Singapore, 31 Oct 2022 TWO 99-year leasehold residential sites at Lentor Gardens and Lentor Central have been launched for sale by the Urban Redevelopment Authority (URA) under the second half 2022 Government Land Sales (GLS) programme.
The Lentor Gardens site, on the URA’s confirmed list, has an area of 21,866.7 square metres (sq m), with a maximum gross floor area (GFA) of 45,921 sq m, and is expected to yield about 530 housing units. These units could span eight storeys under low-rise zone requirements, or 16 storeys under the mid-rise zone.
The Lentor Central site spans an area of 14,703.2 sq m and has a maximum GFA of 41,169 sq m. The site is estimated to yield about 475 housing units across five storeys under the low-rise zone. The Lentor Central parcel comes under the reserve list, and will only be released for sale if a developer submits an offer of a minimum price that is acceptable to the government.
Citing the increased interest rate floor of 4 per cent used to calculate the total debt servicing ratio in the latest round of property cooling measures, Steven Tan, chief executive of OrangeTee & Tie, said the reduced loans available to buyers may affect the price of future launches in this area.
Tan noted that the recent September tender for sites at Lentor Central and Lentor Hills Road (Parcel B) drew fewer-than-expected bids. There were three bids for the Lentor Central parcel, which was sold at S$1,108 psf ppr, while Lentor Hills Road (Parcel B) drew only two bids and sold for S$1,130 psf ppr.