Lentor Modern Price Guide
Learn about expected prices and psf.
Price Guide / PSF
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– Reserved for future updates
The acquisition price works out to a land rate of close to S$1204 per square foot per plot ratio (psf ppr).
Based on the land price rate, the breakeven price is between $1500-1600. Adding in marketing, legal and misc costs, we expect the development to price at a selling price of $1900-$2300psf.
The above estimates are based on best effort basis and historical trends and expected construction costs, land costs, marketing costs, and profit margins. The eventual selling price may differ albeit not expected to a large extent. Once an indicative price has been worked out, all registered buyers will be informed.
Heavy Demand for Mixed Integrated Developments
Demand for Integrated Developments in Singapore has seen an increase in recent years, including developments like Sengkang Grand Residences and Le Quest (Sold out on first day).
This can be attributed to the profits from previous integrated projects with better price premiums and rental yield.
Refer to the following press release for information:
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Site History & Price Tenders
In total, nine offers were received for the Lentor Central Government Land Sale (GLS) property. GuocoLand filed the top bid of $784.1 million, equating to a land rate of $1,204 per square foot per plot ratio (psf ppr).
GuocoLand said they plan to build 3 blocks of 25-storeys high apartments with a total of 605 residential units. “Residences will enjoy the convenience of having a substantial amount of commercial, F&B; and retail spaces, including a supermarket and more than 10,000 sq ft of child care facilities” – GuocoLand representative.
The 186,001 sq ft 99-year leasehold plot at Lentor Central is right near to the Thomson-East Coast Line’s future Lentor MRT station. The station should be operating by the end of the year. According to Nicholas Mak, ERA head of research and consultancy, the site drew nine bids in part because of its closeness to the MRT station.
Mark Yip, CEO of Huttons Asia, adds, “It’s arguably the best site in the 1H2021 GLS program.” “With the booming HDB resale market, more HDB upgraders will be looking for alternatives in the market, and there will be few new mass market condo launches in 2022.”
Credits: Edgeprop Singapore