Lentor Central GLS site launched for sale; Lentor Gardens site released

A Government Land Sale site at Lentor Central has been launched for sale via tender. The site has a leasehold tenure of 99 years and measures 14,703.2 sq m (158,263.9 sq ft). It is expected to yield 475 residential units, with a maximum gross floor area (GFA) of 41,169 sq m.

This residential Government Land Sale (GLS) site at Lentor Central is part of the 4,090 residential units to be made available via the Confirmed List of the 1H2023 GLS programme – representing a 17% increase from the 3,505 units made available in 2H2022. Additionally, URA released a residential site at Lentor Gardens, which is available for application under the Reserve List.

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The Lentor Gardens site has a 20,640.8 sq m site area, with the potential to yield 500 residential units, and a maximum GFA of 42,346 sq m. This is the sixth site to be launched for tender in the Lentor Hills estate, with experts estimating 2,943 units could be completed in the next four to five years.

GuocoLand won the tender for the first GLS site in the Lentor Hills estate, with a bid of $784.1 million or $1,204 psf per plot ratio (psf ppr) in July 2021. The residential site was launched for sale as Lentor Modern in September 2022 and has so far transacted 84% of its 605 units at launch.

The most recent land parcel tendered in the estate, Lentor Gardens, received just one bid from a joint venture between GuocoLand and Hong Leong Group. Their bid for the site was $486.8 million ($985 psf ppr). This bid was lower than the land rates of previous Lentor sites, which experts believe could be due to the harmonisation of floor area definitions, which will take effect from June 1.

PropNex Realty suggests that the latest Lentor Central GLS site could attract one to two bidders, with the top bid coming in at $434.3 million to $456.4 million (or $980 to $1,030 psf ppr). As for the Lentor Gardens site, it is viewed as unlikely to be triggered for sale due to the ample upcoming supply in Lentor, as well as the cautious market sentiment and reduced risk appetite.

Huttons Asia also predicts a similar range of bids for the Lentor Central site, from $950 to $1,050 psf ppr, while they also agree that Lentor Gardens is unlikely to be triggered for sale. The tender for the Lentor Central site will close at 12 noon on Sept 12.