A single bid of $486.8 million was submitted by GuocoLand and Intrepid Investments – a subsidiary of Hong Leong Group, for a 99-year leasehold residential GLS site at Lentor Gardens. The bid translates to a land rate of $985 psf per plot ratio (psf ppr). GuocoLand’s plan is to develop a high-end residential development with 533 units, among other amenities.The last two residential GLS sites to be sold in Lentor were at Lentor Central and Lentor Hill (Parcel B) in September 2020. Lentor Central was awarded to a consortium comprising China Communications Construction, Soilbuild Group Holdings and United Engineers for $481.03 million ($1,108 psf ppr). Meanwhile, the Lentor Hills (Parcel B) site was awarded to TID (a joint venture between Hong Leong Group and Mitsui Fudosan) for $276.36 million ($1,130 psf ppr) with potential to yield 265 units. The GLS site at Lentor Hills Road (Parcel A) was sold in January this year for $586.6 million ($1,060 psf ppr). This will be the 605-unit Lentor Hills Residences by GuocoLand, Hong Leong Holdings, and TID (a joint venture between Hong Leong Holdings and Mitsui Fudosan).In the same vicinity, GuocoLand launched the 605-unit Lentor Modern integrated development last September and has sold more than 80%. The project was purchased by GuocoLand for $784.1 million ($1,204 psf ppr) in July 2021.Apart from the Lentor Gardens’ GLS site, there are two other GLS sites which are available for sale under the 1H2023 GLS Programme – one at Lentor Central (475 units) and the second at Lentor Gardens (500 units) on the Reserved List.In total, the seven residential sites in Lentor would bring about some 3,500 new units, which is equivalent to about 11,000 new residents in an area of less than 0.5 sq km within 3-6 years.Despite this, potential homebuyers would be drawn to the site due to its close proximity to public transportation, recreational facilities and a school. The site is located around 1 km from CHIJ St Nicholas Girls’ School and within walking distance of the Lentor MRT station. It is also near Thomson Nature Park and Yio Chu Kang Stadium and Sports Complex.It is estimated that the eventual launch of the project at the site would likely have units priced around $1,950 – $2,050 psf. GuocoLand and Intrepid Investments’ tender is the first residential GLS tender to register only one bid since the Silat Avenue GLS site in 2018 and the lowest for a land parcel in the Lentor precinct.The upcoming development in the Lentor area is expected to be a draw for parents, retirees and residents due to its location and amenities. GuocoLand is further bolstering their position in the area with the launch of Lentor Modern and Lentor Hills Residences. GuocoLand’s vision is to transform Lentor Hills Estate into a renowned premium residential area.GuocoLand and Intrepid Investments’ bid of $486.8 million for the Lentor Gardens residential GLS site is the lowest for a land parcel in the Lentor precinct and the first residential GLS tender to register just one bid since the Silat Avenue GLS site in 2018. The 99-year leasehold site is expected to yield 530 units, which would benefit from its proximity to public transportation, recreational facilities, and the nearby CHIJ St Nicholas Girls’ School.The plans to develop this high-end residential area have been underway since the launch of the first GLS site in Lentor. Five sites have been awarded so far, with the two remaining sites on the 1H2023 GLS Programme – one at Lentor Central (475 units) and the other at Lentor Gardens (500 units) on the Reserved List.GuocoLand will be contributing their own development to the area with their upcoming projects: the 605-unit Lentor Modern integrated development, and the 598-unit Lentor Hills Residences. Both were launched last September, with the former 88% sold at an average price of $2,104 psf.It is estimated that the eventual launch of the project at the site would likely have units priced around $1,950 – $2,050 psf, which could possibly draw in retirees, parents, and residents alike. With all seven sites sold, the Lentor area is expected to add some 3,500 new units, which is equivalent to 11,000 new residents within a span of three to six years.GuocoLand and Intrepid Investments’ bid for the Lentor Gardens GLS site has set the scene for the transformation of Lentor Hills estate into a renowned premium residential area with amenities for all to enjoy.
GuocoLand and Intrepid Investments have submitted the first single bid for a residential government land sale (GLS) site at Lentor Gardens with a bid of $486.8 million, translating to a land rate of $985 psf per plot ratio (psf ppr). This is the lowest land rate for a land parcel in the Lentor precinct.
The 99-year leasehold site is expected to yield 530 units and is near CHIJ St Nicholas Girls’ School, the Lentor MRT station, Thomson Nature Park, and Yio Chu Kang Stadium and Sports Complex. It is estimated that the eventual launch of the project at the site would have units priced around $1,950 – $2,050 psf.
GuocoLand hopes to develop a high-end residential development with 533 units, and with 600 sqm of childcare facilities. Their vision is to transform Lentor Hills Estate into a renowned premium residential area. GuocoLand is contributing their own development to the area with their upcoming projects: the 605-unit Lentor Modern integrated development and the 598-unit Lentor Hills Residences.
Last September, the Lentor Central and Lentor Hill GLS sites were awarded to respective parties with potential to yield 470 and 265 units. In January 2022, the GLS site at Lentor Hills Road (Parcel A) was sold for $586.6 million ($1,060 psf ppr). This was followed by the launch of the 605-unit Lentor Modern integrated development, which has sold more than 80% so far.
Apart from the Lentor Gardens’ GLS site, there are two other GLS sites still available for sale under the 1H2023 GLS Programme – one at Lentor Central (475 units) and the other at Lentor Gardens (500 units) on the Reserved List. With all seven sites sold, the Lentor area is expected to add some 3,500 new units, bringing 11,000 new residents within three to six years.
With the close proximity to public transportation, recreational facilities, and a school, this new development is expected to be a draw for retirees, parents, and residents alike. GuocoLand is further bolstering their position in the area with the launch of Lentor Modern and Lentor Hills Residences.
The arrival of the Lentor Gardens GLS site would benefit the area with its amenities, and mark the start of GuocoLand’s plans to transform Lentor Hills estate into a renowned premium residential area.