Lentor Modern by GuocoLand

06/08/2022

06/08/2022

Like receiving parcels?

Here are the 6 different Land Parcels arriving at Lentor.

06/08/2022

Lentor Central is a plot of land released under the GLS Programme, slated for the development of a residential project with commercial first story.

The land parcel is located within the new Lentor Hills Estate which is envisioned as a sustainable, pedestrian-friendly neighbourhood admidst lush greenery.

Located next to Lentor MRT station on the Thomson-East Coast Line, future residents will enjoy direct access via public transport to various parts of Singapore.

Established schools such as Presbyterian High School, Anderson Primary School, CHIJ St Nicholas Girls' School are located nearby.

Future residence can look forward to retail options located within the upcoming mixed-use development and enjoy recreational choices at the future hillock and linear parks.

06/08/2022

𝐓𝐡𝐫𝐞𝐞 𝐫𝐞𝐬𝐢𝐝𝐞𝐧𝐭𝐢𝐚𝐥 𝐆𝐋𝐒 𝐬𝐢𝐭𝐞𝐬 𝐢𝐧 𝐋𝐞𝐧𝐭𝐨𝐫 𝐫𝐞𝐥𝐞𝐚𝐬𝐞𝐝 𝐟𝐨𝐫 𝐬𝐚𝐥𝐞

The government has launched a land parcel each at Lentor Central, Lentor Gardens and Lentor Hills Road (Parcel B) for sale under the 1H2022 Government Land Sales (GLS) Programme. Collectively, the three GLS sites could yield about 1,265 new residential units, says URA.

Two of the residential sites, Lentor Central and Lentor Hills Road (Parcel B), have been launched for sale by public tender under the Confirmed List. Meanwhile, the land parcel at Lentor Gardens is available for application under the Reserve List. This means that a developer needs to submit an acceptable minimum bid to URA to trigger the public tender for the site.

The new GLS sites add to the pool of development land in the Lentor area, which includes previously awarded sites at Lentor Central and Lentor Hills Road (Parcel A).

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.

But he adds that “the supply of 1,935 homes may be sufficient to meet the pentup demand in the area, hence the Lentor Gardens site on the Reserve List may not be triggered for sale”. As a result, 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.

“In the face of increased risks from the cooling measures and rising construction costs, developers may not want to buy land in an area where there is ample supply,” says Lee. He adds that developers might turn to other available GLS sites or the en bloc market.

This sentiment is shared by Wong Siew Ying, head of research and content at PropNex Realty. She says: “We think developers will be keen on these two sites, but they will be mindful of two other nearby plots that have been sold recently and maybe more judicious with their bids.”

She also says the new Reserve List site is unlikely to be triggered for sale this time round, considering the upcoming supply in the area.

However, Nicholas Mak, head of research & consultancy at ERA Realty Network, believes that despite two new projects and more development land released, developers will still be interested to bid for the newly launched Confirmed List sites.

“This is because the supply of private residential units in the OCR [Outside Central Region] that are yet to be launched is very low. In addition, the cooling measures means that an increasing proportion of the private home buyers will be Singaporeans and permanent residents. This group of buyers typically prefer mass-market condominiums,” says Mak. Thus, developers marketing mass-market condominiums will enjoy steady demand and face less competition.

The tender for the site at Lentor Central could attract six to 11 bids, while the site at Lentor Hills Road (Parcel B) could draw four to eight bids, he says.

Mak expects the top bid for the Lentor Central site to range from $499 million ($1,149 psf ppr) to $550 million ($1,267 psf ppr), and the top bid for the Lentor Hills Road (Parcel B) to be between $255 million ($1,043 psf ppr) and $289 million ($1,182 psf ppr).
The tender for the sites at Lentor Central and Lentor Hills Road (Parcel B) will close on Sept 13.

- EdgeProp, "Three residential GLS sites in Lentor released for sale", 17 May 2022

06/08/2022

𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐩𝐫𝐢𝐯𝐚𝐭𝐞 𝐡𝐨𝐦𝐞 𝐩𝐫𝐢𝐜𝐞𝐬 𝐚𝐜𝐜𝐞𝐥𝐞𝐫𝐚𝐭𝐞𝐝 𝐛𝐲 𝟑.𝟓% 𝐢𝐧 𝟐𝐐𝟐𝟎𝟐𝟐

Private home prices in Singapore increased by 3.5% in 2Q2022, according to URA. This was slightly higher than the flash estimate of 3.2% released on July 1. The 3.5% q-o-q increase is significantly higher than 1Q2022’s 0.7% increase, according to URA data released on July 22. This brings the overall private home price increase to 4.2% in 1H2022.

“The stronger price gains were due to new launches, strong demand for homes and the return of foreigners,” says Lee Sze Teck, Huttons Asia senior director of research.

Developers launched 1,956 units for sale in 2Q2022, more than three times the units launched for sale in 1Q2022. The launch of two major projects in May – Piccadilly Grand and Liv @ MB — pushed up the overall sales in 2Q2022 to 2,397 units, 31.3% higher than the previous quarter. Both projects located in the Rest of Central Region (RCR) were well-received by buyers and sold more than 70% of their units on launch day, notes Huttons’ Lee. They likely contributed to the price gains of 6.4% in the RCR in 2Q2022, he adds.

Home purchases by foreigners totalled 296 units in 2Q2022, based on caveats lodged, double the volume in 1Q2022, when foreigners purchased 147 units. Huttons’ Lee attributes this to the opening of borders to vaccinated travellers, who gave a boost to sales of projects in the Core Central Region (CCR) and RCR. In 2Q2022, a total of 592 homes were sold in the CCR, 64% higher than the previous quarter.

In the executive condo (EC) market, developers sold 193 units in 2Q2022. The 616-unit North Gaia, launched in April, is the only new EC project launched this year so far until 4Q2022, when Copen Grand at Tengah Garden Walk and Tenet at Tampines Street 62 are expected to preview.

“Overall, there are more buyers than there are sellers in the current home market,” observes Leonard Tay, head of research for Knight Frank Singapore. “The current tight supply of saleable inventory is playing catch-up with demand, due to a backlog of delayed new completions and lack of development land acquisition during the initial years of the pandemic.”

As at the end of 2Q2022, there were 15,805 unsold new private homes (excluding ECs), up from the 14,087 unsold units at the end of the previous quarter, according to PropNex Research. Of the 15,805 unsold units, 6,036 units were in the CCR, 5,383 units in the RCR and just 4,386 units in the Outside Central Region (OCR).

“In the recent months, the absence of major OCR launches has created a pent-up demand for such homes and we expect this to translate to relatively strong sales for mass market launches in the pipeline, kicking off with the launch of AMO Residence in Ang Mo Kio this weekend [July 23],” says Ismail Gafoor, CEO of PropNex. According to sources, the developer collected 1,491 cheques as expression of interest, which means the 372-unit project is four times subscribed ahead of its launch.

Upcoming launches in 3Q2022 are all located in the Outside Central Region (OCR). The launch of AMO Residence will be followed by boutique developments such as the 19-unit K Suites and 34-unit Kovan Jewel, as well as the 605-unit Lentor Modern, 158-unit Sky Eden @ Bedok and 105-unit The Arden.
Sky Eden @ Bedok will be the first new project to be launched in Bedok Town Centre since the launch of Bedok Residences more than 10 years ago. Meanwhile, Lentor Modern will be the only integrated mixed-use development in the new Lentor precinct, notes Huttons Asia.

“These projects will drive price gains in 3Q2022,” says Huttons’ Lee. “Foreigners are continuing to buy homes in Singapore and will support prices in the CCR and RCR,” he adds. “The strong demand from HDB upgraders will translate to robust sales in the OCR.”
In 2Q2022, resale properties accounted for 62.2% of overall home sales, according to PropNex Research. It reflects the limited options in the new launch market as well as the preference for move-in-ready resale units among some buyers, according to Gafoor. “Furthermore, the faster pace of price increase in the primary market may also channel some buyers to the resale market, where prices are rising at a slower clip,” he says.

However, resale prices are expected to continue their upward trend, adds Gafoor. He attributes this to “tight resale stock”, with some owners preferring to hold on to their investment property for rental income amid the hot leasing market.

Rents of private residential properties shot up by 6.7% in 2Q2022 which was “the fastest quarterly increase since 4Q2007”, comments Huttons’ Lee. “Landlords are raising rents to cover the increase in interest costs,” he says.

Further increase in interest rates may test the affordability threshold of some would-be buyers with tight budgets, resulting in some dropping out of the market, observes PropNex’s Gafoor. Still, PropNex remains “relatively optimistic” about private home sales in 2022, in view of the low inventory and resilient demand from Singaporeans and foreigners as well as the reopening of borders.
“We expect private home prices to continue to increase gradually for the rest of the year, with upcoming launches stimulating price growth,” says Gafoor. “In addition, the firm land prices, rising construction costs, and healthy homebuyer demand will also exert some upward pressure on home values.”

Huttons’ forecast is that developer sales could end the year 2022 with 9,000 units, while private home prices are expected to increase up to 8%.

- EdgeProp, "Growth in private home prices accelerated by 3.5% in 2Q2022", 22 July 2022

06/08/2022

𝐌𝐨𝐫𝐞 𝐖𝐢𝐥𝐥𝐢𝐧𝐠 𝐓𝐨 𝐏𝐚𝐲 𝐅𝐨𝐫 𝐂𝐨𝐧𝐧𝐞𝐜𝐭𝐢𝐯𝐢𝐭𝐲 𝐀𝐧𝐝 𝐂𝐨𝐧𝐯𝐞𝐧𝐢𝐞𝐧𝐜𝐞 (𝐒𝐮𝐫𝐯𝐞𝐲)

The majority of people surveyed are willing to increase their housing budget for a home with good connectivity and convenience. This was one of the main findings from the recently concluded EdgeProp survey on this increasingly relevant subject. The result is not surprising, given the rising cost of car ownership with recent COE (Certificate of Entitlement) exceeding $100,000. As a result, many are revisiting the tradeoffs between car ownership and living in a place with easy transportation access as a more sustainable and affordable option.

One in four survey respondents also indicated their willingness to increase their housing budget by more than 10% for a residential property with direct access to MRT. Respondents also highly value the convenience of having nearby amenities such as supermarkets and affordable food choices. Notably, convenience and connectivity were deemed to be more important than a central location.

Methodology of survey and respondents’ profile
The online survey on connectivity and convenience was carried out by EdgeProp Singapore from June 17 to 30 and 1,247 valid responses were received. The majority of the respondents are between 41 to 65 years old (68%), with 45% living in HDB, followed by Condo/Apartments (38%) and Landed Property (16%).

Readiness to purchase
Three hundred and sixty-one respondents indicated they were looking to purchase a residential property within the next 12 months. Of these, 57.9% of respondents plan to purchase as owner-occupiers and had an average budget of $1.9 million. A large majority (77.8%) will consider buying a unit in an integrated development with easy access to connectivity and convenience.

Supermarkets, affordable food and MRT deemed most important amenities
Supermarkets were deemed the most important amenity to have in an integrated development; with 87% surveyed indicating it as important. Affordable food choices (69%) and walking distance to an MRT station (66%) round up the top three most important amenities.
On the flip side, a major gym, walking distance to the workplace and beauty services were deemed the least important amenities.

Willing to pay for convenience and connectivity
The increasing cost of car ownership will see more people relying on public transport, therefore easy and direct access to MRT is critical. Direct access to a supermarket will also cut down on travelling time and distance when buying groceries and other daily necessities.

Nearby public transport nodes bring homeowners much-appreciated connectivity so it is not surprising that 85% to 92% of the respondents indicated a willingness to pay more for residential properties near such amenities. Respondents are also willing to increase their housing budget to live near supermarkets (83%) and affordable food choices (78%). Likewise, tenants are willing to pay higher rents for a home near the above-mentioned amenities, which bodes well for investors looking to invest in such properties.

Our survey findings also indicate that direct, sheltered access to an MRT station brings significant value enhancement to a property with 27% of the respondents willing to increase their housing budget by at least 10% for such property. Additionally, 19% of them are willing to increase their housing budget by 10% to live within walking distance of an MRT station.
Many respondents identified supermarkets and affordable food as important amenities but relatively fewer of them (compared to MRT access) are willing to pay more for a home near these amenities. This is a good indicator that connectivity is also valued more highly than convenience.

Additionally, more owner-occupiers are willing to pay for proximity to an MRT station compared to investors. This is understandable as owner-occupiers will directly benefit from the easy access to connectivity.

Time is money
Sixty-eight percent of the respondents either agree or strongly agree that they can draw on future savings from transport to increase their housing budget for a unit in an integrated development. This is even more apparent if their daily commute is shortened.

To save five minutes on their daily commute, 4% of respondents are willing to increase their housing budget by more than 10%; increasing to 12% and 36% of respondents for savings of 30 minutes and an hour respectively. In fact, the majority of respondents are willing to spend more than 5%–10% higher on the housing budget if it saves them 30 minutes on commute time. In this case, time is truly money.

Connectivity and convenience trump central location
The central area of Singapore is often seen as a desirable area to live in because it is located near the CBD and Orchard Road. However, four in five of the people surveyed indicated that they would prefer a non-central but well-connected property with nearby amenities as compared to a centrally located property with low connectivity and convenience.

Preference for convenience and connectivity over a central location is understandable. This is also reflected in the rising prices of properties Outside Central Region (OCR), as seen by the recent success of AMO Residence (where 98% of its units flew off the shelves on the first day of sales) and the recent en blocs of Chuan Park and Euro-Asia, in which the expected prices of these redevelopments will cost in excess of $2,200 psf.
Integrated developments are rare and in hot demand

Newly-launched integrated developments are generally well received by buyers. For example, the 407-unit Piccadilly Grand, integrated with Farrer Park MRT Station, saw 77% of its units sold during the launch weekend in May. The take-up rate increased to 80% a month later.
Sixty-one percent of units in Midtown Modern were sold during launch weekend last March. Due to its excellent location in the heart of Bugis, the take-up for the 558-unit development reached 76% in June.

What our survey found was that convenience and connectivity trump having a central location. A good example is Sengkang Grand Residences which sold 32% of 680 units when it was launched in November 2019. The project has two remaining units.

Last but not least, Pasir Ris 8 was launched last July and promptly sold over 85% of 487 units in its first weekend. Take-up has increased to 90.3% in June. Overwhelming success for the integrated development spurred other developers to reprice their projects.

All eyes will now be on Lentor Modern, which is targeted to be launched by GuocoLand this September. The 605-unit integrated development is directly connected to Lentor MRT station on the Thomson-East Coast Line and is just nine stops away from Orchard. The development comes equipped with 96,000 sq ft of commercial spaces, including a 12,000 sq ft supermarket and a 10,000 sq ft childcare centre. When completed, it will be part of the new Lentor Hills neighbourhood under the North-East Region Master Plan. Nearby schools include Anderson Primary School, Presbyterian High School, Mayflower Primary School and CHIJ St Nicholas Girls’ School.

-EdgeProp, "More willing to pay for connectivity and convenience: Survey" 5 August 2022

05/08/2022

Lentor Modern at Lentor Central is envisioned as a gateway to the Lentor Hills Estate and the future Hillock Park.

With close proximity to greenery and nature reserves, Lentor Modern‘s lush landscape enhances the overall sense of greenery in the area and include an attractive living environment that promotes an active lifestyle with the greenery.

The location will also include a well-designed public plaza that provides a welcoming sense of arrival to the estate and the future Hillock Park and enable seamless and direct connectivity to/from public transportation nodes such as the Lentor MRT station and bus stops.

Being the first new launch in this area after more than 15 years, Lentor Modern is the first new launch that comes with a ‘first mover advantage’ over the 5 upcoming land plots around Lentor Hillock Park.

05/08/2022

⭐️ 𝗟𝗘𝗡𝗧𝗢𝗥 𝗠𝗢𝗗𝗘𝗥𝗡 ⭐️
𝘙𝘢𝘳𝘦 𝘐𝘯𝘵𝘦𝘨𝘳𝘢𝘵𝘦𝘥 𝘔𝘪𝘹𝘦𝘥 𝘜𝘴𝘦 𝘋𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵 𝘣𝘺 𝘙𝘦𝘯𝘰𝘸𝘯𝘦𝘥 𝘋𝘦𝘷𝘦𝘭𝘰𝘱𝘦𝘳 𝘎𝘶𝘰𝘤𝘰𝘓𝘢𝘯𝘥

✔️ First Mover Advantage - no new launch in the vicinity for more than 15 years, Lentor transformation

✔️ Direct Access to Lentor MRT station - direct to Orchard, Outram and Marina Bay

✔️ 3 Iconic Towers, 25 Storeys of total 605 residential units

✔️ 96,000 sqft of F&B & Retail, including 12,000sqft Supermarket and 10,000sqft Childcare Centre

✔️ Easy Access to Nature Parks (Thomson Nature Park, Future Hillock Park and Linear Park)

✔️ Proven Track Record of Premier Developer, GuocoLand

📣 𝗧𝗮𝗿𝗴𝗲𝘁𝗲𝗱 𝗩𝗩𝗜𝗣 𝗣𝗿𝗲𝘃𝗶𝗲𝘄 𝗗𝗮𝘁𝗲:
2nd to 12th September 2022

📣 𝗧𝗮𝗿𝗴𝗲𝘁𝗲𝗱 𝗟𝗮𝘂𝗻𝗰𝗵 𝗗𝗮𝘁𝗲:
16th September 2022

05/08/2022

The tender for the Lentor Central government land sale (GLS) site closed with nine bids today. The highest bid of $784.1 million, which translates to a land rate of $1,204 psf per plot ratio (psf ppr), was submitted by GuocoLand.

“If we are awarded the site, we are envisioning a new mixed-use, transit-oriented development of 25 storeys with around 600 residences that will enjoy the convenience of having a substantial amount of commercial, F&B and retail spaces, including a supermarket and more than 10,000 sq ft of child care facilities,” says GuocoLand in a statement.

The price was 4.5% higher than the second highest bid of $1,152 psf ppr by Hong Leong Group and TID Pte Ltd, a joint venture between Hong Leong and Japanese developer Mitsui Fudosan.

The top bid of $1,204 psf ppr is also 7.7% higher than the winning bid of $1,118 psf ppr for the Ang Mo Kio Avenue GLS tender which closed in May 2021.

The response seen in this tender indicates the developers’ strong confidence in the suburban residential market, which has been showing signs of pent-up demand amidst diminishing supply and lack of new launches in the OCR [Outside Central Region],” says Ismail Gafoor, CEO of PropNex.

The 99-year leasehold site of 186,001 sq ft at Lentor Central is located right next to the upcoming Lentor MRT station on the Thomson-East Coast Line. The station is expected to be operational later this year. The site attracted nine bids partly because of its proximity to the MRT station, Nicholas Mak, ERA head of research & consultancy points out.

According to GuocoLand, the site will be integrated with the Lentor MRT station. “Residents have immediate access to the Thomson-East Coast Line which takes people to Bukit Timah, Botanic Gardens, Orchard Road, Marina Bay all the way to East Coast,” says a GuocoLand spokesman.

The site at Lentor Central is located in the Thomson area that has mostly landed homes, as well as close to nature reserves and parks. Top schools in the area include Ai Tong School, Chinese High School, Raffles Institution, Raffles Girls’ School and CHIJ St Nicholas Girls’ School.

“It’s probably the best site in the 1H2021 GLS programme,” says Mark Yip, CEO of Huttons Asia. “The buoyant HDB resale market means there will be more HDB upgraders looking for options in the market and there are not many new mass market condo launches in 2022.”

Besides HDB upgraders, Huttons sees pent-up demand in the Lentor area, as the last new condominium launch was the 421-unit The Calrose in 2005

- EdgeProp, “GuocoLand tops bid for Lentor Central site with $1,204 psf ppr; sets new record for OCR land prices” 22 July 2021