Lentor Central GLS site receives two bids, highest bid at $982 psf ppr
ERA Singapore’s Lim comments that the Lentor Central site falls throughout the Ang Mo Kio Planning Area and also near to Lentor MRT station plus established colleges, for example, CHIJ St. Nicholas Girls’ School, Anderson Primary School and Presbyterian Secondary School.
Knight Frank Singapore’s Tay says that the likely selling price for the residential units of this project can begin from above $2,000 psf, comparable to the $2,080 psf unit rate of Lentor Hills Residences that launched in July.
“The two bids for the Lentor Central plot reflect the significantly unconfirmed and also protective sentiment amongst developers, as well as the truth that the Lentor part could have a lot of apartment projects, all of being developed in just a few years of each other,” states Tay.
Additionally, several developers might be much more cautious as there are macroeconomic worries, increased rates of interest, as well as moderating actions, states Justin Quek, deputy president of OrangeTee & Tie.
Eugene Lim, major director at ERA Singapore, notes that there has actually been “a dilution in demand” for Lentor Central due to the high number of areas to be launched under the 2nd half 2023 GLS program.
” We are thrilled to accomplish the greatest quote at Lentor Central which notes our fourth site in the Lentor Hills Estate location,” said a spokesman of Hong Leong Holdings. “If granted, we intend to develop an exclusive non commercial property with approximately 475 units in two high-rise blocks, where citizens will gain from the comfort of close-by amenities along with Lentor MRT station, contributing to the place’s general appeal to potential purchasers.”
” They might likewise be holding back as even more land can be released upcoming year,” Quek adds in. “The state has actually announced much more new property parcels to be released or outdated buildings/sites register for redevelopment.”
The top proposal is somewhat less than the $985 psf ppr paid by a joint project between GuocoLand and Hong Leong Holdings for the Lentor Gardens location in April last year, mentions Leonard Tay, head of research at Knight Frank Singapore. “The most recent government land tenders in the Lentor surroundings stand for among the lowest land prices when compared to the previous four GLS locations awarded from 2021 in the Lentor area,” he includes.
The Lentor Central site attracted only 2 bids, with the main proposal of $435.1 million provided 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 location. The proposal was 5.9% higher than the $410.8 million ($ 927 psf ppr) submitted by Frasers Property.
The tender for the residential government land sale (GLS) spot at Lentor Central closed on Sept 12, along with the tender for the site at Champions Way.
6 GLS locations in Lentor have been tendered to date, with one more location presently on the Reserve List. Together, the areas could add some 3,500 new residences to the area.