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

The Lentor Central place attracted merely 2 proposals, with the main bid of $435.1 million provided by a consortium consisting of 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 site. The bid was 5.9% more than the $410.8 million ($ 927 psf ppr) submitted by Frasers Property.

” They might also be holding back as even more land could be released upcoming year,” Quek includes. “The state has actually publicized much more new ground plots to be introduced or older buildings/sites register for redevelopment.”

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

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

Sky Eden Frasers Property

Eugene Lim, major director at ERA Singapore, notes that there has been “a dilution in need” for Lentor Central as a result of the sheer amount of areas to be released under the 2nd half 2023 GLS program.

” We are pleased to achieve the greatest proposal at Lentor Central which notes our fourth site in the Lentor Hills Estate area,” said a spokesman of Hong Leong Holdings. “If awarded, we intend to develop a nonpublic non commercial project with around 475 units in two skyscraper blocks, where citizens are going to benefit from the comfort of nearby facilities along with Lentor MRT terminal, adding to the spot’s general demand to possible customers.”

“Both proposals for the Lentor Central plot reflect the considerably tentative and also protective sentiment among developers, in addition to the reality that the Lentor location could have a lot of condominium plans, all of being built in just a few years of each other,” states Tay.

The top bid is partially less than the $985 psf ppr paid by a joint venture between GuocoLand together with Hong Leong Holdings for the Lentor Gardens area in April last year, explains Leonard Tay, head of research at Knight Frank Singapore. “The most recent government land tenders in the Lentor district stand for among the lowest land rates when matched up to the previous four GLS sites awarded from 2021 in the Lentor area,” he includes.

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

Furthermore, several developers might be a lot more cautious as there certainly are macroeconomic uncertainties, elevated rate of interest, and moderating procedures, claims Justin Quek, deputy chief executive officer of OrangeTee & Tie.

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

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