Fifth state-owned site in Lentor released for sale after Lentor Modern’s strong take-up

by Albert02

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 suburban new launches AMO Residence and Lentor Modern, a fifth Government Land Sales (GLS) site was released on Monday in the Lentor Hills estate in the Ang Mo Kio planning region, with one more site added to the reserve list.

The tender for the Lentor Gardens site, with a land area of 21,866.7 sq m and the largest plot of the Lentor GLS sites available, concludes at noon on April 4, 2023. The site is close to the Lentor MRT station. Between July 2021 and September 2022, four GLS sites in the vicinity have been allocated, including those for Lentor Modern and Lentor Hills Residences.

Lentor Central was added to the GLS reserve list on Monday. This means that it will only be put out to bid if the developer’s minimal price is acceptable to the government. The Lentor Gardens and Lentor Central plots may produce a total of 1,005 residential units. The successful launches of Lentor Modern, which sold 85% of its 372 units in July at a median price of $2,108 psf, and AMO Residence in Ang Mo Kio, which sold 366 of its 372 units in July at a median price of $2,110 psf, suggest strong pent-up demand for houses in the area.

Analysts anticipate limited bidding for the Lentor Gardens site, given considerable supply in the neighborhood, mounting macroeconomic uncertainties, and the new property cooling measures, following modest bids for two recent GLS competitions for two other Lentor sites in September. The 14,703 sqm Lentor Central property, which has a capacity of 475 units, may not be activated anytime soon.

The Lentor Hills Road (Parcel B) site had just two bids and a top bid of $1,130 per sq ft per plot ratio (psf ppr), whereas the other site had three bidders and a peak bid of $1,108 psf ppr. Analysts predict two to five bids and a more conservative land bid of $1,050 to $1,150 psf ppr for the Lentor Gardens plot.

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Source: https://www.straitstimes.com/business/fifth-state-owned-site-in-lentor-released-for-sale-after-lentor-modern-s-strong-take-up

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