GuocoLand sells 84% of units at Lentor Modern on launch day
GuocoLand sells 84% of units at Lentor Modern on launch day. GuocoLand, a Singapore-listed property business, stated on September 17 that it sold 508 out of a total of 605 units at Lentor Modern on the first day of the project’s debut. The sales represent an 84% take-up rate.
Singaporeans accounted for 92% of all purchasers, with permanent residents and foreigners accounting for the remaining 8%, according to GuocoLand. According to GuocoLand, the buyers are mostly owner-occupiers, with the majority being upgraders. According to GuocoLand, the prices of apartments sold at Lentor Modern at the launch varied from $1,856 psf to $2,538 psf.
“At such pricing, we anticipate that Lentor Modern will set the standard for future projects in this area,” says Ismail Gafoor, CEO of PropNex. As the year’s largest private non-landed residential project, the number of apartments sold on its debut weekend makes it “the best-selling property in 2022,” according to Mark Yip, CEO of Huttons Asia. “Buyers have also recognized that $2,000 psf or greater will be the standard for future Outside Central Region (OCR) developments,” Yip adds. “It demonstrates buyers’ desire to be among the first to establish a presence in this new private residential enclave.”
Lentor Modern’s 63 one-bedroom homes and 231 two-bedroom units were the first to be picked up and totally sold. Furthermore, 182 units, or more than 73% of the 248 three-bedroom homes, were sold, while more than 50% of the 63 four-bedroom units were filled.
Lentor Modern, as the only integrated, mixed-use development in the planned Lentor Hills estate, drew numerous homebuyers ready to pay a premium for convenience. They are only one elevator trip away from the 96,000 sq ft shopping complex and the Lentor MRT Station. “For example, they enjoyed the lifestyle idea of ‘one-lift-ride’ to all amenities like F&B, supermarket, and MRT station,” explains Dora Chng, general manager, residential at GuocoLand.
GuocoLand purchased the Lentor Modern site in July 2021 for $1,204 psf ppr because it is the sole site for an integrated mixed-use development of the four GLS sites sold to far. On the Reserve List, there are two more sites for sale. GuocoLand has a proven track record of reshaping communities through integrated mixed-use developments such as Tanjong Pagar’s Guoco Tower and the planned Guoco Midtown on Beach Road.
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