Lentor Central GLS site receives two bids, highest bid at $982 psf ppr
ERA Singapore’s Lim statements that the Lentor Central site drops within the Ang Mo Kio Planning Area and also near to Lentor MRT terminal plus existing institutions, including CHIJ St. Nicholas Girls’ School, Anderson Primary School and even Presbyterian Secondary School.
The tender for the residential government land sale (GLS) location at Lentor Central closed on Sept 12, together with the tender for the area at Champions Way.
” We are glad to attain the greatest quote at Lentor Central which notes our fourth spot in the Lentor Hills Estate area,” said a representative of Hong Leong Holdings. “If granted, we intend to build an exclusive non commercial development with around 475 units in two skyscraper blocks, where locals will gain from the benefit of nearby services and even Lentor MRT station, contributing to the spot’s overall demand to possible buyers.”
Knight Frank Singapore’s Tay mentions that the probably selling price for the residence units of this property can start from above $2,000 psf, identical to the $2,080 psf unit rate of Lentor Hills Residences that launched in July.
Additionally, many property developers might be a lot more careful as there are macroeconomic unpredictabilities, elevated rate of interest, and also cooling actions, claims Justin Quek, deputy chief executive officer of OrangeTee & Tie.
Eugene Lim, major executive officer at ERA Singapore, indicates that there has actually been “a dilution in interest” for Lentor Central because of the sheer amount of sites to be launched under the 2nd half 2023 GLS programme.
” They may likewise be holding back as more land could be released upcoming year,” Quek includes. “The government has indeed already announced much more new property plots to be published or outdated buildings/sites register for redevelopment.”
The Lentor Central place drew just two bids, with the leading proposal of $435.1 million submitted by a consortium comprising Hong Leong Holdings, GuocoLand and CSC Land Group. This calculates to $982 psf per plot ratio (psf ppr) for the 99-year leasehold, 158,264 sq ft site. The quote was 5.9% greater than the $410.8 million ($ 927 psf ppr) provided by Frasers Property.
The leading quote is marginally less than the $985 psf ppr paid by a joint project between GuocoLand along with Hong Leong Holdings for the Lentor Gardens location in April last year, points out Leonard Tay, head of research study at Knight Frank Singapore. “The current government land tenders in the Lentor district represent amongst the lowest land prices when looked at to the previous four GLS sites granted from 2021 in the Lentor location,” he includes.
“The two bids for the Lentor Central plot reflect the considerably undecided and also protective sentiment among developers, in addition to the reality that the Lentor area may have too many condo plans, almost all being developed in just a couple of years of one another,” says Tay.
6 GLS sites in Lentor have been tendered to date, with another site currently on the Reserve Listing. Collectively, the sites might add some 3,500 new homes to the location.