Lentor Central GLS site receives two bids, highest bid at $982 psf ppr
ERA Singapore’s Lim comments that the Lentor Central site falls throughout the Ang Mo Kio Planning Area as well as in close proximity to Lentor MRT station and founded institutions, such as CHIJ St. Nicholas Girls’ School, Anderson Primary School and Presbyterian High School.
” They may additionally be holding back as more land might be released upcoming year,” Quek adds. “The government has indeed already announced a lot more new land plots to be published or old buildings/sites slated for redevelopment.”
The tender for the residential government land sale (GLS) spot at Lentor Central closed on Sept 12, alongside the tender for the area at Champions Way.
“Both bids for the Lentor Central plot mirror the significantly undecided and defensive view among developers, along with the fact that the Lentor area might have way too many condo plans, almost all being developed within a couple of years of one another,” states Tay.
Knight Frank Singapore’s Tay explains that the probably selling price for the residence units of this property could start from above $2,000 psf, identical to the $2,080 psf unit cost of Lentor Hills Residences that released in July.
Additionally, several property developers may be a lot more mindful as there are macroeconomic unpredictabilities, elevated interest rates, and moderating steps, claims Justin Quek, deputy chief executive officer of OrangeTee & Tie.
The leading quote is marginally less than the $985 psf ppr paid by a joint business venture in between GuocoLand together with Hong Leong Holdings for the Lentor Gardens location in April last year, explains Leonard Tay, head of research study at Knight Frank Singapore. “The most up to date government land tenders in the Lentor vicinity represent amongst the most affordable land rates when matched up to the previous 4 GLS locations awarded from 2021 in the Lentor area,” he adds.
Eugene Lim, primary executive officer at ERA Singapore, notes that there has actually been “a dilution in need” for Lentor Central because of the large amount of spots to be launched under the 2nd half 2023 GLS programme.
The Lentor Central place attracted merely 2 quotes, with the top proposal of $435.1 million provided by a consortium consisting of Hong Leong Holdings, GuocoLand and 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 thrilled to achieve the highest possible bid at Lentor Central which notes our fourth spot in the Lentor Hills Estate place,” claimed a spokesperson of Hong Leong Holdings. “If granted, we intend to build a nonpublic residential project with around 475 units in two skyscraper blocks, where locals are going to gain from the comfort of nearby facilities and even Lentor MRT station, adding to the spot’s overall appeal to possible customers.”
6 GLS locations in Lentor have been tendered to date, with one more spot currently on the Reserve Checklist. Collectively, the sites could add some 3,500 brand-new houses to the location.