, Lucerne Grand is well positioned to benefit from the ongoing transformation of Singapore’s western region,” says CDL group CEO Sherman Kwek. “We believe the development will continue to appeal to homebuyers and investors seeking a well-connected address with excellent amenities and growth potential.”
All unit types were well received, with two, three and four-bedroom premium units being the most popular, according to CDL.
Two-bedroom units recorded the highest overall take-up, with 145 of 222 units sold, or 65%. This was followed by three-bedroom units, with 157 of 253 units sold, or 62%. Of the 95 four-bedroom units, 48 (51%) were sold.
Among the top-performing unit types were the standard two-bedroom units, with 84 of 96 (87.5%) sold, and the four-bedroom premium units, with 41 of 47 (87.2%) taken up.
Mark Yip, CEO of Huttons Asia, says buyers were mainly owner-occupiers living in western Singapore, with the three- and four-bedroom types drawing interest from those prioritising space.
He adds that Lucerne Grand’s direct connection to Lakeside MRT Station, first-storey commercial amenities and proximity to four primary schools were among its key draws. The popular Rulang Primary School also offers residents an advantage under the distance criterion in the Primary One registration framework, he notes.
Read also: CDL’s Lucerne Grand draws 4,000 visitors over preview weekend
Yip believes the two-bedroom units may have attracted investors looking to tap future rental demand from employment nodes such as Jurong Lake District and Jurong Innovation District, which is expected to create around 100,000 jobs.
HDB upgraders also formed part of the buyer pool, says Justin Quek, deputy group CEO of Realion (OrangeTee & ETC) Group.
Quek notes that firm resale prices for four- and five-room flats less than 20 years old in nearby towns such as Bukit Batok, Jurong East and Jurong West may have supported upgrader demand.
In the first nine months of 2026, median prices for such four-room flats ranged from $620,000 in Jurong East to $680,000 in Bukit Batok. Five-room flats ranged from $720,000 to $828,000.
Huttons’ Yip adds that Lucerne Grand’s direct connection to Lakeside MRT Station, first-storey commercial amenities and proximity to four primary schools were among its key draws. The popular Rulang Primary School also gives parents a distance priority advantage under the Primary One registration framework, he notes.
Marcus Chu, CEO of ERA Singapore, sees Lucerne Grand’s launch performance as another indication of underlying demand in the new-home market as launch activity picks up.
Read also: City Developments’ Lucerne Grand tests upgrader demand in Lakeside after 10-year launch gap
“Rather than reflecting weaker market confidence, August’s quieter sales largely coincided with a period of limited new launches,” says Chu. “As projects return to the market, buyer activity is becoming a more accurate reflection of underlying demand.”
CDL won the Lucerne Grand site at Lakeside Drive in June 2025 at a land rate of $1,132 psf per plot ratio (ppr). The land rate compares favourably with several more recent residential government land sales (GLS) sites awarded in the Outside Central Region (OCR), says Mohan Sandrasegeran, SRI head of research and data analytics.
For instance, the Lakeside Drive site’s land rate was 35.8% below the $1,537 psf ppr achieved for the New Upper Changi Road GLS site awarded in September.
“While land cost is only one component of eventual development pricing, the relatively competitive acquisition cost provided the developer with greater flexibility in positioning Lucerne Grand at an attractive price point, particularly when compared with upcoming OCR developments acquired at different land price benchmarks,” says Sandrasegeran.
With land rates for recent OCR residential sites exceeding $1,500 psf, and Rest of Central Region (RCR) surpassing $1,600 psf, some buyers could have viewed Lucerne Grand as an opportunity to enter the market at current price levels, ahead of potentially higher prices for future new launches, says Kelvin Fong, CEO of PropNex.
"The buoyant take-up at Lucerne Grand bodes well for the new home sales market, particularly with a couple of new launches slated for the coming weeks," adds Fong. They include the 1,268-unit Thomson Reserve in the RCR and the freehold 133-unit The Serra Residences in the Core Central Region (CCR).
Demand remains supported by genuine housing needs, Fong said. However, buyers are likely to remain mindful of financing costs as the three-month compounded SORA, which banks use to price home loan packages, has edged up - albeit still relatively low compared with its earlier highs
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