Press Release
31 October 2022
Launch of land tenders at Lentor Gardens and Lentor Central
FOR IMMEDIATE RELEASE
Singapore, 31 October 2022 – The Urban Redevelopment Authority (URA) has just launched the tender exercise for land parcels at Lentor Gardens under the Government Land Sales Confirmed List and Lentor Central under the Reserve List.
The Lentor Gardens site is around 21,866.7 sqm and can yield an estimated 530 units while the site at Lentor Central is 14,703.2 sqm and can yield around 475 units.
The recent state tender for the sites at Lentor Central and Lentor Hills Road (Parcel B) occurred in September 2022. Both sites drew fewer-than-expected bids. The Lentor Central drew three bids and was sold for S$1,108 psf per plot ratio (ppr). Lentor Hills Road (Parcel B) saw only two bids and the winning bid was at S$1,130 psf ppr.
Both tender prices were above the price of the closest comparable site at Lentor Hill Road (Parcel A) at the same location of S$1,060 psf sold in January this year. The project will be developed into Lentor Hills Residences.
We expect moderate interest for the current land sales while the reserve site may not be triggered soon. Developers may be mindful that six new developments will be launched in this area, including Lentor Gardens and Lentor Central (reserve list).
Currently, four land parcels have already been sold in the area including Lentor Central sold in September 2022), Lentor Hills Road (Parcel A) sold in January 2021, Lentor Hills Road (Parcel B) sold in September 2022, and Lentor Central sold in July 2021 and launched for sales as Lentor Modern).
The launch of Lentor Modern was highly successful, having sold 512 units or 84.6 per cent of the project at a median price of S$2,108 psf within the first launch month in September 2022. Despite the good sales, the property market faces headwinds from new cooling measures implemented on 30 September 2022 and growing macroeconomic uncertainties.
Therefore, we expect around 2 to 5 bidders, and a more conservative land bid of between S$1,050 to S$1,150 psf ppr for the Lentor Gardens plot.