The Urban Redevelopment Authority has concluded the tender for the Lentor Gardens site, part of the 2H2024 Government Land Sales programme, with Kingsford Huray Development Pte Ltd securing the highest bid at S$429,230,000. This bid, equating to S$920 per square foot per plot ratio (psf ppr), narrowly surpassed the next highest offer by 1.7%, submitted by a consortium including Intrepid Investments Pte Ltd, TID Residential Pte Ltd, and CSC Land Group (Singapore) Pte Ltd, which bid S$422,222,367 or approximately S$905 psf ppr.
Despite the positive sales momentum in Lentor, where six residential projects with nearly 3,000 units have launched, the tender attracted only two bids, falling short of expectations. Justin Quek, CEO of OrangeTee & Tie, commented on the situation, suggesting that developers might be redirecting their attention to other suburban areas like Lorong Chuan, Lakeside Drive, or Hougang Central, where housing supply has been limited.
The recent trend of muted participation in Lentor land tenders, with up to three bids each in the past four tenders, supports this potential shift. However, Quek remains optimistic about future sales, citing the successful launch of Lentor Central Residences, which sold 93% of its 477 units during the launch weekend. This indicates a continued interest in the area, suggesting that the upcoming project at Lentor Gardens could also see robust sales.
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