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 openings, a fifth Government Land Sales (GLS) site was opened on Monday in the Lentor Hills estate in the Ang Mo Kio planning zone, with one more site added to the reserve list.
The tender for the Lentor Gardens site, which is the largest plot available among the Lentor GLS sites and has a land size of 21,866.7 sq m, concludes at noon on April 4, 2023. The property is close to the Lentor MRT station. Between July 2021 and September 2022, four GLS sites in the vicinity have been granted, including those for Lentor Modern and Lentor Hills Residences.
Lentor Central was added to the GLS reserve list on Monday. This means that only if the developer’s minimal price is acceptable to the government will it be put up for bid. The Lentor Gardens and Lentor Central plots have a combined capacity of 1,005 residential units. Lentor Modern in Ang Mo Kio, which sold 366 of its 372 units in July at a median price of $2,110 psf, and AMO Residence in Ang Mo Kio, which sold 366 of its 372 units in July at a median price of $2,108 psf, both suggest significant pent-up demand for houses in the neighborhood.
Analysts forecast poor bidding for the Lentor Gardens site, owing to the neighborhood’s plentiful supply, mounting macroeconomic uncertainties, and new property cooling laws, which follow low bids for two other Lentor properties in September. The 14,703 sqm Lentor Central building, which has a capacity of 475 units, may not be ready for occupation for a while.
Only two bids were received for the Lentor Hills Road (Parcel B) property, with a maximum value of $1,130 per sq ft per plot ratio (psf ppr), whilst the other site had three bids, with a high bid of $1,108 psf ppr. Analysts predict that the Lentor Gardens plot will receive two to five bids, with a more conservative land bid of $1,050 to $1,150 psf ppr.
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