SINGAPORE (EDGEPROP) – The tender for 2 residential government land sale (GLS) plots in Lentor — Lentor Central and Lentor Hills (Parcel B) closed on 13th September 2022.
The Lentor Central land plot drew just 3 bids. The top bid of $481.03 million was won by a consortium comprising developers Soilbuild Group Holdings, China Communications Construction Co and United Engineers77. This calculates to a land rate of $1,108 per square feet per plot ratio (psf ppr).
The next highest bid was tendered by CapitaLand Development, which was 3.7% less than the winning bid at $1,069 psf ppr.
Senior director of Research at Huttons Asia, Lee Sze Teck, noticed that that both the Lentor Hills (Parcel B) and Lentor Central sitew attracted “muted participation”, at 2 bids and 3 bids respectively. “This is possibly because some developers are wary of a region where the government can issue up to 11 plots for development,” he said.
2 sites have already been launched and sold in the Lentor area. One site at Lentor Central was awarded to GuocoLand in July 2021 and is to be the integrated Lentor Modern project. Incidentally, the 605-unit residence above a shopping mall is scheduled for launch on 16th September 2022, at an indicative average price of $2,200 to $2,300 psf.
The other site, Lentor Hills Road (Parcel A) was won to a consortium made up of GuocoLand, Hong Leong Holdings and TID (a joint venture between Mitsui Fudosan and Hong Leong) in January this year.
Despite the lesser amount of bids, Nicholas Mak, ERA’s Head of Consultancy and Research, comments that the top bids for the Lentor Central and Lentor Hills (Parcel B) plots are both higher than the $1,060 psf ppr paid for Lentor Hills Road (Parcel A). “This illustrates that the developers expect condominium prices to continue to increase in the near future,” he remarks.
The 99-year leasehold Lentor Central site, which is to become Hillock Green, spans 144,713 square feet, can yield 474 housing units. Based on the land price, the future selling rate for this development may range between $2,000 and $2,100 psf, says Ms Christine Sun, senior vice-president of research & analytics at OrangeTee & Tie.
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