CDL had clinched the Lakeside Drive site for the upcoming Lucerne Grand project, situated next to Lakeside MRT Station, with a bid of $1,132 psf per plot ratio. (Image: EdgeProp Landlens)
City Developments Ltd (CDL) plans to launch its 570-unit Lucerne Grand private condo project on Lakeside Drive in 3Q2026, while its two executive condo (EC) projects in Woodlands and Senja totalling 732 units — not affected by the latest tightened EC rules — are expected to debut in 1Q2027.
Located near Jurong Lake Gardens and beside Lakeside MRT Station, the Lucerne Grand project will comprise five 17-storey towers with commercial space on the first storey.
The development stands to benefit from the upcoming Jurong Lake District, the Singapore-listed property developer and hospitality group said in its 1Q2026 operational update on May 20.
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CDL had clinched the Lakeside Drive site with the top bid of $608 million or $1,132 psf per plot ratio in the Government Land Sale tender last year. 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.
In the EC segment, the group said the design and planning process for its two new projects is progressing well.
The first EC project is a 271,330 sq ft site at Woodlands Drive 17 which will yield 430 homes. The second site at Senja Close spans 109,354 sq ft and will comprise 302 units.
CDL noted that the latest policy updates announced on May 8 will not affect these two projects, which will continue to operate under the prevailing scheme when the sites were awarded.
The new restrictions on the EC market — including doubling the minimum occupation period to 10 years, removing the Deferred Payment Scheme, and increasing the allocation quote for first-time homebuyers at new launches — apply to land parcels with tenders closing on or after May 8.
Separately, in its bourse filing, CDL also noted that the group sold a total of 242 units with a combined sales value of $609.6 million in the first quarter of 2026, mainly driven by the launch of the ultra-luxury freehold Newport Residences in January. The 246-unit project is 78% sold to date, the developer said on May 20.
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The 246-unit Newport Residences sales gallery over its preview weekend. (Photo: CDL)
Within its investment portfolio, the group secured about 184,000 sq ft of office leasing transactions during the first quarter of the year. These included new leases and renewals, with positive rent reversions.
Leasing momentum remained stable despite geopolitical uncertainties, largely supported by the tight office supply, CDL said. The group secured a varied range of new tenants and minimised its exposure to any single industry.
Its key assets Republic Plaza and City House saw committed occupancies of 96.6% and 100% respectively as at end-March.
As for its retail portfolio, occupancy stood at 96.8%, above the islandwide rate of 93.7%.
The refreshed City Square Mall, which officially relaunched this March, was 97.8% occupied by the end of the month. Its enhancements included upgrades to City Green park.
Following its final enhancements in 1Q2026, City Square Mall on Kitchener Road has seen strong footfall and leasing momentum. (Photo: CDL)
Meanwhile, committed occupancy eased slightly at Palais Renaissance along Orchard Road, though CDL said tenant sales remained resilient.
In the hospitality sector, the group continues to invest in strategic refurbishments and new developments.
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The 415-room M Hotel Singapore along Anson Road will be renovated. Site works are scheduled to start in phases from May 2026 through the third quarter of 2027.
In Europe, the 222-room Millennium Hotel London Knightsbridge continues to make progress on its refurbishment, which is expected to complete in 2027.
As for the US, the 263-room M Social Hotel Sunnyvale is under construction and slated for completion in the fourth quarter of 2026.
Renovations are also underway at the upscale Millennium Broadway Times Square & Premier in New York City. Completion is expected in May 2026 for the Millennium Premier guest rooms, and by the end of this year for the restaurant and public areas at Millennium Broadway.
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