The latest Government Land Sales (GLS) tender for the Lentor Gardens site in Singapore closed with only two bids, as developers showed limited interest in the location. This site is the seventh and final plot to be tendered in the Lentor area since 2021, with previous projects such as Lentor Modern and Lentor Hills Residences already launched. Despite the low number of bids, Leonard Tay, Head of Research at Knight Frank Singapore, noted that sales in the area have been robust, with over 70% of units sold in each of the six existing projects.
The top bid for the Lentor Gardens site was S$429 million, translating to a land rate of S$920 per square foot per plot ratio (psf ppr). This suggests that future selling prices could start from S$2,100 psf, potentially averaging above S$2,200 psf, similar to the recent launch of Lentor Central Residences. Tay highlighted that if the existing projects sell out before the new site is launched, it could benefit from spillover demand.
Located in Ang Mo Kio, the Lentor Gardens site offers attractive connectivity, being within walking distance of Lentor MRT station and close to amenities like Thomson Nature Park and Yio Chu Kang Stadium. It is also near CHIJ St Nicholas Girls School, appealing to families. The demand is expected to come from local homebuyers, including HDB upgraders and retirees from nearby estates, who may consider downsizing.
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