Lentor Modern is a mixed-use project.
The majority of respondents are willing to raise their home expenditure in order to improve connectivity and convenience. This was one of the primary findings of a recent EdgeProp survey on the subject. The finding is hardly surprising given the escalating cost of car ownership, with recent COEs topping $100,000. Many people are reconsidering automobile ownership in favor of living near public transportation as a more ecological and cost-effective option.
One in every four poll respondents indicated they would increase their house budget by 10% to accommodate MRT access. Respondents place a premium on nearby supermarkets and economical food options. A central location was outweighed by convenience and connectivity.
Methodology and responder demographics
From June 17 to 30, EdgeProp Singapore conducted an online study on connection and convenience. The majority of respondents (68%) are between the ages of 41 and 65 and live in HDB, Condo/Apartments (38%), or Landed Property (16%). (Look for Singapore HDB flats for rent or sale.)
361 respondents intend to buy a home within the next year. 57% intend to purchase as owner-occupants with a $1.9 million budget. 77% are interested in purchasing in an integrated development with connectivity and convenience.
Supermarkets, affordable food, and MRT are the most significant amenities.
Supermarkets are vital in integrated development, according to 87% of respondents. The top three amenities are low-cost food (69%) and proximity to an MRT station (66%).
A gym, walking distance to work, and beauty services were the least important perks.
Paid for comfort and connectedness
As the cost of car ownership rises, more people will rely on public transportation, making direct MRT access critical. The proximity of a supermarket lowers travel time and distance for groceries and other daily necessities.
Adjacent public transportation nodes provide much-appreciated connectivity for homeowners, therefore it’s no surprise that 85% to 92% of respondents are willing to pay more for nearby residences. 83% of respondents are willing to pay extra for housing in order to be closer to supermarkets and affordable food. Tenants will pay more for a home near the amenities stated above, which is advantageous for investors. According to our poll, 27% of respondents are willing to increase their housing budget by at least 10% for a house with direct, sheltered MRT access. To reside near an MRT station, 19% would raise their housing expenditure by 10%.
Many respondents cited supermarkets and low-cost food as crucial, but less (as compared to MRT access) are willing to pay extra for a property near them. This demonstrates that connectivity takes precedence above convenience.
Owner-occupiers are more ready to pay for MRT proximity than investors. Owners will profit from the ease of connectivity.
68% of respondents agree or strongly agree that future transportation savings can be used to boost their housing budget for an integrated development. This is especially true if they have a shorter commute.
4% of respondents are willing to raise their housing expenditure by more than 10% in order to save five minutes, 12% and 36% in order to save 30 minutes and 36% in order to save an hour. The majority of respondents are willing to pay 5%-10% extra for housing in order to save 30 minutes on their commute. Time is currency. Connectivity takes precedence over central position.
Central Singapore is appealing due to its proximity to the CBD and Orchard Road. Four out of every five respondents chose a non-central, well-connected property with nearby amenities over a centrally located property with limited connectivity and convenience. Convenience and connectivity, understandably, take precedence over central location. Outside Central Region (OCR) property prices are also rising, as seen by the success of AMO Residence (98% of its apartments sold on the first day of sales) and the recent en blocs of Chuan Park and Euro-Asia, where redevelopments are estimated to cost more than $2,200 psf.
Integrated developments are uncommon and in high demand.
Buyers are interested in freshly released integrated developments. In May, 77% of the 407-unit Piccadilly Grand, which is connected to Farrer Park MRT Station, were sold. A month later, take-up had reached 80%.
Midtown Modern sold 61% of its units on its first weekend on the market in March. Because of its Bugis location, the take-up rate for the 558-unit building reached 76% in June.
According to our survey, convenience and connectivity surpass central position. Sengkang Grand Residences, which opened in November 2019, sold 32% of the 680 units available. Only two units remain.
Pasir Ris 8 debuted in July, selling 85% of its 487 units in its first weekend. The June enrollment rate was 90.3%. Following the success of Integrated Development, several developers re-priced their projects.
Lentor Modern will be released by GuocoLand in September. The 605-unit integrated complex is directly connected to the Thomson-East Coast Line’s Lentor MRT station. The commercial area in the development totals 96,000 square feet, including a 12,000-square-foot supermarket and a 10,000-square-foot daycare center. When completed, it will be part of the Lentor Hills community of the North-East Region Master Plan. Anderson, Presbyterian, Mayflower, and CHIJ St Nicholas Girls’ are also nearby schools.
Guocoland plans to open Lentor Hills Residences on Lentor Hills Road in early 2023. Lentor MRT station is immediately connected to the integrated complex. The future aesthetic world transportation center will be Lentor Hills Residences. When completed, it will be incorporated into the Master Plan for lentor Region. anderson pri school is a nearby school…. For more details on Lentor Hills Residences pricing, please visit https://official-lentor-hills-residences.com/lentor-hills -residences-view-showflat.