The curtains have fallen on the land tenders for two promising government land sale (GLS) sites: one nestled in the serene enclave of Lentor Central, and the other gracing the vibrant expanse of Champions Way.
While the latest 99-year leasehold plot at Lentor Central saw a more modest turnout with only 2 bids, it was the consortium comprising stalwarts like Hong Leong Holdings, GuocoLand, together with CSC Land Group that clinched the top spot with a resounding bid of $435.1 million.
This translates to a land rate of $982 per square foot per plot ratio (psf ppr) for the site that spans 158,264 square feet.
Their bid outshone Frasers Property’s offer by a mere 5.9 per cent.
A spokesperson from Hong Leong Holdings voiced their delight at securing the winning bid, revealing plans for an exclusive residential development.
Envisaged to grace the skyline with two towering blocks, this new launch condo at Lentor Central will house around 475 private homes.
The locale’s charm lies in the proximity of essential amenities and the convenience of the nearby Lentor MRT station.
While the top bid for the Lentor Central site is slightly lower than that of the Lentor Gardens site awarded to a joint venture that comprises GuocoLand and Hong Leong Holdings in April of the previous year, analysts note that this represents one of the lowest land rates within the Lentor precinct.
Market watchers pointed out a dwindling demand for private homes in Lentor Central that is due to the significant number of residential land parcels released for sale under the 2H2023 GLS programme.
The first project was Lentor Modern. It was launched back in September 2022 and is now around 89 per cent sold (as of 7 October 2023).
Additionally, a couple of developers seem to be exercising caution due to uncertainties in the macroeconomic environment, rising interest rates, and prevailing cooling measures.
One analyst has shone a light on the strategic placement of the Lentor Central plot within the matured Ang Mo Kio Planning Area.
Its adjacency to the Lentor MRT station and illustrious institutions like CHIJ St. Nicholas Girls’ School and Anderson Primary School further bolster its appeal.
Knight Frank Singapore projected that the private residential units in this project may have a starting price from $2,000 per square foot onwards, akin to the $2,080 per square foot price of the nearby Lentor Hills Residences condo that was launched for sale in July 2023.