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

The Lentor Central place drew only 2 quotes, with the top quote of $435.1 million submitted by a consortium making up Hong Leong Holdings, GuocoLand and also CSC Land Group. This figures out to $982 psf per plot ratio (psf ppr) for the 99-year leasehold, 158,264 sq ft location. The quote was 5.9% greater than the $410.8 million ($ 927 psf ppr) submitted by Frasers Property.

Eugene Lim, major director at ERA Singapore, indicates that there has actually been “a dilution in demand” for Lentor Central because of the large number of areas to be released under the 2nd half 2023 GLS programme.

” We are glad to attain the highest possible bid at Lentor Central which views our fourth spot in the Lentor Hills Estate location,” claimed a spokesperson of Hong Leong Holdings. “If granted, we prepare to build a private non commercial development with about 475 units in two high-rise blocks, where residents are going to gain from the comfort of nearby services and Lentor MRT terminal, adding to the place’s general demand to future purchasers.”

“The two offers for the Lentor Central plot mirror the considerably unconfirmed and also protective view amongst developers, along with the reality that the Lentor area may have way too many condo projects, all of being established within a couple of years of one another,” says Tay.

Furthermore, some property developers may be more cautious as there are macroeconomic unpredictabilities, elevated interest rates, and also cooling procedures, says Justin Quek, deputy ceo of OrangeTee & Tie.

ERA Singapore’s Lim remarks that the Lentor Central site falls within the Ang Mo Kio Planning Area and in close proximity to Lentor MRT terminal and even established schools, including CHIJ St. Nicholas Girls’ School, Anderson Primary School and even Presbyterian Secondary School.

The top bid is somewhat less than the $985 psf ppr paid by a joint venture in between GuocoLand along with Hong Leong Holdings for the Lentor Gardens area in April 2022, mentions Leonard Tay, head of research study at Knight Frank Singapore. “The most recent government land tenders in the Lentor district stand for amongst the lowest land rates when compared to the previous 4 GLS locations granted from 2021 in the Lentor region,” he includes.

Newport Residences floor plan

The tender for the residential government land sale (GLS) spot at Lentor Central closed on Sept 12, along with the tender for the location at Champions Way.

Knight Frank Singapore’s Tay says that the likely asking price for the residence units of this project could start from over $2,000 psf, similar to the $2,080 psf unit rate of Lentor Hills Residences which introduced in July.

” They may additionally be holding back as even more land might be released upcoming year,” Quek includes. “The authorities has indeed already publicized much more new property plots to be released or outdated buildings/sites register for redevelopment.”

6 GLS locations in Lentor have been tendered to date, with one more site right now on the Reserve Listing. Together, the locations might include some 3,500 brand-new houses to the location.


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