GuocoLand’s Lentor Modern and Midtown Modern fully sold
Cautions on URA’s Realis data source demonstrate to that the last unit marketed at Lentorn Modern was a 1,130 sq ft, three-bedroom unit which fetched $2.4 million ($2,126 psf) on Jan 19. Residences at Lentor Modern first launched for sale in September 2022. This indicates that the condo has been fully taken up in less than 2 1/2 years since sales bookings commenced. Based on cautions, the venture accomplished a standard asking price of approximately $2,107 psf.
Lentor Modern was the first development to be launched in the Lentor Hills estate. It saw a good action upon launch, with the property gathering a take-up figure of 84% on launch day.
In its news release, GuocoLand says that the mall is presently “more than 50%” rented, including to anchor renters CS Fresh and ChildFirst.
The property is going to consist of 5 25-storey high rises with 941 units, consisting of a part of the original Upper Thomson High school which will certainly be preserved and conformed for household use. It will also have safe access to Springleaf MRT Stop on the TEL.
She adds: “We expect the launch of Lentor Central Residences to be fulfilled with strong attraction as a result of its distance to our Lentor Modern shopping center which is directly attached to the Lentor MRT station on the Thomson-East Coast Line”.
The final unit at Lentor Modern, GuocoLand’s integrated project in the Lentor Hills estate, has already been marketed, which means that the 605-unit plan is currently fully taken on. The accomplishment comes on the back of Midtown Modern, that was additionally totally marketed as of last December, GuocoLand says in a Jan 27 news release.
“The reaction to Lentor Modern and our various other developments in the Lentor Hills estate emphasize the strong interest for high quality costs homes in the location,” states Dora Chng, housing director of GuocoLand.
Lentor Modern is a 99-year leasehold project comprising three 25-storey housing towers with a sum of 605 apartments. The towers oversee a 96,000 sq ft shopping center that are going to include a 12,000 sq ft grocery store, a 10,000 sq ft child care centre, and F&B and retail services. The project will be integrated with Lentor MRT Stop on the Thomson-East Coast Line (TEL).
Meanwhile, units at the 558-unit Midtown Modern, located on Tan Quee Lan Road, brought an usual price of around $2,825 psf. The 99-year leasehold condo, which belongs to the Guoco Midtown mixed-use development, was first launched for sale in March 2021.
Not far away, the upcoming development at the Upper Thomson Road (Parcel B) site is targeted for launch in the 2nd half of the year, GuocoLand mentions. The property developer, along with Hong Leong Holdings, was granted the Government Land Sales (GLS) plot last April after the joint project associates submitted the sold 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.
Lentor Central Residences, a future development by GuocoLand, Hong Leong Holdings and CSC Land Group (Singapore), is targeted for start in 1Q2025. The condominium comprises 477 units throughout 2 sky-high blocks.
In addition to Lentor Modern, GuocoLand is developing 3 other projects in the estate with its joint venture partners. In July 2023, the property developer, together with Hong Leong Holdings and TID, launched the 598-unit Lentor Hills Residences. The venture has sold 99% of units to date at a standard cost of about $2,099 psf, based on cautions lodged.
The 533-unit Lentor Mansion, created by GuocoLand and Hong Leong Holdings, was introduced last March, with 75% sales achieved throughout the initial two days of release. The project is now 97% offered with less than 20 units remaining out there, GuocoLand says.
