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

Knight Frank Singapore’s Tay says that the likely asking price for the residential units of this project can begin from above $2,000 psf, identical to the $2,080 psf unit rate of Lentor Hills Residences that introduced in July.

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

” They may additionally be holding back as more land might be released upcoming year,” Quek adds. “The state has actually publicized more new land plots to be released or outdated buildings/sites register for redevelopment.”

“The two bids for the Lentor Central plot mirror the significantly tentative and also protective sentiment amongst developers, along with the reality that the Lentor part may have a lot of apartment plans, almost all being established in just a few years of each other,” says Tay.

Sceneca Residences showflat location

The Lentor Central site drew only 2 bids, with the leading quote of $435.1 million provided by a consortium comprising 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 area. The quote was 5.9% higher than the $410.8 million ($ 927 psf ppr) submitted by Frasers Property.

Eugene Lim, primary executive officer at ERA Singapore, mentions that there has been “a dilution in interest” for Lentor Central due to the large quantity of sites to be launched under the 2nd half 2023 GLS programme.

Additionally, several developers might be extra cautious as there certainly are macroeconomic unpredictabilities, raised rate of interest, and also cooling actions, claims Justin Quek, deputy chief executive officer of OrangeTee & Tie.

The leading quote is marginally less than the $985 psf ppr paid by a joint project between GuocoLand along with Hong Leong Holdings for the Lentor Gardens location in April last year, points out Leonard Tay, head of research study at Knight Frank Singapore. “The most recent government land tenders in the Lentor surroundings represent amongst the lowest land prices when looked at to the previous 4 GLS sites awarded from 2021 in the Lentor region,” he adds.

” We are glad to accomplish the highest proposal at Lentor Central which marks our 4th location in the Lentor Hills Estate place,” claimed a spokesperson of Hong Leong Holdings. “If granted, we plan to develop a private residential property with approximately 475 units in two skyscraper blocks, where residents are going to benefit from the benefit of neighboring services and even Lentor MRT station, adding to the place’s overall look to future buyers.”

Six GLS locations in Lentor have been tendered to date, with one more spot right now on the Reserve Listing. Collectively, the locations can include some 3,500 brand-new residences to the place.

ERA Singapore’s Lim comments that the Lentor Central site falls within the Ang Mo Kio Planning Area and also in close proximity to Lentor MRT station and even founded schools, for example, CHIJ St. Nicholas Girls’ School, Anderson Primary School and even Presbyterian Secondary School.

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