The Urban Redevelopment Authority (URA) has announced the tender results for the Lentor Gardens government land sales site, with Kingsford Group submitting the highest bid of S$429m. This bid, equivalent to a land rate of S$920 per square foot per plot ratio (psf ppr), is the lowest among the seven plots tendered in the Lentor Hills estate. The site, located in the Ang Mo Kio planning area, is expected to add approximately 500 new residential units to the region.
The Lentor Gardens plot attracted only two bids, with Kingsford’s offer narrowly surpassing a S$905-psf ppr bid from a Hong Leong-led group by 1.7%. Wong Siew Ying, Head of Research and Content at PropNex, noted that the bids were lower than anticipated, given the robust sales of recent projects in the area. “We reckon the restrained bidding for this site may perhaps be due to uncertainty over the depth of demand for new private homes in the Lentor area,” she explained.
Despite the subdued bidding, the Lentor Hills estate has seen healthy sales, with around 94% of units sold across six previously launched projects. The new Lentor Gardens development is projected to have an average selling price above S$2,150 psf.
However, potential risks loom, including the impact of new tariffs on goods entering the US, which could disrupt international trade and affect the global economy. As developers weigh their options, other attractive sites on the government land sales slate may draw interest, such as those on Dunearn Road and Telok Blangah Road.
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