Lentor Central GLS site receives two bids, highest bid at $982 psf ppr
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 terminal and founded schools, for example, CHIJ St. Nicholas Girls’ School, Anderson Primary School and Presbyterian Secondary School.
” They may also be restraining as even more land might be launched upcoming year,” Quek adds. “The authorities has indeed already publicized a lot more new property plots to be introduced or outdated buildings/sites slated for redevelopment.”
Additionally, many developers might be extra mindful as there are macroeconomic unpredictabilities, increased rate of interest, and cooling measures, claims Justin Quek, deputy president of OrangeTee & Tie.
” We are glad to achieve the highest proposal at Lentor Central which views our 4th spot in the Lentor Hills Estate place,” claimed a representative of Hong Leong Holdings. “If awarded, we plan to develop a nonpublic residential development with around 475 units in two high-rise blocks, where residents will benefit from the benefit of close-by amenities and Lentor MRT station, contributing to the place’s overall demand to possible buyers.”
The leading bid is marginally less than the $985 psf ppr paid by a joint venture between GuocoLand along with Hong Leong Holdings for the Lentor Gardens location in April 2022, mentions Leonard Tay, head of research at Knight Frank Singapore. “The latest government land tenders in the Lentor vicinity stand for amongst the most affordable land fees when matched up to the previous 4 GLS spots granted from 2021 in the Lentor area,” he includes.
“Both proposals for the Lentor Central plot reflect the considerably undecided and protective view among developers, along with the fact that the Lentor area might have too many condominium plans, all of being built within a couple of years of one another,” claims Tay.
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.
Eugene Lim, major director at ERA Singapore, notes that there has actually been “a dilution in demand” for Lentor Central as a result of the high quantity of sites to be launched under the second half 2023 GLS program.
Knight Frank Singapore’s Tay explains that the probably market price for the residential units of this property could start from over $2,000 psf, similar to the $2,080 psf unit rate of Lentor Hills Residences which released in July.
The Lentor Central area drew just 2 quotes, with the top quote of $435.1 million submitted by a consortium comprising Hong Leong Holdings, GuocoLand and also CSC Land Group. This works out to $982 psf per plot ratio (psf ppr) for the 99-year leasehold, 158,264 sq ft site. The bid was 5.9% more than the $410.8 million ($ 927 psf ppr) provided by Frasers Property.
6 GLS locations in Lentor have been tendered to date, with another site right now on the Reserve Checklist. Collectively, the areas might include some 3,500 new residences to the area.
