Lentor Modern condominium 84% sold in the first weekend of launch
GuocoLand’s Lentor Modern offers a 99-year leasehold on private integrated residential development, and sold 508 out of 605 units at its weekend launch – representing 84%.
GuocoLand announced in a Sunday press release that units in its integrated mixed use development in Lentor Hills Estate would range between $1,856 to $2,538 per sq ft.
Prices for units released ranged between $1.07m for a one-bedroom unit measuring 527 sq ft and $3.33m for four-bedroom apartments spanning 1,528 sq. ft.
All 231 units with two bedrooms and 63 units with one bedroom were sold, and over 73% of the 248 units with three bedrooms had also been taken up by buyers. Over 50% of 63 four-bedroom units were reserved as well.
It marks one of the year’s largest non-landed residential launches, and analysts noted its impressive sales during its inaugural weekend as proof of strong underlying demand among both HDB upgraders and new families despite higher home loan rates and an uncertain economic climate.
Analysts noted that this project reflected both a limited supply of private residential launches as well as its unique challenges.
Lentor Modern stands as the most successful project of 2022 due to the number of units that were sold during its launch.
One and two-bedroom apartments were first to sell out, showing buyers’ eagerness to gain an advantage in this private residential enclave.
They have accepted that paying over $2,000 per square foot will soon become standard practice and are thus taking action now to purchase.
GuocoLand reported that 92% of its buyers were Singaporeans while permanent residents and foreigners made up 8 percent.
This development will connect underground to the Lentor MRT Station on the Thomson-East Coast Line.
This project builds upon the success of AMO Residence, which saw over 98% of its 372 units sell during its July launch.
AMO Residence marks the first major residential project undertaken within an established housing estate of Ang Mo Kio in over eight years.
Analysts speculate that Lentor Modern may have seen increased occupancy from HDB upgraders who wished to remain nearby but who were unable to secure units at AMO Residence.
GuocoLand won this site through a government tender held in July 2021 for land sales, with their bid of $784.1 Millions or $1.204 per square foot per plot ratio being awarded the contract.
GuocoLand envisions Lentor Modern as the center of Lentor neighborhood, which includes private housing estates.
Lentor Hills Residences will be the next upcoming launch in this up and coming vibrant estate.