Lentor Modern — the only integrated development in Lentor
Lentor Modern — the only integrated development in Lentor. When the government made the announcement about the release of a substantial portion of development land under the 1H2021 Government Land Sales (GLS) program, an 185,932 square foot plot close to the Lentor MRT Station appeared on the list of verified locations.
The administration has previously declared its intentions to boost housing options and general liveability in the Lentor neighborhood. The Lentor neighborhood’s urban development concept plan was laid forth in the 2019 Master Plan. As a result, the sales launch for the GLS site at Lentor Central, which also has a good location right adjacent to an MRT station, was carefully scrutinized. Most real estate advisors expected aggressive bidding from developers.
Indeed, the GLS site had received nine distinct proposals from a wide range of reputable property developers by the time the public tender for the site concluded in July 2021. GuocoLand eventually won the bid competition after submitting the highest price of $784.1 million, which equals a land rate of $1,204 psf per plot ratio (psf ppr). Only 4.5% separated the next best bid of $750 million ($1,152 psf ppr), which was the highest of the subsequent bids.
A little over a year after GuocoLand was granted access to the property, the developer is laying the foundation for the opening of the new complex in September. The Lentor Modern project will be the only integrated development in the vicinity of Lentor. GuocoLand claims that Lentor Modern will contain 605 residential units on top of a podium with 96,000 square feet of commercial space on the ground floor. The building will be immediately connected to the Lentor MRT Station. Among the Lentor Modern’s commercial amenities are a 12,000 square foot supermarket and a 10,000 square foot daycare center.
Given that the market anticipates Lentor Modern, an integrated complex, will command a higher price given that 98% of the 372 apartments at Amo Residence on Ang Mo Kio Avenue 1 were sold last month for a median price of $2,110 psf. Amo Residence is the first brand-new development to open in the Ang Mo Kio neighborhood in eight years. According to Lentor Modern, the latest brand-new development to break ground nearby was the 421-unit freehold The Calrose in 2005, which was launched 17 years ago.
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