GuocoLand sells 84% of units at Lentor Modern on launch day
GuocoLand sells 84% of units at Lentor Modern on launch day. On September 17, GuocoLand, a Singapore-listed property developer, revealed that 508 of the 605 flats in Lentor Modern were sold on the first day of sales. Sales show an 84% conversion rate.
Singaporeans accounted for 92% of all purchasers, with permanent residents and foreigners accounting for the remaining 8%, according to GuocoLand. The majority of buyers, according to GuocoLand, are owner-occupiers, with the balance being upgraders. The prices of units sold at the opening of Lentor Modern varied from $1,856 psf to $2,538 psf, according to GuocoLand.
“At these pricing, we expect Lentor Modern to set the standard for future projects in this area,” says PropNex CEO Ismail Gafoor. According to Mark Yip, CEO of Huttons Asia, the amount of flats sold on its opening weekend makes it “the best-selling property in 2022” as the year’s largest private non-landed residential project. “Buyers have also recognized that $2,000 per square foot or above will be the standard for future OCR buildings,” Yip says. “It demonstrates buyers’ determination to create a footprint in this new elite residential area.”
Lentor Modern’s 63 one-bedroom apartments and 231 two-bedroom flats were the first to be picked up and entirely sold. In addition, 182 units were sold, accounting for more than 73% of the 248 three-bedroom houses, and more than 50% of the 63 four-bedroom residences were occupied.
As the estate’s only integrated, mixed-use development, Lentor Modern lured a considerable number of homebuyers ready to pay a premium for convenience. The Lentor MRT Station and the 96,000 sq ft shopping complex are only one elevator trip away. “For example, they appreciated the idea of a ‘one-lift-ride’ to all amenities like F&B, store, and MRT station,” explains Dora Chng, GuocoLand’s general manager, residential.
GuocoLand paid $1,204 psf ppr for the Lentor Modern site in July 2021 since it is the only one of the four GLS sites sold so far for an integrated mixed-use development. On the Reserve List, there are two more sites for sale. GuocoLand has a history of reshaping communities with integrated mixed-use structures such as Tanjong Pagar’s Guoco Tower and Beach Road’s Guoco Midtown.
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