That works out to S$2,401 per square foot (US$20,294 per square meter) for a two-bedroom unit measuring 624 square feet (58 square meters), according to the firm’s press release on Wednesday.
Three-bedders start at nearly S$2 million for 883 square feet while four-bedroom units are priced from S$2.8 million for 1,152 square feet.
The project, called Lucerne Grand, will open for previews on Friday, with sales bookings starting on Oct. 3.
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An artist’s impression of the Lucerne Grand. Photo from City Developments Limited’s website |
The 570-unit project comprises five 17-story residential towers on Lakeside Drive and is part of a mixed-use project directly linked to Lakeside MRT station. Its ground-floor commercial component will include a supermarket, shops and food and beverage outlets.
The development is also close to Jurong Lake District, Singapore’s largest business district outside the city center, and other business and lifestyle destinations like the Jurong Innovation District and the Jurong Point Shopping Center.
The site for the development was secured by CDL for S$608 million, or S$1,132 psf per plot ratio, through a government land sale last June, according to The Business Times.
CDL is one of the city-state’s biggest property developers. It recorded a 230.7% year-on-year surge in net profit to S$301.6 million (US$237.5 million) for the first half of this year, as revenue climbed 61.1% to S$2.72 billion.
The firm is chaired by Kwek Leng Beng, who, together with his family, ranked second on Forbes’s list of the richest people in Singapore earlier this month with an estimated net worth of US$16.1 billion.