What happened
City Developments Limited (CDL), controlled by the family of Kwek Leng Beng, Singapore's second-richest person, sold 61.4% of the flats at its new Lucerne Grand condominium during the first sales weekend. That works out to around 350 of 570 units.
Buyers paid an average of S$2,480 per square foot, or about US$1,935. Per square metre, that is close to US$20,828. The company announced the results in a press release, and VnExpress covered them on October 5, 2026.
Who bought and what
Singapore citizens made up about 93% of buyers. The remaining buyers were permanent residents originally from Malaysia, China, India, Bangladesh, Myanmar or South Korea.
According to EdgeProp Singapore, the strongest sellers were standard two-bedroom flats and premium four-bedroom units, with take-up of 87.5% and 87.2%.
Interest showed up early. Previews opened about two weeks before sales began and drew around 4,000 visitors.
The project
Lucerne Grand has five residential towers of 17 floors each on Lakeside Drive. It forms part of a mixed-use scheme with a direct link to Lakeside MRT station and shops on the ground floor.
The site sits near Jurong Lake District, which Singapore is developing into its largest business hub outside the city centre.
The project's pitch rests on infrastructure. A direct rail link and a future business district next door make the flats practical for people who live and work in the city.
How the market reads it
Speaking to The Business Times, Nicholas Mak, who leads research at Mogul.sg, said the result broadly matched this year's five other mixed-use launches. Opening take-up at those projects stretched between 56.9% (Newport Residences) and 98.8% (Tengah Garden Residences).
Sherman Kwek, group chief executive and son of the chairman, said the company was encouraged by the response. He credited the mix of transport links, convenience and green surroundings.
In late September CDL set out a three-year plan to put S$5 billion into four sectors, residential among them, across several markets, with 60% going to Singapore. For the first half, the group reported revenue of S$2.72 billion and net profit of S$301.6 million.
What it means for Bali
Singapore remains one of Asia's most expensive housing markets, and demand for this project was almost entirely local. The only non-citizens buying into this project were permanent residents. For a private investor from abroad, the cost of entry is very high.
Bali competes for a different buyer. These are foreigners looking for a holiday property they can rent to tourists, not a home near the office and the train. Comparing price per square metre directly would be misleading, but the gap in scale helps explain why some Asian capital looks at resort markets.
There is also a point about large players. CDL is sending most of its new capital back home. It is an example of a large Asian group investing first in its home market.
Finally, Singapore shows how a market can measure a launch. Opening take-up is published and benchmarked against other projects. Bali has no comparable open data, so buyers have to check sales and construction progress themselves.