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

The top quote is marginally lower than the $985 psf ppr paid by a joint project between GuocoLand and Hong Leong Holdings for the Lentor Gardens site in April 2022, points out Leonard Tay, head of research at Knight Frank Singapore. “The current government land tenders in the Lentor vicinity represent among the lowest land prices when compared to the previous four GLS locations awarded from 2021 in the Lentor location,” he adds.

Eugene Lim, key director at ERA Singapore, indicates that there has actually been “a dilution in demand” for Lentor Central because of the high quantity of sites to be launched under the second half 2023 GLS programme.

Furthermore, some developers might be much more mindful as there are macroeconomic uncertainties, increased interest rates, and also cooling steps, states Justin Quek, deputy ceo of OrangeTee & Tie.

ERA Singapore’s Lim remarks that the Lentor Central site falls inside the Ang Mo Kio Planning Area as well as near to Lentor MRT terminal plus founded schools, for example, CHIJ St. Nicholas Girls’ School, Anderson Primary School and Presbyterian High School.

” We are thrilled to attain the greatest quote at Lentor Central which views our 4th location in the Lentor Hills Estate location,” claimed a spokesman of Hong Leong Holdings. “If granted, we prepare to construct a nonpublic residential development with around 475 units in two skyscraper blocks, where residents will take advantage of the comfort of nearby amenities along with Lentor MRT station, contributing to the place’s general look to potential buyers.”

“The two offers for the Lentor Central plot mirror the significantly tentative and defensive sentiment among developers, along with the reality that the Lentor location could have way too many apartment projects, almost all being developed within a few years of one another,” claims Tay.

Knight Frank Singapore’s Tay mentions that the most likely market price for the residential units of this project could commence from above $2,000 psf, identical to the $2,080 psf unit rate of Lentor Hills Residences that released in July.

The Arden price

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

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

” They may likewise be holding off as more land might be launched upcoming year,” Quek adds. “The government has indeed actually declared more new property parcels to be introduced or outdated buildings/sites slated for redevelopment.”

6 GLS sites in Lentor have actually been tendered to date, with one more location right now on the Reserve Checklist. Collectively, the sites might add some 3,500 brand-new houses to the place.

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