According to Lee Sze Teck, senior director of research at Huttons Asia, Lentor Modern is the best-selling project in 2022 based on the number of units sold during the launch weekend.
GUOCOLAND sold 508 apartments, or 84% of the 605 in its Lentor Modern project, over two days during its launch weekend, at prices ranging from S$1,856 to S$2,538 per square foot (psf).
According to GuocoLand, sales at the integrated mixed-use development in the Lentor Hills area of Singapore’s northwestern region ranged from $$1.07 million to S$3.33 million for 1- 4-bedroom unit.
All 63 one-bedroom apartments and 231 two-bedroom apartments were sold. Furthermore, 182 units were sold, accounting for more than 73% of the 248 3-bedroom residences and more than 50% of the 63 four-bedroom units.
With 605 apartments available, the 99-year leasehold Lentor Modern is the largest of the new private residential condo buildings to join the market this year.
“Lentor Modern is top selling project in 2022 during the launch weekend,” said Lee Sze Teck, senior director of research at Huttons Asia. Buyers have also concluded that S$2,000 or above per square foot will be the future standard, so they are not waiting.”
“Lentor Modern demonstrated once again our aptitude to locate new sites with huge potential, as well as our ability to propose inventive and excellent innovations to create a new district identity,” GuocoLand CEO Cheng Hsing Yao said in a statement on Sunday.
Various residential complexes in the Lentor area are planned by GuocoLand, a subsidiary of Malaysian tycoon Quek Leng Chan’s Hong Leong Group of Malaysia, and other Hong Leong family firms.
GuocoLand won a governmental land tender in July 2021 for the Lentor Central property on which Lentor Modern will be developed. With a bid of S$784.1 million, or S$1,204 per square foot per plot ratio (psf ppr), it outbid a group led by Mr Quek’s Singaporean cousin Kwek Leng Beng, who offered S$1,152 psf ppr.
The third-highest proposal, at S$1,131 psf ppr, came from another Hong Leong-affiliated business, a joint venture between City Developments Ltd (CDL) and Hongkong Land unit MCL Land. CDL is the SGX-listed property and hotel business of Hong Leong Group Singapore.
At the time, property advisors noted that the winning price was higher than expected and even higher than the S$1,118 psf ppr winning bid for a parcel in Ang Mo Kio.
Despite this, in a state land tender that ended just last week on September 13, two plots offered near the Lentor MRT station attracted only three bids – one less than planned. The highest offers, however, were within estimates for the Lentor Central site (S$1,108 psf ppr) and Lentor Hills Road Parcel B (S$1,130 psf ppr). The third-highest bidder for the Lentor Central site know as Lentor Hills Residences was GuocoLand, while the highest bidder for the Lentor Hills Road parcel was Hong Leong-linked TID Residential.
Another Lentor Hills Road plot was sold in January of this year to a joint venture of Intrepid Investments, GuocoLand, and TID Residential for the maximum offer price of S$586.6 million, or S$1,060 psf ppr. Lentor Hills Residences is already under construction on the property.
Meanwhile, this year’s new private residential releases have met with high demand at record pricing levels, with S$2,000 psf deemed the “new normal” for suburban private housing. Frasers Property sold 118 units, or nearly 75% of its Sky Eden@Bedok project, on the first day of sales, at an average price of about S$2,100 psf.
GuocoLand said that at the weekend’s Lentor Modern opening, approximately 92% of total buyers were Singaporeans, with the other 8% being permanent residents and foreigners. According to the company, the buyer profiles are predominantly owner-occupiers, with the majority being upgraders.
Lentor Modern will have access to an integrated mall with a wide range of retail and food and beverage options, as well as a 12,000 square foot supermarket and a 10,000 square foot daycare center.
With more than 85% of Lentor Modern sold, it demonstrates that Integrated is uncommon and remains popular among customers. You could also look into the forthcoming Lentor Hills Residences development. Guocoland and TID Residential have collaborated on another another integrated development.
According to preliminary plans, The Reserve Residences by Far East would be a mixed-use building on Jalan Anak Bukit Condo with a thriving commercial and residential community. The Reserve Residences will include an integrated transit hub, which will improve the accessibility and vibrancy of the surrounding precinct as well as the residents of Beauty World. The project will include a combination of commercial and residential sectors, as well as a bus interchange on the second floor, beautiful landscaping, and one-of-a-kind public spaces. The major goal is to create a vibrant urban core on the Beauty World property, complete with eye-catching architecture, pedestrian-friendly streets, and well-designed social spaces. The new area within Beauty World will be a bustling urban hub for community events.
There will be 2,000 square meters of plaza area as well as retail, dining, and entertainment space in the integrated complex. The planned development will be the estate’s main point. Roof gardens and balconies are also part of the proposed development. Roof gardens are meant to be thoroughly integrated into the overall building form, contributing to a strong presence of greenery on the street level. The projected development will have 845 luxury units on 36 storeys.
Lentor Hills showflat would be completed by the end of 2022 or early 2023. Buyers who miss out on Lentor Modern may be interested in Lentor Hills Residences. We are presently accepting registrations for showflat viewings. More details, such as Lentor Hills Residences pricing, will be available soon.