Lentor Central GLS site receives two bids, highest bid at $982 psf ppr

In April last year, the Lentor Gardens site was awarded a joint venture between Hong Leong Holdings and GuocoLand for a price of $985 psf ppr – marginally higher than the $435.1 million (or $982 psf ppr) bid recently placed for the Lentor Central site. Six GLS sites have been tendered in Lentor and the latest one could potentially bring another 3,500 homes to the area.

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Despite its close proximity to Lentor MRT station and several established schools such as CHIJ St. Nicholas Girls’ School, Anderson Primary School and Presbyterian High School, the Lentor Central site only received two bids, with the top one submitted by a consortium comprising Hong Leong Holdings, GuocoLand and CSC Land Group.

Keen market watchers such as Leonard Tay, head of research at Knight Frank Singapore, attribute the relatively low bid to the sheer number of sites released under the second half of 2023 GLS programme and the presence of macroeconomic uncertainties.

Justin Quek, deputy chief executive officer of OrangeTee & Tie too suggested that developers may have held back given the possible land release next year as well as intensified cooling measure and higher interest rates.

The likely selling price of the residential units at Lentor Central could start from above $2,000 psf, similar to the $2,080 psf unit price of Lentor Hills Residences which was released in July.

If awarded, the consortium mentioned earlier plan to build a private residential development with about 475 units in two high-rise blocks.

The tender for Champions Way site closed on the same day, but the results have yet to be announced. However, the top bid for the site is said to be $904 psf ppr with the highest bid submitted by CapitaLand’s unit City Developments Limited.

All in all, the outcome of the GLS tender at Lentor Central suggests that developers are seeking a more conservative approach and are bearish about the property market outlook. This also highlights the need for government intervention to restore market confidence.