GuocoLand Top Bidder for Lentor Central Plot
Residential land prices continued to rise, reflecting developers’ optimistic outlook for private residential prices and continued thirst for land judging from recent government land tender transactions.
Interestingly, the third highest bid at S$1,131 psf came from the link between City Developments Ltd (CDL) and Hong Kong land unit MCL Land. CDL is the SGX-listed property and hospitality arm of Singapore-based Hong Leong Group.
GuocoLand was the winning bidder for a site near the upcoming Lentor MRT station on the Thomson-East Coast Line (TEL); the site is for a private residential development with commercial space on the ground floor. GuocoLand’s bid of S$784.1 million or S$1,204 per square foot (psf ppr) exceeded the expectations of property consultants interviewed by BT before the closing of the tender.
For the Lentor Central property, the winning bid from GuocoLand (part of the Hong Leong Group of Malaysian tycoon Quek Leng Chan) was 4.5% higher than the second highest bid of S$1,152 psf put forward by the merger of Intrepid Investments, Hong Realty and TID Residential; The trio are part of Singapore’s Hong Leong Group.
GuocoLand’s proposed Lentor Central property project envisages a 25-storey mixed-use, transit-oriented development containing approximately 600 apartments and offering substantial dining and retail space, including over 10,000 sqm of supermarket and childcare facility. Foot facilities. “Located in the predominantly rural Thomson area, residents will also enjoy sweeping views of the surrounding area. Living there also means there are plenty of nature reserves and parks nearby,” a GuocoLand spokesman said.
The property is also close to established schools such as Presbyterian High School, Anderson Primary School and CHIJ St Nicholas Girls’ School.
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