GuocoLand’s Lentor Modern and Midtown Modern fully sold
The final unit at Lentor Modern, GuocoLand’s incorporated development in the Lentor Hills estate, has been offered, which suggests that the 605-unit project is now totally occupied. The accomplishment takes place the back of Midtown Modern, which was also totally sold off as of last December, GuocoLand shares in a Jan 27 statement.
She includes: “We anticipate the launch of Lentor Central Residences to be satisfied with strong attraction as a result of its distance to our Lentor Modern shopping center which is straight attached to the Lentor MRT station on the Thomson-East Coast Line”.
The property is going to make up 5 25-storey high rises with 941 units, including a section of the original Upper Thomson Secondary School which will certainly be conserved and conformed for residential use. It will also have covered access to Springleaf MRT Station on the TEL.
Lentor Modern was the first property to be launched in the Lentor Hills estate. It saw a solid feedback upon launch, with the venture amassing a take-up figure of 84% on launch day.
Close by, the upcoming development at the Upper Thomson Road (Parcel B) site is intended for release in the 2nd part of the year, GuocoLand declares. The property developer, together with Hong Leong Holdings, was rewarded the Government Land Sales (GLS) plot last April after the joint project partners sent the sold proposal of $779.6 million for the 344,700 sq ft, 99-year leasehold site, mirroring a land rate of $905 psf per plot ratio.
Lentor Central Residences, a forthcoming project by GuocoLand, Hong Leong Holdings and CSC Land Group (Singapore), is targeted for start in 1Q2025. The apartment comprises 477 units across two high-rise blocks.
In its news release, GuocoLand states that the mall is presently “more than 50%” rented, including to support occupants CS Fresh and ChildFirst.
On the other hand, units at the 558-unit Midtown Modern, positioned on Tan Quee Lan Road, brought an average price of about $2,825 psf. The 99-year leasehold condominium, which belongs to the Guoco Midtown mixed-use development, was initially launched available in March 2021.
Cautions on URA’s Realis database show that the last unit marketed at Lentorn Modern was a 1,130 sq ft, three-bedroom unit which fetched $2.4 million ($2,126 psf) on Jan 19. Houses at Lentor Modern first started for business in September 2022. This implies that the flat has been fully taken up in less than 2 1/2 years ever since sales bookings started. Based on cautions, the venture achieved a standard market price of around $2,107 psf.
In addition to Lentor Modern, GuocoLand is creating three other ventures in the estate with its joint venture companions. In July 2023, the developer, along with Hong Leong Holdings and TID, launched the 598-unit Lentor Hills Residences. The project has offered 99% of units to date at a common cost of about $2,099 psf, based upon caveats lodged.
The 533-unit Lentor Mansion, developed by GuocoLand and Hong Leong Holdings, was released last March, with 75% sales accomplished during the first 2 days of launch. The project is now 97% offered with lower than 20 units remaining out there, GuocoLand says.
“The reaction to Lentor Modern and our various other property developments in the Lentor Hills estate emphasize the strong demand for quality costs residences in the location,” states Dora Chng, residence supervisor of GuocoLand.
Lentor Modern is a 99-year leasehold project consisting of 3 25-storey residential high rises with an overall of 605 flats. The towers administer a 96,000 sq ft shopping center that are going to feature a 12,000 sq ft food store, a 10,000 sq ft child care centre, and F&B and retail offerings. The development is going to be incorporated with Lentor MRT Station on the Thomson-East Coast Line (TEL).
