Owners of Lakeside Towers hope for third-time-lucky $350 mil en bloc sale

The owners of Lakeside Towers are hopeful that they will be third time lucky in their latest collective sale attempt. The 144-unit development has secured the consent of over 80% of the owners to launch the collective sale at the reserve price of $350 million.

The 153,237 sq ft site is zoned "residential" with a base gross plot ratio (GPR) of 2.1. Under the 2025 Master Plan, the site has an as-built gross plot ratio of 2.36.

After factoring in an estimated lease top-up premium and bonus gross floor area (GFA) for balconies — with no land betterment charge payable — the reserve price translates to a land rate of $1,277 psf per plot ratio (psf ppr), says Nicholas Ng, JLL Singapore head of land and collective sales, who is handling the sale.

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Assuming an average size of 85 sq m (915 sq ft), the new development could yield 395 units, estimates Ng.

The existing development has two 20-storey blocks on a site with a 190m frontage of Jurong Lake Gardens. It is also the last site along Yuan Ching Road where residents have direct frontage and access to Jurong Lake Gardens.

‘Dragon's head’

“The residents call the site ‘the dragon’s head’,” says Ng. He attributes it to the location.

The residents are well-served by sports facilities, including Jurong East Sports Centre, SuperBowl Jurong, SAFRA Jurong, and the ActiveSG sports village at Jurong Town.

That's why Maureen Tan, the collective sale committee (CSC) chairwoman, and her husband chose Lakeside Towers as their new home six years ago. Their previous home was a Black & White (B&W) conserved property at Woodleigh Park, which they rented from the Singapore Land Authority (SLA).

The couple were considering whether to rent another B&W property when they chanced upon an apartment at Lakeside Towers that was offered for sale then. "My husband loves the Jurong Lake Gardens, the outdoors, and enjoys walking and cycling in the park,” she says. “There is also the ActiveSG gym at Jurong West Sports Centre just down the road."

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Spanning 90ha, Jurong Lake Gardens is Singapore's first national garden in the suburbs. The other two national gardens are the 101ha Gardens by the Bay and the 82ha Singapore Botanic Gardens.

In 2014, it was announced that the Chinese and Japanese Gardens, both built in the mid-1970s, would be combined with Jurong Lake Park (now known as Lakeside Garden) to create Jurong Lake Gardens.

Rejuvenation works by the National Parks Board began in 2019 to enhance both the Chinese and Japanese Gardens, and were completed five years later, with the gardens reopened in 2024.

Amenities in the area

Lakeside Towers is also just a 10-minute walk to the Lakeside MRT Station on the East-West Line. It's a pleasant walk as the path to the MRT station is sheltered by trees, adds Tan. Jurong East MRT interchange is just three stops away.

Schools located within 1km of Lakeside Towers include Lakeside Primary School and Shuqun Primary School. The Canadian International School is a short drive away via Boon Lay Way, adds Tan.

Malls nearby include JEM, Westgate, IMM, Taman Jurong Shopping Centre and Boon Lay Shopping Centre. Looking further ahead, the Singapore Tourism Board (STB) has announced longer-term plans for an integrated development in the Jurong Lake District, notes JLL's Ng.

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The new Singapore Science Centre will be situated next to the Chinese Garden MRT station, just one MRT stop away. It is designed by Zaha Hadid Architects in collaboration with Architects 61, with Atelier Ten as the sustainability consultant. The development is targeted for completion by the end of 2027.

Last of three sites fronting Jurong Lake Gardens

According to JLL's Ng, there are three 99-year leasehold developments along Yuan Ching Road, of which Lakeside Towers is the last to be put up for sale. The first two have already been sold en bloc.

Next door to Lakeside Towers was the former Lakeside Apartments, which was sold en bloc to Wing Tai Holdings in May 2022 for $273.88 million ($1,250 to $1,260 psf ppr).

Wing Tai launched the new development on the site, the 306-unit LakeGarden Residences, in August 2023. To date, the project is 99% sold at an average price of $2,160 psf, based on caveats lodged.

On the other side of the upcoming LakeGarden Residences is the former Park View Mansions, which was purchased en bloc for $260 million ($1,023 psf ppr) by a consortium made up of SingHaiyi, KSH Holdings and Ho Lee Group in July 2022.

The new 440-unit private condo, Sora, was launched in July 2024. The project is 51% taken up at an average price of $2,237 psf.

CDL's Lucerne Grand to set new price benchmark

Meanwhile, City Developments Ltd (CDL) plans to launch its 570-unit Lucerne Grand private condo project on Lakeside Drive in 3Q2026. Located near Jurong Lake Gardens and beside Lakeside MRT Station, Lucerne Grand comprises five 17-storey towers with a commercial podium on the first storey.

CDL had clinched the Lakeside Drive site with the top bid of $608 million ($1,132 psf ppr) in a Government Land Sale (GLS) tender in June 2025. Back then, analysts had estimated that the average selling price of homes at the future development could hover around $2,400 psf and set a new price benchmark for the Lakeside area. Lucerne Grand stands to benefit from the upcoming Jurong Lake District, CDL said in its 1Q2026 operational update on May 20.

The future redevelopment of Lakeside Towers will benefit from the new amenities coming up in the Jurong Lake District, and from the launch of Lucerne Grand, says JLL's Ng.

Renewal of ageing neighbourhoods through collective sale

Lakeside Towers was built in 1981, which makes it 45 years old. It has a 99-year lease from 1975, which means a remaining lease of 48 years.

In a bid to support the renewal of ageing estates, the Ministry of Law has proposed lowering the consent thresholds for older developments to secure a collective sale under the Land Titles (Strata) (Amendment) Bill, tabled in Parliament on Aug 4. The threshold would fall from 80% to 70% for developments aged between 40 and 59 years, and to 65% for those aged 60 years and above.

However, Lakeside Towers already obtained the 80% agreement ahead of the amendments. Hence, it will not be affected by the latest amendments, says Ng.

"The owners are motivated to sell because of the depreciating lease," he adds. "When the project is redeveloped, it will help rejuvenate the neighbourhood."

The tender for Lakeside Towers closes on Thursday, October 1, at 3pm.