Lentor Central GLS site receives two bids, highest bid at $982 psf ppr
Eugene Lim, primary executive officer at ERA Singapore, mentions that there has actually been “a dilution in need” for Lentor Central due to the large amount of spots to be launched under the second half 2023 GLS program.
ERA Singapore’s Lim statements that the Lentor Central site falls throughout the Ang Mo Kio Planning Area as well as in close proximity to Lentor MRT station and even established schools, including CHIJ St. Nicholas Girls’ School, Anderson Primary School and even Presbyterian Secondary School.
The leading quote is marginally lower than the $985 psf ppr paid by a joint venture in between GuocoLand together with Hong Leong Holdings for the Lentor Gardens area in April last year, points out Leonard Tay, head of research study at Knight Frank Singapore. “The current government land tenders in the Lentor surroundings stand for among the lowest land prices when matched up to the previous four GLS sites awarded from 2021 in the Lentor area,” he includes.
Six GLS areas in Lentor have actually been tendered to date, with another site currently on the Reserve List. Together, the areas could include some 3,500 new houses to the location.
“The two bids for the Lentor Central plot mirror the considerably tentative and also protective view amongst developers, in addition to the fact that the Lentor location may have way too many condominium plans, all being established within a few years of one another,” says Tay.
Knight Frank Singapore’s Tay says that the likely asking price for the residential units of this property can start from over $2,000 psf, identical to the $2,080 psf unit price of Lentor Hills Residences that introduced in July.
The Lentor Central area drew only two proposals, with the top quote of $435.1 million provided by a consortium consisting of Hong Leong Holdings, GuocoLand as well as CSC Land Group. This works out to $982 psf per plot ratio (psf ppr) for the 99-year leasehold, 158,264 sq ft location. The quote was 5.9% greater than the $410.8 million ($ 927 psf ppr) submitted by Frasers Property.
Additionally, many developers may be more careful as there are macroeconomic worries, elevated interest rates, as well as cooling actions, claims Justin Quek, deputy chief executive officer of OrangeTee & Tie.
” We are glad to accomplish the highest proposal at Lentor Central which views our 4th spot in the Lentor Hills Estate area,” said a spokesman of Hong Leong Holdings. “If awarded, we prepare to develop a private residential project with approximately 475 units in two skyscraper blocks, where citizens will take advantage of the benefit of neighboring amenities and Lentor MRT station, contributing to the spot’s general appeal to potential buyers.”
” They might likewise be restraining as more land could be released next year,” Quek includes. “The state has indeed actually declared more new property plots to be published or old buildings/sites slated for redevelopment.”
The tender for the residential government land sale (GLS) spot at Lentor Central closed on Sept 12, along with the tender for the location at Champions Way.