Lentor Central GLS site receives two bids, highest bid at $982 psf ppr
Knight Frank Singapore’s Tay mentions that the most likely asking price for the residential units of this project could commence from over $2,000 psf, similar to the $2,080 psf unit price of Lentor Hills Residences that introduced in July.
” We are pleased to accomplish the highest possible quote at Lentor Central which notes our fourth spot in the Lentor Hills Estate area,” stated a spokesperson of Hong Leong Holdings. “If awarded, we intend to build an exclusive residential project with around 475 units in 2 high-rise blocks, where locals will gain from the convenience of neighboring facilities and even Lentor MRT station, contributing to the spot’s general appeal to possible purchasers.”
The top quote is marginally lower than the $985 psf ppr paid by a joint project between GuocoLand together with Hong Leong Holdings for the Lentor Gardens site in April 2022, mentions Leonard Tay, head of research at Knight Frank Singapore. “The latest government land tenders in the Lentor district stand for amongst the lowest land prices when looked at to the previous four GLS spots granted from 2021 in the Lentor area,” he includes.
ERA Singapore’s Lim remarks that the Lentor Central site drops throughout the Ang Mo Kio Planning Area and also close to Lentor MRT terminal and even founded institutions, such as CHIJ St. Nicholas Girls’ School, Anderson Primary School and Presbyterian Secondary School.
“The two offers for the Lentor Central plot mirror the increasingly tentative and also defensive view amongst developers, as well as the fact that the Lentor location may have way too many condominium projects, all being built within a couple of years of each other,” states Tay.
” They might also be restraining as more land might be launched next year,” Quek adds. “The government has actually declared much more new land plots to be released or old buildings/sites slated for redevelopment.”
Furthermore, several developers may be extra mindful as there certainly are macroeconomic unpredictabilities, raised rate of interest, and moderating actions, says Justin Quek, deputy ceo of OrangeTee & Tie.
Eugene Lim, major director at ERA Singapore, mentions that there has been “a dilution in need” for Lentor Central due to the large quantity of sites to be launched under the 2nd half 2023 GLS programme.
The Lentor Central area attracted only 2 bids, with the main proposal of $435.1 million submitted by a consortium comprising 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% higher than the $410.8 million ($ 927 psf ppr) provided by Frasers Property.
The tender for the residential government land sale (GLS) site at Lentor Central closed on Sept 12, along with the tender for the area at Champions Way.
6 GLS sites in Lentor have been tendered to date, with another location right now on the Reserve Listing. Together, the locations might add some 3,500 brand-new residences to the place.
