URA launches residential sites at Lentor Gardens, Lentor Central for tender
URA launches residential sites at Lentor Gardens, Lentor Central for tender. Two residential development sites in Lentor Gardens and Lentor Central have been listed for sale through the Government Land Sales (GLS) program.
The Lentor Gardens lot, which is on the Urban Redevelopment Authority’s certified list, is 21,866.7 square metres (sq m) in size, with a maximum gross floor area (GFA) of 45,921 sq m, and is expected to yield roughly 530 housing units. These units could be eight storeys tall under low-rise zone criteria or sixteen storeys tall under mid-rise zone standards.
The Lentor Central property has a total GFA of 41,169 square meters and a total area of 14,703.2 square meters. The land is projected to provide roughly 475 housing units split across five levels under the low-rise zone. The Lentor Central site is on the reserve list and will be made available for sale if a developer submits an acceptable offer in the state land procurement.
Analysts anticipate lukewarm bidding for the Lentor Gardens plot, with two to five bids likely and a peak bid of between S$1,050 psf ppr and S$1,150 psf ppr. According to Wong Siew Ying, PropNex Realty’s head of research and content, the winning bid for Lentor Gardens might be between S$519 million and S$544 million, or between S$1,050 and S$1,100 per square foot each year. They do not intend to sell the Lentor Central website.
According to Huttons Asia’s senior director of research Lee Sze Teck, while the Lentor district is “shaping up as a private residential enclave,” numerous projects debuting in the district over the next two years may pose a higher perceived risk to potential bidders.
These include the Lentor Modern and Lentor Hills Residences, as well as another property in Lentor Central given to Yanlord Land Group: Z25 0% last month.
GuocoLand’s Lentor Modern, which is being built on public land and will be auctioned in July 2021, was marketed in September to high sales, with 84% of its 605 units selling at an average price of around S$2,100 psf. “While this may indicate some pent-up demand for residences in the area, developers should keep in mind the expected more than 1,300 units from the other three Lentor sites, with Lentor Hill Residences likely entering the market in Q1 2023,” Wong noted.
The tender for the confirmed Lentor Gardens site will close on 4 April 2023.
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