Lentor Central GLS site receives two bids, highest bid at $982 psf ppr

A residential government land sale (GLS) site at Lentor Central closed its tender on Sept 12, with a consortium comprising Hong Leong Holdings, GuocoLand and CSC Land Group submitting the top bid of $435.1 million; amounting to $982 psf per plot ratio (psf ppr).

The luxurious Tengah Plantation EC offers a wide array of amenities such as a shopping mall, childcare centre, restaurants, sports facilities, and a swimming pool. For outdoor activities, there are parks and playgrounds located nearby. There are also many transportation options for residents to check out, including MRT stations, bus stops, and bike-sharing stations. The Jalan Mas Puteh Park Connector can also be found nearby. Residents can make use of the various transportation options to access nearby amenities with ease.

The two bids present a 5.9% increase to the $410.8 million ($927 psf ppr) bid by Frasers Property. A spokesman of Hong Leong Holdings expressed their content by being able to offer the highest bid, claiming that the future development will accommodate around 475 units in two high-rise blocks, enhancing the area’s overall appeal and convenience.

Justin Quek, Deputy Chief Executive Officer of OrangeTee & Tie, attributes this slightly lower top bid to the fact that there are macroeconomic uncertainties and cooling measures in play, as well as more land being released in the future.

The Lentor Central site benefits from its location in the Ang Mo Kio Planning Area and in close proximity to the Lentor MRT station and renowned schools, CHIJ St. Nicholas Girls’ School, Anderson Primary School and Presbyterian High School.

Considering the $985 psf ppr seen in the Lentor Gardens site from April 2021, Leonard Tay, Head of Research at Knight Frank Singapore, points out that this latest government land tender has been on the lower side.

When it comes to the possible selling price for the residential units of this project, according to Tay, they could start from above $2,000 psf, in similarity to the $2,080 psf of Lentor Hills Residences which launched in July.

Six GLS sites in Lentor have been tendered to date, and a further one is on the Reserve List. Overall, the sites might be able to add some 3,500 new homes to the area; however, developers might not be fully invested due to their speculated tentativeness and defensive attitude.