journo
02-11-22, 11:14
The URA has put residential sites in Lentor Gardens and Lentor Central up for bid
Nov 01, 2022
https://i.imgur.com/y2mDdYa.png
The Government Land Sales (GLS) programme has put two residential development sites in Lentor Gardens and Lentor Central up for sale.
On the Urban Redevelopment Authority's confirmed list, the Lentor Gardens parcel sits on 21,866.7 square metres (sq m), with a maximum gross floor area (GFA) of 45,921 sq m, and is expected to yield approximately 530 housing units. These units could span eight storeys under low-rise zone requirements or sixteen storeys under mid-rise zone requirements.
The Lentor Central site covers 14,703.2 square metres and has a maximum GFA of 41,169 square metres. Under the low-rise zone, the site is expected to yield approximately 475 housing units spread across five storeys. The Lentor Central parcel is on the reserve list and will be released for sale only if a developer makes an acceptable offer in the state land tender.
Analysts anticipate lukewarm interest in the latest tender, with two to five bids expected for the Lentor Gardens parcel and a top bid of between S$1,050 psf ppr and S$1,150 psf ppr. According to Wong Siew Ying, PropNex Realty's head of research and content, the top bid for Lentor Gardens could range between S$519 million and S$544 million, or between S$1,050 and S$1,100 psf ppr. They do not anticipate the sale of the Lentor Central website.
While the Lentor district is "shaping up as a private residential enclave," according to Huttons Asia's senior director of research Lee Sze Teck, multiple projects launching in the district within the next two years may pose a higher perceived risk to potential bidders.
These include the Lentor Modern and Lentor Hills Residences, as well as another land parcel in Lentor Central that Yanlord Land Group: Z25 -0.58% was awarded last month.
GuocoLand's Lentor Modern, which is being built on state land sold in July 2021, was marketed in September to strong sales, selling 84% of its 605 units at an average price of about S$2,100 psf. "While this may indicate some pent-up demand for homes in the area, developers should keep in mind the estimated more than 1,300 units that will soon enter the market from the other three Lentor sites, with Lentor Hill Residences potentially hitting the market in Q1 2023," Wong said.
https://i.imgur.com/QsAoyXG.png
Citing the latest round of property cooling measures, Steven Tan, chief executive of OrangeTee & Tie, stated that the reduced loans available to buyers may affect the price of future launches in this area.
Tan mentioned that the recent September tender for Lentor sites received fewer bids than expected. A Lentor Central parcel received three bids and sold for S$1,108 psf ppr, while Lentor Hills Road (Parcel B) received only two bids and sold for S$1,130 psf ppr.
On April 4, 2023, the tender for the confirmed Lentor Gardens site will close.
Nov 01, 2022
https://i.imgur.com/y2mDdYa.png
The Government Land Sales (GLS) programme has put two residential development sites in Lentor Gardens and Lentor Central up for sale.
On the Urban Redevelopment Authority's confirmed list, the Lentor Gardens parcel sits on 21,866.7 square metres (sq m), with a maximum gross floor area (GFA) of 45,921 sq m, and is expected to yield approximately 530 housing units. These units could span eight storeys under low-rise zone requirements or sixteen storeys under mid-rise zone requirements.
The Lentor Central site covers 14,703.2 square metres and has a maximum GFA of 41,169 square metres. Under the low-rise zone, the site is expected to yield approximately 475 housing units spread across five storeys. The Lentor Central parcel is on the reserve list and will be released for sale only if a developer makes an acceptable offer in the state land tender.
Analysts anticipate lukewarm interest in the latest tender, with two to five bids expected for the Lentor Gardens parcel and a top bid of between S$1,050 psf ppr and S$1,150 psf ppr. According to Wong Siew Ying, PropNex Realty's head of research and content, the top bid for Lentor Gardens could range between S$519 million and S$544 million, or between S$1,050 and S$1,100 psf ppr. They do not anticipate the sale of the Lentor Central website.
While the Lentor district is "shaping up as a private residential enclave," according to Huttons Asia's senior director of research Lee Sze Teck, multiple projects launching in the district within the next two years may pose a higher perceived risk to potential bidders.
These include the Lentor Modern and Lentor Hills Residences, as well as another land parcel in Lentor Central that Yanlord Land Group: Z25 -0.58% was awarded last month.
GuocoLand's Lentor Modern, which is being built on state land sold in July 2021, was marketed in September to strong sales, selling 84% of its 605 units at an average price of about S$2,100 psf. "While this may indicate some pent-up demand for homes in the area, developers should keep in mind the estimated more than 1,300 units that will soon enter the market from the other three Lentor sites, with Lentor Hill Residences potentially hitting the market in Q1 2023," Wong said.
https://i.imgur.com/QsAoyXG.png
Citing the latest round of property cooling measures, Steven Tan, chief executive of OrangeTee & Tie, stated that the reduced loans available to buyers may affect the price of future launches in this area.
Tan mentioned that the recent September tender for Lentor sites received fewer bids than expected. A Lentor Central parcel received three bids and sold for S$1,108 psf ppr, while Lentor Hills Road (Parcel B) received only two bids and sold for S$1,130 psf ppr.
On April 4, 2023, the tender for the confirmed Lentor Gardens site will close.