GuocoLand’s Lentor Modern and Midtown Modern fully sold
The property is going to make up 5 25-storey towers with 941 units, consisting of a portion of the initial Upper Thomson Middle school which will be conserved and conformed for household usage. It will also have safe access to Springleaf MRT Terminal on the TEL.
The final unit at Lentor Modern, GuocoLand’s incorporated development in the Lentor Hills estate, has been marketed, which implies that the 605-unit plan is currently completely taken on. The success takes place the behind Midtown Modern, that was additionally fully sold as of last December, GuocoLand says in a Jan 27 news release.
Meanwhile, units at the 558-unit Midtown Modern, positioned on Tan Quee Lan Road, brought a fair rate of around $2,825 psf. The 99-year leasehold condominium, which is part of the Guoco Midtown mixed-use project, was first launched up for sale in March 2021.
Lentor Central Residences, a future project by GuocoLand, Hong Leong Holdings and CSC Land Group (Singapore), is intended for launch in 1Q2025. The condo comprises 477 units throughout 2 sky-high blocks.
Not far away, the upcoming property development at the Upper Thomson Road (Parcel B) site is intended for launch in the 2nd part of the year, GuocoLand mentions. The property developer, along with Hong Leong Holdings, was rewarded the Government Land Sales (GLS) plot last April after the joint venture associates submitted the sold bid of $779.6 million for the 344,700 sq ft, 99-year leasehold site, mirroring a land price of $905 psf per plot ratio.
“The response to Lentor Modern and our other projects in the Lentor Hills estate emphasize the solid need for high quality costs houses in the area,” claims Dora Chng, residential director of GuocoLand.
Lentor Modern is a 99-year leasehold property comprising three 25-storey housing high rises with a total of 605 flats. The towers oversee a 96,000 sq ft shopping center that are going to feature a 12,000 sq ft grocery store, a 10,000 sq ft child care centre, and F&B and retail offerings. The project will be integrated with Lentor MRT Stop on the Thomson-East Coast Line (TEL).
The 533-unit Lentor Mansion, established by GuocoLand and Hong Leong Holdings, was launched last March, with 75% sales accomplished throughout the initial two days of open. The plan is now 97% sold with short of 20 units remaining offered, GuocoLand shares.
In addition to Lentor Modern, GuocoLand is developing three other ventures in the estate with its joint project companions. In July 2023, the property developer, along with Hong Leong Holdings and TID, introduced the 598-unit Lentor Hills Residences. The venture has offered 99% of units to day at an average rate of about $2,099 psf, based on cautions lodged.
Lentor Modern was the very first development to be kicked off in the Lentor Hills estate. It saw a strong response upon launch, with the venture gathering a take-up figure of 84% on launch day.
She adds: “We anticipate the launch of Lentor Central Residences to be fulfilled with strong attention as a result of its proximity to our Lentor Modern mall which is straight linked to the Lentor MRT station on the Thomson-East Coast Line”.
Caveats on URA’s Realis data source demonstrate to that the last unit offered at Lentorn Modern was a 1,130 sq ft, three-bedroom unit which brought $2.4 million ($2,126 psf) on Jan 19. Homes at Lentor Modern first launched for sale in September 2022. This means that the flat has actually been fully taken up in less than 2 1/2 years ever since sales reservations commenced. Based on caveats, the project achieved a common market price of about $2,107 psf.
In its news release, GuocoLand states that the mall is currently “more than 50%” leased, including to support tenants CS Fresh and ChildFirst.