URA launches residential sites at Lentor Gardens, Lentor Central for tender

by Albert02

URA launches residential sites at Lentor Gardens, Lentor Central for tender

URA launches residential sites at Lentor Gardens, Lentor Central for tender. The Government Land Sales (GLS) program has advertised two residential development sites in Lentor Gardens and Lentor Central for sale.

The Urban Redevelopment Authority-certified Lentor Gardens lot is 21,866.7 square metres (sq m) in size, with a maximum gross floor area (GFA) of 45,921 sq m, and is planned to yield approximately 530 housing units. These units could be eight storeys tall in a low-rise zone or sixteen storeys tall in a mid-rise zone.

The total GFA of the Lentor Central property is 41,169 square meters, with a total area of 14,703.2 square meters. Under the low-rise zone, the area is expected to supply around 475 housing units spread across five levels. The Lentor Central site is on the reserve list, and if a developer files an acceptable offer in the state land procurement, it will be made available for sale.

Analysts estimate two to five bids for the Lentor Gardens plot, with a peak bid of between S$1,050 psf ppr and S$1,150 psf ppr. The winning bid for Lentor Gardens, according to Wong Siew Ying, PropNex Realty’s head of research and content, may be between S$519 million and S$544 million, or between S$1,050 and S$1,100 per square foot each year. They have no intention of selling the Lentor Central website.

While the Lentor district is “forming up as a private residential enclave,” according to Huttons Asia’s senior director of research Lee Sze Teck, multiple developments set to debut in the district over the next two years may represent a higher perceived risk to potential bidders.

These include the Lentor Modern and Lentor Hills Residences, as well as another property in Lentor Central that was given to Yanlord Land Group last month: Z25 0%.

GuocoLand’s Lentor Modern, which will be auctioned in July 2021 and is being built on public property, was sold in September to high sales, with 84% of its 605 apartments selling at an average price of roughly S$2,100 psf. “While this may signal some pent-up demand for residences in the area,” Wong added, “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.”

The tender for the confirmed Lentor Gardens site will close on 4 Apr 2023.

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Source:
https://www.businesstimes.com.sg/real-estate/mobile-spotlight/luxury-condo-sales-hold-up-in-q3-even-as-top-end-gcb-market-softens

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