Press Release
4 April 2023
Closing tender for Lentor Gardens
FOR IMMEDIATE RELEASE
The tender for Lentor Gardens has been closed.
https://www.ura.gov.sg/Corporate/Media-Room/Media-Releases/pr23-08
The Urban Redevelopment Authority (URA) has just closed the tender for the site at Lentor Gardens. One bid was received, with the highest coming from GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd., at S$486,800,222 or S$985 psf ppr. This site is the fifth site to be sold in the Lentor area, which can generate approximately 530 units. The number of bidders and the bid price for the Lentor Gardens site were below expectations.
The current bid price is the lowest among all the previous bids for Lentor, which were all above S$1,000 psf. The most recent land parcels sold nearby were the Lentor Central and Lentor Hills Road (Parcel B) parcels. Awarded in September 2022, the two sites garnered three and two bids, respectively. Lentor Central was sold at a land rate of S$1,108 psf ppr, while Lentor Hills Road (Parcel B) was sold at S$1,130 psf ppr.
Given the cooling measures, macroeconomic uncertainties and increased housing supply in Lentor, developers may have been more cautious. Moving forward, another two sites will be launched in April – one at Lentor Central on the Confirmed List and another at Lentor Gardens on the Reserve list. Some developers may observe the sales performance of the upcoming launch of Lentor Hills Residences to gauge buyers’ demand and price appetite before deciding whether to bid for the other sites.