CDL Sells 61% of Lucerne Grand on Launch Weekend as Project Is Priced at an Average S$2,480 Per Square Foot

City Developments Limited sold 350 units at Lucerne Grand over its launch weekend, equivalent to 61% of the 570-home project at Lakeside Drive in western Singapore. Sales bookings began on Saturday, October 3, and the tally was measured at 6 p.m. on Sunday, October 4. CDL said the development is priced at an average of S$2,480 per square foot.

The opening-weekend result gives the Singapore-listed developer an early read on demand for one of its newest residential launches. About 93% of buyers were Singaporeans and the remaining 7% were permanent residents from Malaysia, China, India, Bangladesh, Myanmar and South Korea. That buyer mix also means the company did not report any foreign purchasers who were neither citizens nor permanent residents in the weekend total.

CDL said in its October 4 launch update that all unit types received demand, with two-bedroom, three-bedroom and four-bedroom premium homes among the most popular. The company did not disclose the aggregate sales value of the 350 units, and its S$2,480 psf figure is stated as the project’s average pricing rather than the realized average price of the homes sold over the weekend.

Launch weekend sales cover 350 of 570 homes

Lucerne Grand opened for preview on September 18 before bookings started on October 3. CDL had announced starting prices of S$1.498 million for a two-bedroom apartment measuring 624 square feet, S$1.988 million for a three-bedroom unit of 883 square feet and S$2.788 million for a four-bedroom premium home of 1,152 square feet. The weekend sales announcement repeated those entry prices.

With 350 units sold at the stated cutoff, 220 homes remained outside the reported sales total. CDL did not provide a breakdown of how many units were sold in each configuration, so the weekend update supports only a broad conclusion that demand was spread across the project and that several larger premium formats were among the strongest sellers. It does not establish a precise sales mix by bedroom count or a realized average selling price by unit type.

The company framed the result around the project’s transport access and mixed-use format. Lucerne Grand consists of five 17-storey residential towers and is paired with Lucerne Galleria on the first level. CDL says the commercial component will include a supermarket and food-and-beverage and retail space, giving residents daily amenities within the same development.

Direct MRT access is central to Lucerne Grand’s pitch

A defining feature of the project is its direct connection to Lakeside MRT station on Singapore’s East-West Line. CDL says Jurong East MRT Interchange is two stops away, placing the development within easy reach of the established shopping and commercial cluster around Jurong East. The developer also highlights nearby access to Jurong Lake Gardens and road connections through the Pan Island Expressway, Kranji Expressway and Ayer Rajah Expressway.

The proximity to rail matters because the Lakeside Drive site was planned as a residential development with commercial space at the first storey, not as a stand-alone condominium isolated from daily transport and retail. For buyers, having both a station connection and ground-floor commercial uses is a concrete part of the product proposition rather than a future amenity that still needs to be built elsewhere in the district.

CDL also says Lucerne Grand and Lucerne Galleria have obtained Building and Construction Authority Green Mark Platinum Super Low Energy certification. The residential units include smart-home controls for functions such as air conditioning, lighting, digital locks and surveillance, while the common facilities include a lap pool, gym, co-working lounge, clubhouses and dining pavilions. Those features form part of the developer’s positioning, but the launch-weekend sales data itself does not isolate how much any single amenity contributed to buyer decisions.

The project follows a S$608 million government land purchase

The site behind Lucerne Grand was awarded to CDL-linked entities in June 2025 after a Government Land Sales tender. The Urban Redevelopment Authority said CDL Polaris Properties Pte. Ltd. and CDL Polaris Commercial Pte. Ltd. submitted the highest bid of S$608 million for the 99-year leasehold parcel. URA listed the site area at 13,485.1 square metres and the maximum permissible gross floor area at 49,895 square metres.

That award provides useful context for the speed of the development cycle. Roughly 16 months after URA awarded the parcel, CDL had moved from land acquisition to a public launch and reported sales on more than three-fifths of the planned homes during the opening weekend. The S$608 million tender price is a land cost, however, and should not be compared directly with the project’s S$2,480 psf residential pricing without accounting for construction, financing, marketing, taxes, professional fees, commercial space and other development costs.

Lucerne Grand is also being marketed against the longer-term build-out of Jurong Lake District. URA describes the district as a key western growth area that is intended to become Singapore’s largest mixed-use business district outside the city centre. Government plans include additional office, housing, retail, hotel and entertainment space as well as expanded rail connectivity over time. Those plans help explain the developer’s emphasis on the location, but they are a planning backdrop rather than a guarantee of future property-price appreciation.

The launch arrives after a strong first half for CDL’s property development business. For the six months ended June 30, 2026, the group reported revenue of S$2.72 billion and profit attributable to shareholders of S$301.6 million, while revenue from the property development segment rose 166.8% from a year earlier. The company attributed that increase mainly to recognition from the fully sold Lumina Grand executive condominium, with Newport Residences and other Singapore projects also contributing.

Lucerne Grand now adds another large Singapore project to CDL’s active sales pipeline. The opening weekend established an initial sell-through rate of 61%, but the company has not disclosed a timetable for selling the remaining units or a total value for the weekend bookings. Future sales updates will show whether the early pace holds after the concentrated demand that typically accompanies a new-project launch.