Half of Lentor Hills Residences units sold on launch weekend at average of S$2,080 psf

Jul 09, 2023

A total of 298 units at Lentor Hills Residences were sold during its launch weekend.

HALF of the 598 units at Lentor Hills Residences were sold on its launch weekend at an average price of S$2,080 per square foot (psf), said joint developer Hong Leong Holdings on Sunday (Jul 9).

A total of 298 units in the 99-year leasehold project were sold as at 5 pm on Sunday. Buyers were predominantly Singaporeans, with the rest being permanent residents. Units were sold at a starting price of S$1,834 psf.

All apartment types were “well-received” by homebuyers, with the two-bedroom and the two-bedroom-plus-study units being the most popular, said Hong Leong.

Unit sizes range from 452 sq ft for a one-bedroom unit to 1,399 sq ft for a four-bedroom unit. Prices start from S$945,000 for a one-bedder, S$1.36 million for a two-bedder, S$1.82 million for a three-bedder and S$2.53 million for a four-bedder.

The project’s dual-key units also registered “healthy take-up”, said Hong Leong. Dual-key units start from S$2.64 million, with sizes ranging between 1,302 sq ft and 1,399 sq ft.

Jointly developed by Hong Leong, GuocoLand and TID, Lentor Hills Residences is the second project to be launched in the new Lentor Hills estate, following the launch of mixed-use integrated development Lentor Modern last September.

Lentor Hills Residences is situated on a site spanning about 184,461 sq ft. It comprises five towers ranging from eight to 23 storeys, with car park lots for all units.

PropNex chief executive Ismail Gafoor said the project’s take-up rate came within expectations, and was “commendable” in today’s market.

“Also, some buyers may have taken a wait-and-see approach, with several other major launches coming up during the month and in August,” he said.

He noted that many buyers were drawn to Lentor Hills Residences’ location, as it is within an up-and-coming neighbourhood close to central Singapore. The project is a five-minute walk to the new Lentor MRT station on the Thomson-East Coast Line.

The project’s developer had also priced units “more sensitively”, he added, “considering the more muted economic outlook, persistently high interest rates and cautious sentiments in the market”.

Gafoor noted that the one-bedroom and two-bedroom types accounted for more than 70 per cent of units sold at launch.

Huttons CEO Mark Yip attributed the popularity of these units to “investment demand and family sizes getting smaller over the years”.

“Quite a number of the larger unit types were sold, presumably to buyers who are moving from an older development in the vicinity,” he said, adding that some investors went for the dual-key units “which (have seldom been) offered in launches in the past year”.

Nicholas Mak, chief research officer of property portal Mogul.sg, said property investors typically prefer to buy smaller units such as one-bedroom and two-bedroom units as well as dual-key units, because they are easier to rent out.

He added that Lentor Hills Residences’ sales showed that cooling measures had not dampened the investment demand among local property investors.

PropNex’s Gafoor said: “Overall, we believe that the healthy take-up rate reflects the resilient underlying demand for new private homes among homeowners, and that there is still ample liquidity in the market.”