Lentor Central GLS site receives two bids, highest bid at $982 psf ppr
The Lentor Central place drew only 2 proposals, with the main quote of $435.1 million provided by a consortium consisting of Hong Leong Holdings, GuocoLand as well as CSC Land Group. This calculates to $982 psf per plot ratio (psf ppr) for the 99-year leasehold, 158,264 sq ft site. The proposal was 5.9% greater than the $410.8 million ($ 927 psf ppr) submitted by Frasers Property.
ERA Singapore’s Lim comments that the Lentor Central site drops inside the Ang Mo Kio Planning Area as well as close to Lentor MRT station and existing institutions, for example, CHIJ St. Nicholas Girls’ School, Anderson Primary School and even Presbyterian Secondary School.
Eugene Lim, primary director at ERA Singapore, mentions that there has actually been “a dilution in demand” for Lentor Central because of the sheer quantity of spots to be released under the 2nd half 2023 GLS programme.
Knight Frank Singapore’s Tay mentions that the likely selling price for the residence units of this property can commence from above $2,000 psf, identical to the $2,080 psf unit cost of Lentor Hills Residences which released in July.
“The two bids for the Lentor Central plot show the significantly undecided and protective view among developers, along with the reality that the Lentor part might have too many condo projects, almost all being built within a few years of each other,” says Tay.
” We are thrilled to attain the highest possible quote at Lentor Central which notes our 4th spot in the Lentor Hills Estate area,” claimed a representative of Hong Leong Holdings. “If granted, we plan to build a nonpublic non commercial property with around 475 units in two high-rise blocks, where citizens are going to gain from the convenience of neighboring amenities and even Lentor MRT terminal, contributing to the place’s overall demand to potential customers.”
The top quote is marginally lower than the $985 psf ppr paid by a joint business venture between GuocoLand and Hong Leong Holdings for the Lentor Gardens location in April 2022, points out Leonard Tay, head of research study at Knight Frank Singapore. “The most up to date government land tenders in the Lentor surroundings represent amongst the lowest land prices when compared to the previous 4 GLS spots granted from 2021 in the Lentor area,” he includes.
In addition, many developers may be more mindful as there certainly are macroeconomic unpredictabilities, raised rates of interest, and also cooling steps, claims Justin Quek, deputy president of OrangeTee & Tie.
The tender for the residential government land sale (GLS) site at Lentor Central closed on Sept 12, alongside the tender for the location at Champions Way.
” They may also be holding back as more land can be launched upcoming year,” Quek adds in. “The authorities has indeed actually declared extra new ground parcels to be introduced or old buildings/sites register for redevelopment.”
6 GLS areas in Lentor have been tendered to date, with one more site right now on the Reserve List. Together, the sites could include some 3,500 brand-new residences to the location.