Lentor Central Lentor Gardens Lentor Hills Road (Parcel B) GLS land sale

by Albert02

Lentor Central Lentor Gardens Lentor Hills Road (Parcel B) GLS land sale

Lentor Central Lentor Gardens Lentor Hills Road (Parcel B) GLS land sale. The Urban Redevelopment Authority has released three residential plots in Lentor – Lentor Central, Lentor Gardens, and Lentor Hills Road (Parcel B) – for application today (URA). For the first half of 2022, the three locations are part of the Government Land Sales (GLS) Program (1H2022).

The Lentor Central site, one of the three freshly released plots, has the potential to be constructed up to a maximum of 23 storeys, yielding 470 housing units. The Lentor Hills Road (Parcel B) site has low-rise and high-rise zones of 8 and 19 storeys, respectively, with a total yield of 265 units.

Both of these sites have been confirmed and are now available for tender.

Lentor Gardens, the third site, is on the Reserve List and will only be put out to tender if a successful application with an acceptable price is submitted.

The combined potential yield of all three sites is around 1,265 residential units.

Developers can pick between the Lentor Central and Lentor Hills Road sites based on their budget and risk appetite. Larger projects will take longer to complete.

Previous developments in Lentor

In January 2022, Intrepid Investments, GuocoLand, and TID Residential were given a former site at Lentor Hills Road (Parcel A), one of the first land sales since the cooling restrictions were implemented on December 16.

With a winning price of S$586.6 million (S$1,060 psf ppr), GuocoLand beat out eight other bidders to win the Lentor Central site tender in July 2021 (it will be the upcoming Lentor Modern). The overall number of developments in the Lentor cluster now stands at four.

Mr. Steven Tan, CEO of OrangeTee & Tie, anticipates substantial bids for the new locations. Developers will, however, be aware, according to Tan, that supply in this area may increase as more land parcels are set to be released in the future.

He anticipates 7 to 10 bidders per plot, with each site selling for between S$1,000 and S$1,100 psf ppr. This amounts to a final bid price for Lentor Central of S$434.1 million to S$477.6 million, and for Lentor Hills Road of S$244.6 million to S$269 million (Parcel B).

Click the image to read the full details of report.
Source:
https://www.99.co/singapore/insider/lentor-sites-tender-1h2022-gls-land-sale/

 


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