2 more residential sites in Lentor released for sale; cautious bids expected as interest wanes - The Straits Times

SINGAPORE – The Lentor Hills estate is shaping up as a private residential enclave, with two more 99-year leasehold private residential land parcels released by the Urban Redevelopment Authority (URA) on Wednesday.

However, developers’ interest in the estate has been on the decline and market experts are expecting cautious bidding amid an uncertain economic outlook.

The first land parcel is a residential site at Lentor Central, which is launched for sale under the confirmed list of the Government Land Sales (GLS) programme for the first half of 2023.

The development at the site, which is about 158,263 sq ft, can be built up to five storeys and will yield about 475 residential units. It is the sixth site launched under the GLS confirmed list.

These units are part of the 4,090 residential units to be made available under the first half 2023 GLS programme, which represents a 17 per cent increase from 3,505 units released in the second half 2022.

The tender for the Lentor Central site will close at 12pm on Sept 12.

The second land parcel is a residential site at Lentor Gardens, which is about 222,175 sq ft and can yield 500 units.

The site is only available for application by developers under the GLS reserve list, meaning it will be put up for tender only if the minimum price submitted by a developer is acceptable to the Government.

The two parcels are located within the new Lentor Hills estate near Lentor MRT Station along the Thomson-East Coast Line.

Also coming up in the area are retail outlets, a supermarket and childcare facilities within the nearby mixed-use development at Lentor Modern.

Huttons Asia senior director of research Lee Sze Teck said the number of bids has been declining, from nine bids for the site that is now Lentor Modern sold in July 2021 to just one bid for a Lentor Gardens site launched in October 2022.

He attributed developers’ waning interest to the pipeline supply of almost 3,000 units in the area that will be completed over the next four to five years, if all six sites on the GLS confirmed list are sold.

Developers’ biggest risk is the additional buyer’s stamp duty rate, especially at a time when the economic outlook is uncertain, said Mr Lee.

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