GuocoLand sells 84% of units at Lentor Modern on launch day
GuocoLand sells 84% of units at Lentor Modern on launch day. GuocoLand, a Singapore-listed property developer, announced on September 17 that it sold 508 of the 605 units at Lentor Modern on the first day of sales. The sales indicate an 84% conversion rate.
According to GuocoLand, Singaporeans accounted for 92% of all purchasers, with permanent residents and foreigners accounting for the remaining 8%. According to GuocoLand, the majority of buyers are owner-occupiers, with the remainder being upgraders. According to GuocoLand, the prices of flats sold at the opening of Lentor Modern ranged from $1,856 psf to $2,538 psf.
“At such prices, we anticipate that Lentor Modern will set the benchmark for future projects in this area,” says PropNex CEO Ismail Gafoor. According to Mark Yip, CEO of Huttons Asia, as the year’s largest private non-landed residential project, the amount of flats sold on its opening weekend makes it “the best-selling property in 2022.” “Buyers have also recognized that $2,000 psf or above will be the standard for future OCR buildings,” Yip adds. “It shows buyers’ eagerness to be among the first to establish a presence in this new exclusive residential enclave.”
The 63 one-bedroom residences and 231 two-bedroom flats at Lentor Modern were the first to be picked up and completely sold. Furthermore, 182 units were sold, accounting for more than 73% of the 248 three-bedroom residences, while more than 50% of the 63 four-bedroom units were filled.
Lentor Modern, as the estate’s sole integrated, mixed-use development, drew a large number of homebuyers willing to pay a premium for convenience. The 96,000 sq ft shopping complex and the Lentor MRT Station are only one elevator ride away. “For example, they liked the idea of a ‘one-lift-ride’ to all amenities like F&B, store, and MRT station,” says Dora Chng, general manager, residential at GuocoLand.
GuocoLand purchased the Lentor Modern site in July 2021 for $1,204 psf ppr since it is the only one of the four GLS sites sold so far for an integrated mixed-use development. There are two more sites for sale on the Reserve List. GuocoLand has a track record of transforming neighborhoods through integrated mixed-use buildings such as Tanjong Pagar’s Guoco Tower and Beach Road’s Guoco Midtown.
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