Lentor Gardens GLS Site Closing in April 2025: Commentary by ERA

SINGAPORE, 3 April 2025 – The tender for the Government Land Sale (GLS) site at Lentor Gardens closed on 3 April 2025. In total, the site drew interest from 2 bidders, with the top bid of $429.2 million (or $920 psf ppr) being put in by Kingsford Huray Development Pte Ltd.

Marcus Chu, Chief Executive Officer, ERA Singapore said: “With a difference of just 1.6%, the close competition between both bidders indicates that both developers’ share a similar market outlook and prudent cost assumptions.”

“Taking into account that the site may only launch in 2H 2025, developers could be taking a more conservative medium-term view of the market in view of the many new homes launched recently.”

“Despite six launches in the Lentor Hills estate, there is a limited remaining stock of just 138 units unsold.

“Despite expectations of a larger turnout, only two developer firms submitted bids for the site. This is surprising, given that the 93% take-up rate for Lentor Central Residences is a clear indication of buyer demand. Moreover, the site’s relatively affordable quantum would have typically made it an attractive proposition for developers as it mitigates their risk of incurring ABSD past the five-year selling timeframe.”

“A top bid of $920 psf ppr represents a 6.3% discount from the last site awarded at Lentor (now Lentor Hills Residences). This be a signal that developers are being more selective about the sites they choose, knowing that sites at the Lentor Hills estate have been dominated by a single developer.”

“Additionally, the Upper Thomson Road (Parcel B) residential site one MRT station away at Springleaf will further intensify competition between projects in the area by injecting an additional 940 new units, bringing the total stock to 4,390 units within a 2km radius. This could further dilute demand from the shared pool of potential upgraders from Ang Mo Kio, Yio Chu Kang and Yishun.”

For media enquiries, please contact:

Ning Peh, Senior Marketing Communications Manager, ERA Singapore

Email: ning@era.com.sg

Kaixin Yue, PR Manager, ERA Singapore

Email: kaixin@era.com.sg

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