URA launches residential sites at Lentor Gardens, Lentor Central for tender
URA launches residential sites at Lentor Gardens, Lentor Central for tender. The Government Land Sales (GLS) program has put two residential construction sites in Lentor Gardens and Lentor Central up for sale.
On the Urban Redevelopment Authority’s certified list, the Lentor Gardens lot lies on 21,866.7 square metres (sq m), with a maximum gross floor area (GFA) of 45,921 sq m, and is estimated to yield approximately 530 housing units. These units could span eight storeys under low-rise zone standards or sixteen storeys under mid-rise zone requirements.
The Lentor Central site covers 14,703.2 square meters and has a maximum GFA of 41,169 square meters. Under the low-rise zone, the site is expected to provide approximately 475 housing units spread across five levels. The Lentor Central parcel is on the reserve list and will be released for sale only if a developer makes an acceptable offer in the state land tender.
Analysts anticipate two to five bids for the Lentor Gardens plot, with a maximum value of S$1,050 psf ppr to S$1,150 psf ppr. According to Wong Siew Ying, PropNex Realty’s head of research and content, the winning bid for Lentor Gardens might be between S$519 million and S$544 million, or between S$1,050 and S$1,100 per square foot each year. They have no plans to sell the Lentor Central website.
According to Huttons Asia’s senior director of research Lee Sze Teck, while the Lentor district is “shaping up as a private residential enclave,” various developments expected to debut in the district over the next two years may pose a larger perceived risk to potential bidders.
These include the Lentor Modern and Lentor Hills Residences, as well as another property piece in Lentor Central that Yanlord Land Group: Z25 0% was awarded last month.
GuocoLand’s Lentor Modern, which is being built on state property sold in July 2021, was advertised in September to high sales, selling 84% of its 605 apartments at an average price of roughly S$2,100 psf. “While this may imply some pent-up demand for residences in the area, developers should keep in mind the expected more than 1,300 units that will shortly enter the market from the other three Lentor sites, with Lentor Hill Residences potentially entering the market in Q1 2023,” Wong added.
The tender for the confirmed Lentor Gardens site will close on Apr 4, 2023.
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