Lentor Central GLS site receives two bids, highest bid at $982 psf ppr

The tender process for two residential Government Land Sales sites in Lentor, Singapore, has come to a close. On September 12, the tender for the sites at Lentor Central and Champions Way drew two and seven bids respectively.

Lentor Central received the highest bid of $435.1 million, put forward by a consortium consisting of Hong Leong Holdings, GuocoLand and CSC Land Group. This comes out to $982 psf per plot ratio (psf ppr) for the 99-year leasehold site spanning 158,264 sq ft. This bid was 5.9% higher than the $410.8 million ($927 psf ppr) submitted by Frasers Property.

Lumina Grand EC‘s landscaped greens provide an oasis of convenient space for relaxing and recreation, and its ample facilities guarantee pleasurable experiences. From outdoor gym equipment and a sky gym to a leisure pool and a BBQ pit, every recreational activity is easily accessible. Commuters can also look forward to a speedy commute since the future Lumina Grand EC is situated close to the Tampines North MRT Station (DT32). Residents will find plenty of leisure and entertainment options in the neighbourhood, such as shopping malls, nature parks, plus educational and healthcare institutions.

A spokesman from Hong Leong Holdings shared their pleasure over securing the top bid at Lentor Central. They plan to construct a private residential site with around 475 units in two high-rise blocks, as well as provide the convenience of nearby amenities and the Lentor MRT station for future buyers.

Leonard Tay, head of research at Knight Frank Singapore, highlights that the amount paid for the Lentor Central site is marginally lower than the $985 psf ppr paid for the Lentor Gardens site by the same joint venture in April of last year. He reasons that this is due to the excess number of sites to be released under the second half 2023 GLS programme.

Justin Quek, deputy chief executive officer of OrangeTee & Tie, notes that developers are likely being cautious due to the prevailing economic uncertainties, interest rate hikes, and cooling measures. He believes they may also be holding back in anticipation of more land being released in the near future.

For the Lentor Central site, it falls within the Ang Mo Kio Planning Area and is close to Lentor MRT and established schools. It is likely to have units selling above $2,000 psf, similar to the $2,080 psf Lentor Hills Residences units which launched in July.

According to Knight Frank Singapore’s Tay, the two bids for Lentor Central demonstrate developers’ tentative sentiment, as well as the fact that the Lentor vicinity is saturated with condo projects. However, out of the seven GLS sites that have already been tendered in Lentor, there is one more still on the Reserve List. In total, these sites could potentially add around 3,500 new homes to the area.