Lentor Central GLS site receives two bids, highest bid at $982 psf ppr
ERA Singapore’s Lim statements that the Lentor Central site drops throughout the Ang Mo Kio Planning Area and close to Lentor MRT terminal and even established institutions, such as CHIJ St. Nicholas Girls’ School, Anderson Primary School and even Presbyterian Secondary School.
Eugene Lim, primary executive officer at ERA Singapore, indicates that there has actually been “a dilution in demand” for Lentor Central because of the sheer number of sites to be released under the 2nd half 2023 GLS program.
Knight Frank Singapore’s Tay explains that the probably market price for the residence units of this property could commence from over $2,000 psf, comparable to the $2,080 psf unit price of Lentor Hills Residences which released in July.
The Lentor Central site drew only 2 quotes, with the top 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 bid 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) site at Lentor Central closed on Sept 12, along with the tender for the area at Champions Way.
The top proposal is partially lower than the $985 psf ppr paid by a joint project in between GuocoLand together with Hong Leong Holdings for the Lentor Gardens location in April 2022, points out Leonard Tay, head of research study at Knight Frank Singapore. “The latest government land tenders in the Lentor district stand for among the most affordable land rates when matched up to the previous 4 GLS locations granted from 2021 in the Lentor region,” he adds.
” We are pleased to attain the highest bid at Lentor Central which marks our 4th site in the Lentor Hills Estate area,” said a spokesperson of Hong Leong Holdings. “If granted, we prepare to develop a private residential project with approximately 475 units in two skyscraper blocks, where citizens are going to benefit from the convenience of nearby facilities and even Lentor MRT terminal, contributing to the spot’s general appeal to possible buyers.”
“The two proposals for the Lentor Central plot show the considerably undecided and protective sentiment amongst developers, as well as the truth that the Lentor area may have way too many condo plans, almost all being developed in just a few years of each other,” states Tay.
Additionally, several developers might be a lot more careful as there are macroeconomic worries, increased interest rates, and also moderating actions, states Justin Quek, deputy president of OrangeTee & Tie.
” They may additionally be holding back as more land can be launched next year,” Quek adds. “The state has indeed actually declared a lot more new land parcels to be released or outdated buildings/sites register for redevelopment.”
6 GLS locations in Lentor have been tendered to date, with one more location presently on the Reserve List. Together, the areas might include some 3,500 brand-new homes to the location.
