Lentor Modern is a 99-year site launched through the 1st half 2021 government land sale (GLS) programme. On Thur 29 Jul 2021, GLL D Pte Ltd (an indirect subsidiary of GuocoLand) was awarded the tender for this Lentor Central GLS site. Tender received nine bids.
The bid submitted by GLL D is S$784.1 mil or S$1,204 per square foot per plot ratio (psf ppr).
The plot is 17,279.9 m2 / 186,001 sqft in size, with a plot ratio of 3.5 and a maximum gross floor area of 60,480 m2 / 651,003.5 sqft. The site will be developed for private housing with a commercial component on the first floor. The Lentor Modern is envisaged to launch in the 2nd half of 2022.
A tender for the site was first released by URA on 15 Apr 2021. This bid closed on 22 Jul 2021.
LENTOR CENTRAL GLS SITE BIDS:
GuocoLand is owned by Malaysia’s tycoon Quek Leng Chan’s Hong Leong Group. Their bid at S$1,204 is 4.5% higher than the second-highest bid of S$750 million at S$1,152 psf ppr submitted by a consortium comprising Hong Realty, TID Residential and Intrepid Investments. Kwek Leng Beng, who is Mr Quek Leng Chan’s cousin, leads the Hong Leong Group Singapore, which includes the trio.
There are plans to develop the Lentor Central GLS site into a 25-storey mixed-use development with around 605 residential apartments and first-level commercial. In addition to F&B and retail outlets, there will be a supermarket and childcare facilities measuring 10,000 square feet.
As a result of the buoyant HDB resale market, there will be more HDB upgraders considering Lentor Modern to be possibly one of their options. Besides, there are fewer mass market new condo launches in 2022 so a pent-up demand in Lentor is expected. The last new condominium launch was the 421-unit The Calrose in the year 2005.
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