Lentor Central GLS site receives two bids, highest bid at $982 psf ppr
Knight Frank Singapore’s Tay says that the most likely market price for the non commercial units of this property can start from over $2,000 psf, identical to the $2,080 psf unit price of Lentor Hills Residences that launched in July.
” They may also be holding back as more land could be released next year,” Quek adds. “The state has indeed already announced a lot more new ground parcels to be introduced or outdated buildings/sites slated for redevelopment.”
The top proposal is somewhat lower than the $985 psf ppr paid by a joint venture in between GuocoLand and Hong Leong Holdings for the Lentor Gardens area in April last year, explains Leonard Tay, head of research study at Knight Frank Singapore. “The most recent government land tenders in the Lentor vicinity stand for amongst the most affordable land fees when looked at to the previous four GLS spots granted from 2021 in the Lentor region,” he adds.
The Lentor Central area drew only two bids, with the leading proposal of $435.1 million submitted by a consortium consisting of 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 quote was 5.9% higher than the $410.8 million ($ 927 psf ppr) submitted by Frasers Property.
” We are pleased to accomplish the greatest bid at Lentor Central which views our fourth site in the Lentor Hills Estate place,” stated a spokesman of Hong Leong Holdings. “If granted, we plan to build an exclusive residential property with around 475 units in two skyscraper blocks, where locals will benefit from the convenience of nearby services and Lentor MRT station, contributing to the spot’s general demand to future buyers.”
Additionally, many property developers might be much more mindful as there certainly are macroeconomic unpredictabilities, elevated rate of interest, and also cooling steps, claims Justin Quek, deputy ceo of OrangeTee & Tie.
The tender for the residential government land sale (GLS) spot at Lentor Central closed on Sept 12, alongside the tender for the location at Champions Way.
“Both offers for the Lentor Central plot reflect the increasingly unconfirmed and protective belief among developers, along with the fact that the Lentor area may have a lot of condominium plans, almost all being established in just a couple of years of each other,” states Tay.
Eugene Lim, key executive officer at ERA Singapore, indicates that there has actually been “a dilution in demand” for Lentor Central because of the high quantity of areas to be launched under the 2nd half 2023 GLS programme.
ERA Singapore’s Lim comments that the Lentor Central site drops within the Ang Mo Kio Planning Area as well as close to Lentor MRT station and even existing institutions, for example, CHIJ St. Nicholas Girls’ School, Anderson Primary School and even Presbyterian Secondary School.
6 GLS locations in Lentor have been tendered to date, with one more site right now on the Reserve Checklist. Collectively, the locations might include some 3,500 brand-new residences to the place.
