Fifth state-owned site in Lentor released for sale after Lentor Modern’s strong take-up

by Albert02

Fifth state-owned site in Lentor released for sale after Lentor Modern’s strong take-up

Fifth state-owned site in Lentor released for sale after Lentor Modern’s strong take-up. Following the success of the AMO Residence and Lentor Modern suburban new launches, a fifth Government Land Sales (GLS) site in the Lentor Hills estate in the Ang Mo Kio planning district was launched on Monday, with one more site added to the reserve list.

The tender for the Lentor Gardens site, which has a land area of 21,866.7 sq m and is the largest plot available among the Lentor GLS sites, closes at noon on April 4, 2023. The location is near the Lentor MRT station. Four GLS sites in the area have been allocated between July 2021 and September 2022, including those for Lentor Modern and Lentor Hills Residences.

On Monday, Lentor Central was added to the GLS reserve list. This means that it will be placed up for bid only if the developer’s minimum price is acceptable to the government. The Lentor Gardens and Lentor Central plots have the potential to yield a total of 1,005 residential units. Lentor Modern, which sold 85% of its 372 units in July at a median price of $2,108 psf, and AMO Residence in Ang Mo Kio, which sold 366 of its 372 units in July at a median price of $2,110 psf, indicate substantial pent-up demand for residences in the area.

Analysts anticipate minimal bidding for the Lentor Gardens site, given the neighborhood’s abundant supply, rising macroeconomic uncertainty, and the new property cooling regulations, which follow weak offers for two recent GLS competitions for two other Lentor sites in September. The 14,703 sqm Lentor Central property, with a capacity of 475 units, may not be ready for occupancy anytime soon.

The Lentor Hills Road (Parcel B) property received only two offers, with a maximum bid of $1,130 per sq ft per plot ratio (psf ppr), whilst the other site received three bids, with a top bid of $1,108 psf ppr. Analysts estimate two to five bids for the Lentor Gardens plot, with a more conservative land bid of $1,050 to $1,150 psf ppr.

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Source:
https://www.straitstimes.com/business/fifth-state-owned-site-in-lentor-released-for-sale-after-lentor-modern-s-strong-take-up


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