GuocoLand’s Lentor Modern and Midtown Modern fully sold
Lentor Central Residences, a forthcoming development by GuocoLand, Hong Leong Holdings and CSC Land Group (Singapore), is intended for start in 1Q2025. The condo comprises 477 units throughout two high-rise blocks.
At the same time, units at the 558-unit Midtown Modern, positioned on Tan Quee Lan Street, fetched a fair cost of around $2,825 psf. The 99-year leasehold condo, which belongs to the Guoco Midtown mixed-use property development, was first introduced up for sale in March 2021.
“The response to Lentor Modern and our various other property developments in the Lentor Hills estate accentuate the solid demand for quality costs homes in the location,” says Dora Chng, property director of GuocoLand.
The 533-unit Lentor Mansion, established by GuocoLand and Hong Leong Holdings, was launched last March, with 75% sales accomplished during the very first two days of launch. The project is now 97% offered with short of 20 units remaining offered, GuocoLand shares.
Along with Lentor Modern, GuocoLand is developing 3 other projects in the estate with its joint project partners. In July 2023, the property developer, together with Hong Leong Holdings and TID, launched the 598-unit Lentor Hills Residences. The project has actually sold 99% of units to date at a standard rate of approximately $2,099 psf, based on cautions lodged.
Lentor Modern was the initial development to be started in the Lentor Hills estate. It saw a strong action upon launch, with the project amassing a take-up figure of 84% on launch day.
The final unit at Lentor Modern, GuocoLand’s incorporated development in the Lentor Hills estate, has already been offered, which suggests that the 605-unit venture is currently completely taken up. The achievement comes on the back of Midtown Modern, which was additionally completely sold since last December, GuocoLand states in a Jan 27 statement.
Cautions on URA’s Realis database display that the last unit sold 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 completely taken up in less than 2 1/2 years since sales reservations began. Based upon caveats, the venture accomplished an average asking price of approximately $2,107 psf.
Lentor Modern is a 99-year leasehold project making up three 25-storey residential towers with an overall of 605 homes. The towers oversee a 96,000 sq ft mall that are going to incorporate a 12,000 sq ft supermarket, a 10,000 sq ft child care center, and F&B and retail services. The property development is going to be integrated with Lentor MRT Station on the Thomson-East Coast Line (TEL).
She includes: “We expect the launch of Lentor Central Residences to be satisfied with strong attraction because of its proximity to our Lentor Modern shopping center which is straight connected to the Lentor MRT terminal on the Thomson-East Coast Line”.
In its press release, GuocoLand mentions that the shopping center is currently “more than 50%” leased, including to anchor renters CS Fresh and ChildFirst.
Not far away, the upcoming property development at the Upper Thomson Road (Parcel B) site is intended for debut in the second half of the year, GuocoLand says. The property developer, together with Hong Leong Holdings, was awarded the Government Land Sales (GLS) plot last April after the joint venture partners submitted the sold bid of $779.6 million for the 344,700 sq ft, 99-year leasehold site, mirroring a land rate of $905 psf per plot ratio.
The project will make up five 25-storey high rises with 941 units, including a part of the initial Upper Thomson High school that will be preserved and adapted for non commercial usage. It is going to also have covered access to Springleaf MRT Station on the TEL.
