Lentor Central, Lentor Gardens for sale in the 1st Half GLS Programme.
New plots in the area up for sale but developer interest in the area is weak
Singapore – On Wednesday April 12 2023, the Urban Redevelopment Authority (URA) releases new residential plots for sale under the Government Land Sales, (GLS) programme.
The residential plots were located on Lentor Central and Lentor Gardens. The one on Lentor Central is able to yield about 475 new homes. The area measures 14,703.2sqft and has a maximum gpa if 41,169sqft.
Real Estate Expert Lee Sze Teck from Huttons Asia Pte Ltd mentioned that this will be the 6th plot in the the Lentor precinct. And if all the 6 plots were sold the area could see a potential of 2943 new condominium units over the next 4-5 years.
Luke warm interest in the area
The gradual reduction in the number of bids for the sites in the area leads to the conclusion that the site may not attract much interest, industry experts noted.
Earlier this year, Lentor gardens launched for sale attracted only 1 bid. Joint ventures Guocoland and Hong Leong Holdings placed a bid of $486.8million or nearly $985 per square foot per plot ratio.
Nicholas Mak, an independent property analyst shares that the low level interest among the developers for new plots in the area is the excessive condominium projects in that Lentor location. That could be the reason for the lack lustre interest. There could be maximum of 3bidders at best.
Analyst predicts top bids
Lee Sze Teck from Huttons predicted that the top bids could range from $950 to $1050 psf per. The tender for the Lentor Central will close on Sept 12 2023.
Lentor Gardens is available for application under the reserve list. This site measures 20,640.8sqm and a maximum GFA of 43,346sqm. This plot can yield 500 residential units
Residential sites on the reserve list are only put up for sale when a developer indicates the minimum price of his application. And of which is acceptable to the government.
Property analysts do not expect this site on Lentor gardens to be triggered for sale.