Two residential properties with 99-year leases in Lentor Gardens and Lentor Central have been put up for sale by the Urban Redevelopment Authority (URA) as part of the Government Land Sales (GLS) plan for the second half of 2022.
URA said on Monday (Oct 31) that the Lentor Gardens residential site is offered for sale under the confirmed list, while the Lentor Central residential site is open for application under the reserve list.
Sites on the confirmed list are released on time regardless of interest, while parcels of land on the reserve list won’t be up for sale unless they fetch a price over the government’s minimum.
The Lentor Gardens site is 21,866.7 square meters in size, with a potential gross floor area (GFA) of 45,921 square meters, and is projected to provide roughly 530 dwelling units. The low-rise zone allows for a maximum of eight stories for these apartments, whereas the mid-rise zone allows for up to sixteen.
The Lentor Central site is 14,703.2 sq m in size and can accommodate a maximum GFA of 41,169 sq m. There might be as many as 475 low-rise dwelling units built on the land there. In the high-rise area, construction is permitted to a maximum height of 120 meters (SHD).
According to the SHD, the technical height limit for both locations is 120 meters.
Huttons Asia While the Lentor neighborhood is “forming up as a private residential enclave,” many projects debuting in the region during the next two years might decrease selling prices, Lee Sze Teck said, increasing the perceived risk to prospective buyers. Yanlord Land was given permission to build on a number of different plots of land in Lentor Central, including the Lentor Modern and Lentor Hills Residences. He went on to say that previous recent bids in the area had been met with “lukewarm” enthusiasm.
The CEO of OrangeTee & Tie, Steven Tan, recently remarked that the higher interest rate floor of 4% used to determine the overall debt payment ratio in the last round of property cooling measures may affect the pricing of future launches in this region since fewer loans would be accessible to purchasers.
Lee and Tan are in agreement that there won’t be more than five offers on the Lentor Gardens site and that the highest price will be between S$1,050 and S$1,150 per square foot per plot ratio, while they anticipate that the Lentor Central site won’t be put up for sale. Lee also said that it might be released as part of the first half of the 2023 GLS plan, which is on the confirmed list.
On April 4, 2023, at 12 p.m., the deadline for the Lentor Gardens site tender will have passed.