Hong Leong-led joint venture submits highest bid of $1,060 psr ppr for Lentor Hills Road Parcel A

by Albert02

Hong Leong-led joint venture submits highest bid of $1,060 psr ppr for Lentor Hills Road Parcel A

Hong Leong-led joint venture submits highest bid of $1,060 psr ppr for Lentor Hills Road Parcel A. While the tender for the government land sale (GLS) site at Jalan Tembusu received eight bids on January 18, the site at Lentor Hills Road (Parcel A) received only half that number.

The winning bid of $586.6 million was made by a consortium comprised of Hong Leong Holdings, GuocoLand, and TID (a joint venture between Hong Leong and Mitsui Fudosan). The price per plot ratio came to $1,060 psf.
“We are pleased to have received the highest bid for Lentor Hills Road Parcel A,” says a Hong Leong Holdings spokesperson. “We intend to construct a 600-unit residential development where residents will benefit from the convenience of nearby amenities.” The presence of the Lentor MRT station across the street “will add to the site’s overall appeal to buyers,” says the spokesperson.

The Lentor Hills Estate is planned to be a sustainable and pedestrian-friendly neighborhood in the future. Residents of the new Lentor Hills Road Parcel A development will be near parks and nature reserves, as well as a childcare center and a variety of commercial, food and beverage, and retail options.

This is due to GuocoLand’s construction of a new integrated development just across the street. Last year, it won the Lentor Central GLS site with a bid of $784.1 million ($1,205 psf ppr). GuocoLand plans to build three 25-story residential towers with 600 units, as well as a 96,000-square-foot commercial podium with F&B outlets and a supermarket. The project will be linked to the Lentor MRT station, which opened last year. The project at Lentor Central is scheduled to begin in the second half of this year.

Winning this site expands GuocoLand’s presence and allows it to create a large-scale integrated development. The annual price of $1,205 per square foot was thought to be a record for a GLS site in the suburban or Outside Central Region.
There have been no new launches in the area in recent years, according to Tricia Song, CBRE’s head of research for Southeast Asia. The most recent development was the Panorama at Ang Mo Kio Avenue 2, which opened in January 2014 and was completed in 2017. Castle Green and Seasons Park, both completed in 1997 and selling for a median price of $939–$950 psf in 2021, are older projects nearby. Meanwhile, units at The Calrose, a 2007 freehold development, have changed hands at $1344 psf in year 2021..

According to CBRE’s Song, the developer could be targeting launch prices in the $1,800 to $1,900 psf range at the Lentor Hills Road (Parcel A) site. According to Nicholas Mak, ERA’s head of research and consultancy, the bid of $1,060 psf ppr for Lentor Hills Road Parcel A, which is lower than the $1,205 psf ppr at Lentor Central, provides GuocoLand with a “comfortable margin.” “The new condominium on this new site could be launched at $1,950 to $2,050 psf in the future,” he says.

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Source: https://www.edgeprop.sg/property-news/hong-leong-led-joint-venture-submits-highest-bid-1060-psr-ppr-lentor-hills-road-parcel

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