GuocoLand’s Lentor Modern and Midtown Modern fully sold
Lentor Modern was the first property to be started in the Lentor Hills estate. It saw a solid action upon launch, with the property amassing a take-up rate of 84% on launch day.
In its press release, GuocoLand mentions that the shopping mall is currently “more than 50%” leased, involving to support lessees CS Fresh and ChildFirst.
The development will make up five 25-storey high rises with 941 units, including a section of the original Upper Thomson Secondary School which will certainly be saved and adjusted for residential use. It will also have sheltered access to Springleaf MRT Terminal on the TEL.
At the same time, units at the 558-unit Midtown Modern, situated on Tan Quee Lan Street, brought a fair cost of about $2,825 psf. The 99-year leasehold condo, which belongs to the Guoco Midtown mixed-use development, was initially introduced offer for sale in March 2021.
The last unit at Lentor Modern, GuocoLand’s incorporated development in the Lentor Hills estate, has been sold, which indicates that the 605-unit plan is currently completely occupied. The accomplishment comes on the back of Midtown Modern, which was as well fully marketed as of last December, GuocoLand shares in a Jan 27 notice.
“The feedback to Lentor Modern and our other developments in the Lentor Hills estate accentuate the solid demand for high quality premium houses in the location,” states Dora Chng, housing director of GuocoLand.
She includes: “We anticipate the launch of Lentor Central Residences to be met with solid interest as a result of its distance to our Lentor Modern mall which is directly attached to the Lentor MRT terminal on the Thomson-East Coast Line”.
The 533-unit Lentor Mansion, established by GuocoLand and Hong Leong Holdings, was launched last March, with 75% sales accomplished throughout the first 2 days of open. The plan is now 97% offered with lower than 20 units remaining out there, GuocoLand shares.
Lentor Central Residences, a forthcoming project by GuocoLand, Hong Leong Holdings and CSC Land Group (Singapore), is intended for launch in 1Q2025. The condominium consists of 477 units across two high-rise blocks.
Lentor Modern is a 99-year leasehold project comprising three 25-storey non commercial high rises with an overall of 605 apartments. The towers administer a 96,000 sq ft mall that will incorporate a 12,000 sq ft food store, a 10,000 sq ft child care centre, and F&B and retail offerings. The property development will be integrated with Lentor MRT Station on the Thomson-East Coast Line (TEL).
Close by, the upcoming development at the Upper Thomson Road (Parcel B) site is intended for debut in the 2nd half of the year, GuocoLand says. The developer, together with Hong Leong Holdings, was awarded the Government Land Sales (GLS) plot last April after the joint venture associates sent the offered proposal of $779.6 million for the 344,700 sq ft, 99-year leasehold site, reflecting a land rate of $905 psf per plot ratio.
Along with Lentor Modern, GuocoLand is creating three other projects in the estate with its joint venture partners. In July 2023, the property developer, along with Hong Leong Holdings and TID, released the 598-unit Lentor Hills Residences. The undertaking has marketed 99% of units to date at a standard cost of about $2,099 psf, based on caveats lodged.
Caveats on URA’s Realis database display that the last unit sold at Lentorn Modern was a 1,130 sq ft, three-bedroom unit which fetched $2.4 million ($2,126 psf) on Jan 19. Houses at Lentor Modern initially started for sale in September 2022. This suggests that the condo has actually been completely occupied in less than 2 1/2 years since sales bookings commenced. Based upon caveats, the project accomplished an average asking price of around $2,107 psf.