24/05/2022
The previous GLS site at Lentor Central was sold for $784 million ($1,204 psf per plot ratio, or psf ppr) to GuocoLand in July 2021. The developer has announced plans to redevelop the site into the 600-unit Lentor Modern.
A joint venture comprising Hong Leong Holdings, GuocoLand and TID was awarded Lentor Hills Road (Parcel A), after the consortium submitted the top bid of $586.6 million ($1,060 psf ppr) in January this year.
If the two newly released plots are successfully sold, it would bring the total supply pipeline of residential units in the Lentor area to about 1,935 homes, says Lee Sze Teck, senior director (research) at Huttons Asia.
The level of developer interest in the two freshly released sites might be more lukewarm than expected, despite developers’ need to replenish their depleted landbanks.