Lentor Central GLS site receives two bids, highest bid at $982 psf ppr

The top quote is somewhat less than the $985 psf ppr paid by a joint project between GuocoLand along with Hong Leong Holdings for the Lentor Gardens area in April 2022, points out Leonard Tay, head of research at Knight Frank Singapore. “The current government land tenders in the Lentor vicinity stand for among the lowest land prices when compared to the previous 4 GLS spots awarded from 2021 in the Lentor region,” he includes.

“The two offers for the Lentor Central plot reflect the increasingly undecided and also defensive belief among developers, as well as the truth that the Lentor location might have way too many condo projects, almost all being developed within a few years of one another,” claims Tay.

The Lentor Central site drew merely 2 proposals, with the main quote of $435.1 million provided by a consortium comprising Hong Leong Holdings, GuocoLand as well as CSC Land Group. This works out to $982 psf per plot ratio (psf ppr) for the 99-year leasehold, 158,264 sq ft area. The quote was 5.9% greater than the $410.8 million ($ 927 psf ppr) provided by Frasers Property.

Eugene Lim, primary executive officer at ERA Singapore, indicates that there has been “a dilution in demand” for Lentor Central as a result of the sheer amount of sites to be released under the 2nd half 2023 GLS programme.

” We are pleased to achieve the greatest quote at Lentor Central which notes our 4th site in the Lentor Hills Estate area,” said a spokesperson of Hong Leong Holdings. “If granted, we intend to build an exclusive residential project with about 475 units in two skyscraper blocks, where citizens will benefit from the comfort of close-by amenities and even Lentor MRT station, contributing to the place’s total appeal to future customers.”

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Knight Frank Singapore’s Tay explains that the likely selling price for the residential units of this project could begin from above $2,000 psf, identical to the $2,080 psf unit rate of Lentor Hills Residences that launched in July.

The tender for the residential government land sale (GLS) site at Lentor Central closed on Sept 12, alongside the tender for the area at Champions Way.

Additionally, several property developers might be a lot more careful as there certainly are macroeconomic worries, elevated rates of interest, and also moderating procedures, states Justin Quek, deputy chief executive officer of OrangeTee & Tie.

ERA Singapore’s Lim remarks that the Lentor Central site falls within the Ang Mo Kio Planning Area and also in close proximity to Lentor MRT station and founded institutions, for example, CHIJ St. Nicholas Girls’ School, Anderson Primary School and even Presbyterian Secondary School.

” They might additionally be restraining as more land might be released upcoming year,” Quek adds in. “The authorities has indeed actually declared more new land plots to be published or old buildings/sites register for redevelopment.”

6 GLS locations in Lentor have been tendered to date, with another site presently on the Reserve Listing. Collectively, the sites might add some 3,500 brand-new houses to the location.

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