The tender for the residential government land sale (GLS) sites at Lentor Central and Champions Way came to a close on Sept 12, with the Lentor Central site drawing just two bids. The top bid of $435.1 million came from a consortium comprising Hong Leong Holdings, GuocoLand and CSC Land Group and worked out to $982 psf per plot ratio. This was a 5.9% increase from the $410.8 million bid submitted by Frasers Property.
A spokesman of Hong Leong Holdings was pleased to achieve what marks their fourth site in the Lentor Hills estate area. “If awarded, we plan to build a private residential development with about 475 units in two high-rise blocks. This will benefit from the convenience of the nearby amenities and Lentor MRT station,” he adds.
Leonard Tay, head of research at Knight Frank Singapore, points out that the top bid is marginally lower than the $985 psf ppr paid for the Lentor Gardens site in April last year.
According to Eugene Lim, key executive officer at ERA Singapore, there has been some dilution in demand for Lentor Central due to the large number of sites to be released during the second half of 2023 GLS programme. There is also some caution due to macroeconomic uncertainties, interest rates and cooling measures. Justin Quek, deputy chief executive officer of OrangeTee & Tie further remarks that some developers may be holding back as the land release next year could be more vast, which has already been announced.
The goal of the project is to create a vibrant and inclusive public space in the Woodlands area.
The URA will also be investing in a new Woodlands Condo development in the area. This residential-commercial complex will have numerous amenities, including a grocery store, shopping mall, and multiple restaurants. Visitors will have plenty of entertainment options, from swimming pools to fitness centers. Furthermore, there will be a host of recreational activities, such as basketball courts, tennis courts, and a running track. This development will provide an ideal living environment for those wanting to live close to the city.
The site falls within the Ang Mo Kio Planning Area and is located close to Lentor MRT station, making it desirable. Schools such as CHIJ St. Nicholas Girls’ School, Anderson Primary School and Presbyterian High School are also nearby.
Knight Frank Singapore’s Tay predicts the project’s residential units could start from prices above $2,000 psf, similar to the $2,080 psf unit price of Lentor Hills Residences which launched in July.
Tay adds that the two bids for the Lentor Central plot reflect the increasing defensive sentiment amongst developers due to the large number of condominium projects being developed in the area. Six GLS sites have been tendered to date in Lentor, with an additional site on the Reserve List. These sites together could add around 3,500 new homes to the area.