GuocoLand’s Lentor Modern and Midtown Modern fully sold
The last unit at Lentor Modern, GuocoLand’s incorporated project in the Lentor Hills estate, has already been marketed, which suggests that the 605-unit plan is at present totally taken up. The achievement takes place the behind Midtown Modern, which was additionally totally marketed as of last December, GuocoLand says in a Jan 27 press release.
Caveats on URA’s Realis database show that the last unit offered at Lentorn Modern was a 1,130 sq ft, three-bedroom unit that brought $2.4 million ($2,126 psf) on Jan 19. Houses at Lentor Modern first started for sale in September 2022. This means that the condo unit has actually been fully occupied in no more than 2 1/2 years since sales reservations began. Based on caveats, the venture achieved an average asking price of approximately $2,107 psf.
Not far away, the upcoming property development at the Upper Thomson Road (Parcel B) site is targeted for release in the second half of the year, GuocoLand says. The property developer, along with Hong Leong Holdings, was granted the Government Land Sales (GLS) plot last April after the joint venture associates submitted the offered quote of $779.6 million for the 344,700 sq ft, 99-year leasehold site, reflecting a land rate of $905 psf per plot ratio.
The project will comprise 5 25-storey high rises with 941 units, including a portion of the original Upper Thomson Middle school that will be conserved and adapted for residential use. It is going to also have covered access to Springleaf MRT Stop on the TEL.
Lentor Central Residences, a forthcoming project by GuocoLand, Hong Leong Holdings and CSC Land Group (Singapore), is targeted for release in 1Q2025. The condominium consists of 477 units throughout two sky-high blocks.
In its news release, GuocoLand says that the mall is presently “more than 50%” leased, including to anchor tenants CS Fresh and ChildFirst.
Lentor Modern is a 99-year leasehold property making up 3 25-storey residential high rises with an overall of 605 homes. The towers oversee a 96,000 sq ft shopping center that will incorporate a 12,000 sq ft food store, a 10,000 sq ft childcare centre, and F&B and retail offerings. The development will be incorporated with Lentor MRT Stop on the Thomson-East Coast Line (TEL).
On the other hand, units at the 558-unit Midtown Modern, positioned on Tan Quee Lan Road, fetched an usual rate of about $2,825 psf. The 99-year leasehold apartment, which belongs to the Guoco Midtown mixed-use property development, was first launched available in March 2021.
The 533-unit Lentor Mansion, developed by GuocoLand and Hong Leong Holdings, was introduced last March, with 75% sales attained throughout the initial 2 days of release. The plan is now 97% sold with lower than 20 units remaining out there, GuocoLand says.
“The feedback to Lentor Modern and our various other property developments in the Lentor Hills estate accentuate the solid need for high quality costs houses in the location,” claims Dora Chng, property director of GuocoLand.
She includes: “We expect the launch of Lentor Central Residences to be fulfilled with solid attention because of its closeness to our Lentor Modern shopping center which is directly connected to the Lentor MRT terminal on the Thomson-East Coast Line”.
Lentor Modern was the initial property to be started in the Lentor Hills estate. It saw a good reaction upon launch, with the venture amassing a take-up figure of 84% on launch day.
Along with Lentor Modern, GuocoLand is establishing 3 other ventures in the estate with its joint project companions. In July 2023, the property developer, together with Hong Leong Holdings and TID, launched the 598-unit Lentor Hills Residences. The venture has actually offered 99% of units to day at a common cost of around $2,099 psf, based upon caveats lodged.
