Lentor Hills Residences is 50% sold on launch weekend at an average price of $2,080 psf

By Cecilia Chow / EdgeProp Singapore | July 9, 2023 5:53 PM +08

Tags: Lentor Hills Residences Lentor Hills Estate Lentor Modern Hong Leong GuocoLand TID

SINGAPORE (EDGEPROP) - Over the weekend of July 8-9, the 598-unit Lentor Hills Residences recorded sales of 298 units (about 50%). Hong Leong Holdings is the joint developer of Lentor Hills Residences, along with listed property developer GuocoLand and TID (a joint venture between Hong Leong and Mitsui Fudosan).

According to Hong Leong, prices started from $1,834 psf, with an average price of $2,080 psf. One-bedroom units start from $945,000, with two-bedders from $1.36 million. Three-bedders are upwards of $1.82 million, while four-bedders are from $2.53 million. Dual-key units start at $2.64 million.

The average price achieved at Lentor Hills Residences aligns with the average achieved at the 605-unit Lentor Modern integrated development launched by GuocoLand last September. Lentor Modern is already 90% sold with an average price of $2,102 psf.

Lentor Hills Residences 2 Bedroom Study - EDGEPROP SINGAPORE One- and two-bedroom units were among the most sought-after at Lentor Hills Residences (Photo: Hong Leong Holdings)

"A 50% take-up rate on the first weekend of launch is a commendable performance," says Ismail Gafoor, CEO of PropNex. "The price point of Lentor Hills Residences -- which is in line with that of Lentor Modern -- presented buyers with a value proposition."

Gafoor states that Lentor Hills Residences benefited from the spill-over in demand from the launch of Lentor Modern last year. "Those who missed out on the smaller units at Lentor Modern had the opportunity to purchase the one- and two-bedroom units at Lentor Hills Residences," he adds.

Of 35 one-bedroom units of 452 to 538 sq ft at Lentor Hills Residences, over 94% were taken up over the weekend, according to property agents. And close to 70% of the 39 one-bedroom-plus-study units of 570 to 638 sq ft were snapped up.

The two-bedroom (108 units) and two-bedroom-plus-study (111 units) take-up was 73% and 65.8%, respectively. Two-bedroom units range in size from 678 to 721 sq ft, and two-bedroom-plus-study are from 743 to 775 sq ft.

4 Bedroom Living and Dining - EDGEPROP SINGAPORE Showflat of a four-bedroom unit where prices start from $2.53 million (Photo: Hong Leong Holdings)

The larger units are a mix of three- and four-bedders. Over the weekend, over 40% of the 88 three-bedroom (958 to 980 sq ft) were sold. Of the 101 units of three-bedroom-plus-yard (1,098 to 1,130 sq ft), close to 27% were spoken for. About 14% of 100 four-bedroom apartments (1,349 to 1,399 sq ft) were taken up, and about 38% of the 16 dual-key units of 1,302 to 1,399 sq ft were purchased.

"The larger units were sold predominantly to those looking to move from older developments in the vicinity," says Mark Yip, CEO of Huttons Asia. He adds that the dual-key units were popular among multi-generational families and investors as they are seldom offered in recent project launches.

Lentor Hills Residences is on a 184,461 sq ft, 99-year leasehold site in the upcoming Lentor Hills estate, a growth area positioned as a sustainable and pedestrian-friendly neighbourhood with new parks and seamless walking and cycling paths. Lentor Hills Residences is also near the nature trails at Lower Peirce Reservoir, Bishan-Ang Mo Kio Park, Windsor Nature Park, and Thomson Nature Park.

Lentor Hills Residences - EDGEPROP SINGAPORE

Artist's impression of the 598-unit Lentor Hills Residences (Picture: Hong Leong Holdings)

The project has a sheltered walkway across the road to the Lentor MRT station and is scheduled for completion in December 2026. "The good response is due to our convenient location," says Betsy Chng, head of sales and marketing at Hong Leong Holdings. "Our buyers enjoy the surrounding nature parks with nearby MRT, yet still stay close to their families who live in the neighbouring mature townships like Upper Thomson, Ang Mo Kio, Bishan and Yishun."

According to Chng, the functional layouts of the units and the facilities offered were also a draw.

"The majority of unit types that found buyers in Lentor Modern and Lentor Hills Residences were priced within the $2.5 million price range," says Marcus Chu, CEO of ERA Singapore. "That is the sweet spot for suburban home buyers."

LANDLENS LENTOR HILLS RESIDENCES - EDGEPROP SINGAPORE Source: EdgeProp Landlens

Proximity to popular primary schools, such as CHIJ St Nicholas Girls' School and Anderson Primary School, was another pull factor for families with young children, adds Chu.

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GuocoLand sells 84% of units at Lentor Modern on launch day

By Cecilia Chow / EdgeProp Singapore | September 18, 2022 5:55 PM +08

Tags: GuocoLand Lentor Modern Lentor Hills Estate Ang Mo Kio

SINGAPORE (EDGEPROP) - Singapore-listed property group GuocoLand announced that it sold 508 units out of a total of 605 at Lentor Modern on the first day of the project’s launch on Sept 17. The sales translate to a take-up rate of 84%.

According to GuocoLand, Singaporeans made up 92% of the total buyers, with permanent residents and foreigners accounting for the remaining 8%. The buyers are predominantly owner-occupiers, with upgraders constituting the majority, says GuocoLand.

UNIT DISTRIBUTION CHART LENTOR MODERN - EDGEPROP SINGAPORE Units sold on Sept 17 at Lentor Modern, with all the one- and two-bedrooms snapped up, along with 75% of the three-bedders and more than half of the four-bedders (Source: Agents)

Prices of units sold at Lentor Modern during the launch ranged from $1,856 psf to $2,538 psf, says GuocoLand.

“At such prices, we anticipate that Lentor Modern is likely to set the benchmark for subsequent projects to be launched in this area,” says Ismail Gafoor, CEO of PropNex.

As the largest private non-landed residential project rolled out this year, the number of units sold at Lentor Modern on its launch weekend makes it “the best-selling project in 2022”, says Mark Yip, CEO of Huttons Asia.

“Buyers have also accepted that $2,000 psf or higher will be the norm for Outside Central Region (OCR) projects going forward,” adds Yip. “It reflects buyers’ interest to be among the first to gain a foothold in this new private residential enclave.”

LENTOR MODERN 2BR SHOWFLAT - EDGEPROP SINGAPORE All 63 one-bedroom units and 231 two-bedroom units (showflat of a two-bedder) in Lentor Modern were the first to be snapped up and fully sold (Photo: Samuel Isaac Chua/EdgeProp Singapore)

The 63 one-bedroom units and 231 two-bedroom units in Lentor Modern were the first to be snapped up and fully sold. In addition, 182 units, or more than 73% of the 248 three-bedroom units, were sold; and over 50% of the 63 four-bedders were taken up.

The one-bedroom and two-bedroom units were favoured by couples and smaller families, while larger families seeking larger living and entertainment spaces favoured the three- and four-bedroom units, says GuocoLand.

As the only integrated, mixed-use development in the upcoming Lentor Hills estate, Lentor Modern attracted many homebuyers who are willing to pay a premium for the convenience. Both the 96,000 sq ft retail mall and the Lentor MRT Station are just one elevator ride from their home. “For example, they really liked the lifestyle concept of ‘one-lift-ride’ to all the amenities such as F&B, supermarket and the MRT station,” says Dora Chng, general manager, residential at GuocoLand.

Doris Ong, deputy CEO of ERA Singapore believes the lifestyle presented by the integrated development also drew many young couples. “Instead of buying a car, they would rather channel their money into buying a property where they can enjoy the lifestyle in this up-and-coming estate,” she adds.

One of the attractions of the units, especially the two- to four-bedroom types, is the flex room, which they can use to fit their lifestyle, notes Lee Sze Teck, senior director of research, Huttons Asia. “This resonates well with homebuyers,” he says.

Lentor Modern’s sales gallery had been abuzz since the project opened for preview on Sept 2. About 1,641 cheques were collected by the developer over the past fortnight as expressions of interest from interested buyers prior to the public launch. “The number of cheques collected during the preview period was a strong indicator of the project’s excellent sales,” says Huttons’ Lee.

At the VIP preview on Sept 16, the eve of the public launch, a total of 111 units were taken up, including those by multiple-unit purchasers, made up of family members who wanted to buy two or more units together. The more than 500 units sold translates to a sales conversion rate of 31%, based on the number of cheques received.

LENTOR MODERN 3BR SHOWFLAT - EDGEPROP SINGAPORE Two- to four-bedroom units come with flexi-space which proved to be popular with homebuyers. At the four-bedroom showflat, the flexi-space turned into a workspace for two (Photo: Samuel Isaac Chua/EdgeProp Singapore)

The last time a project saw more than 500 units sold on the first weekend of launch was last November. It was the launch of CanningHill Piers, an integrated mixed-use development located at Clarke Quay, by CapitaLand Development and City Developments Ltd, where 538 out of a total of 696 units in the project were sold at an average price of around 3,000 psf.

“The strong response at Lentor Modern is akin to that achieved at CanningHill Piers,” says Ken Low, managing partner of SRI. However, Lentor Modern had a good balance between homeowners and investors. He attributes this in part to the fact that about 80% of the units were a mix of two- and three-bedroom types, with one- and four-bedroom units accounting for just 10% each.

Besides residents from the surrounding neighbourhood of Lentor estate, Seletar, Ang Mo Kio and Thomson area, SRI’s Low saw buyers “from all around Singapore”. He adds: “Homebuyers are willing to move to Lentor because the completion of the Thomson-East Coast Line will mean that the Stevens MRT Interchange is just seven stops away, and Orchard Road MRT Interchange is just nine stops away.”

The tender closing of two government land sales (GLS) sites at Lentor Hills estate on Sept 13 has “further cemented the prices at the Lentor locale”, notes Low.

Lentor Hills Road (Parcel B) saw TID, a joint venture between Hong Leong Group and Mitsui Fudosan, submitted the top bid of $1,130 psf per plot ratio (psf ppr) for the tender of Lentor Hill Road (Parcel B). This was 6.6% above the $1,060 psf ppr for Lentor Hills Road (Parcel A) which TIID, together with Hong Leong Holdings and GuocoLand had won in January this year.

The top bid of $1,108 psf ppr for the Lentor Central site came from a consortium comprising China Communications Construction Co, Soilbuild Group Holdings and United Engineers, a unit of Yanlord Land.

GuocoLand purchased the Lentor Modern site in July 2021 for $1,204 psf ppr given that it’s the only site for an integrated mixed-use development of the four GLS sites launched for sale to date. Two other sites are for sale on the Reserve List.

“In fact, the bid prices received for the GLS sites [on Sept 13] had partly contributed to the strong sales at Lentor Modern,” says Nicholas Mak, head of research & consultancy for ERA Realty Network.

LENTOR MODERN LOCATION EDGEPROP LANDLENS - EDGEPROP SINGAPORE Lentor Modern is the only integrated mixed-use development at the Lentor Hills estate (Source: EdgeProp Landlens)

ERA’s Mak believes there must be “an underlying confidence” in the location among the buyers of Lentor Modern given that close to 85% of the total units were sold on the first weekend of launch.

“The strong buying interest in Lentor Modern reflects its status as the only integrated development in the Lentor Hills estate and a future community focal point within the upcoming Lentor Hills estate,” notes PropNex’s Gafoor.

GuocoLand has a strong track record of transforming neighbourhoods through its integrated mixed-use developments, such as Guoco Tower at Tanjong Pagar and the upcoming Guoco Midtown on Beach Road. “Lentor Modern demonstrated once again our acumen to spot new locations with great potential, and our ability to introduce innovative and exceptional developments to anchor a new district identity,” according to Cheng Hsing Yao, CEO of GuocoLand in a statement.

There haven't been many new condominium project launches in the Lentor-Upper Thomson enclave for over a decade. The last new project launched in the area was the 479-unit Meadows @ Peirce back in July 2009, says PropNex’s Gafoor.

Prior to the launch of Lentor Modern, units at Meadows @ Peirce have changed hands at prices ranging from $1,087 psf for a 2,852 sq ft, four-bedroom unit to $1,575 psf for a 635 sq ft, two-bedroom unit, based on caveats lodged from May to August to date.

Two existing private condos located closest to the upcoming Lentor Hills estate are the 116-unit, freehold Thomson Grove developed by Far East Organization and completed in 1984; and the 421-unit The Calrose, a freehold development by MCL Land that was launched in 2005 and completed in 2007. Both are located along Yio Chu Kang Road.

Units at The Calrose, a low-rise five-storey development, have changed hands at prices from $1,292 psf for a 2,142 sq ft, three-bedroom unit to $1,569 psf for a 926 sq ft, two-bedroom unit, according to caveats lodged from February to April this year.

At the eight-storey Thomson Grove, the only unit that changed hands in the resale market this year was for a 1,485 sq ft, three-bedroom unit on the sixth floor that fetched $1,528 psf, based on a caveat lodged in July.

Lentor Modern is the third project to be launched for sale in the OCR this year, adds Gafoor, following AMO Residence in July (98% of 372 units sold) and Sky Eden@Bedok earlier this month (75% of 158 units sold). “All three projects were well-received by buyers amid the dwindling stock of new private homes in the OCR,” he points out.

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GuocoLand to set new benchmark with launch of Lentor Modern, ‘the only integrated development’ in Lentor area

By Cecilia Chow / EdgeProp Singapore | September 2, 2022 9:00 AM +08

Tags: GuocoLand Lentor Modern Lentor Central Lentor Hills Estate Lentor MRT station

SINGAPORE (EDGEPROP) - GuocoLand’s Lentor Modern, the first project and the only integrated development in the up-and-coming Lentor Hills estate, will preview on Sept 2. The development will have 605 residential units across three 25-storey residential towers as well as a retail mall. The entire development will be linked underground to the Lentor MRT Station on the Thomson-East Coast Line.

The 96,000 sq ft retail space at Lentor Modern has a prominent frontage at street level. Due to the slope of the terrain, the mall has one floor at one end and three floors at the other end. While the shops and F&B outlets are on the first level, a 12,000 sq ft supermarket sits on the second level and a 10,000 sq ft childcare centre is on the third. “The project is designed such that residents can have direct access to all the amenities in under one minute — from the MRT station to the shops, groceries, dining options and the childcare centre,” says Dora Chng, GuocoLand general manager (residential).

The Lentor Hills estate may be a new residential area with nothing but vacant land at the moment. However, it is located within an established private housing enclave, and accessible via Yio Chu Kang Road and Ang Mo Kio Avenue 5. “The Lentor area is an interesting, affluent neighbourhood, surrounded by private housing estates,” says Cheng Hsing Yao, CEO of GuocoLand. “It’s close to nature, but what it doesn’t have is a hub, a centre where the surrounding community can gather.”

Lentor Modern, which has a public plaza fronting the mall, is positioned as the new hub for the neighbourhood. “There will also be public spaces for people to gather,” adds Cheng. “It will be positioned as a chic retail and social village.”

Lentor Modern Island View - EDGEPROP SINGAPORE

Lentor Modern, an integrated development with 605 residential units on top of a mall with 96,000 sq ft of retail space (Picture: GuocoLand)

He sees Lentor Modern introducing “an exciting new way of life” in the Lentor area. “That’s why we are using it as the ‘Modern’ series.” Lentor Modern will be the third iteration of the series after Martin Modern at Martin Place near Robertson Quay and Midtown Modern in the Beach Road-Bugis area. Lentor Modern marks GuocoLand’s third collaboration with ADDP Architects in the Modern series, and its second collaboration with landscape architect Ortus Design, which was also involved in Midtown Modern.

Sitting on a 186,000 sq ft, 99-year leasehold site, Lentor Modern fronts a hillock, that will become the Lentor Hillock Park in the future. “While designing Lentor Modern, we studied the history of the area, and we learnt that the site used to be part of Lentor Forest, and there was a stream running through it,” says GuocoLand’s Chng. “So we asked the architect, ADDP, to create a development that celebrates the history of the site.”

This led to the creation of a series of interconnected waterbodies of more than 200m on the fourth level of the development. The waterbodies include a leisure pool, a 50m lap pool, another 25m lap pool, and spa and jacuzzi pools. Facilities include a clubhouse with a business lounge, games room and dance studio, as well as entertainment spaces, pavilions, indoor and outdoor gyms, and a children’s playground.

There are four bridges that span across the waterway, says Tang Kok Thye, associate partner of ADDP Architects. The landscaping and facilities account for about 66% of the site area and GuocoLand is also introducing more than 100 species of plants into the landscaping.

“We spent a lot of time and effort in beautifying the landscaping and making it look more natural and less manicured,” says Tang. “The façade of the building with the bark-like texture and darker tone was also designed to mimic nature, given the location of the site. We avoided putting too much reflective glass for the sake of the birds. As for the balconies, instead of using glass, we are using railings for the same reason,” he adds.

LENTOR MODERN 3BR SHOWFLAT - EDGEPROP SINGAPORE

Showflat of a 'flex room' that has been turned into workspace for two (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Besides the fourth floor, there are also amenities on the 14th floor of each residential tower. The landscaped spaces will have dining rooms for entertaining and naturally ventilated work corners as well as an air-conditioned club lounge.

In addition to these work corners and the club lounge on the 14th level, there are also multiple pavilions on the fourth level where residents can hold private calls, meetings, private tuition classes or study groups. Booths for hotdesking and meeting areas are also available within the clubhouse.

“The landscaped spaces on the 14th floor are an extension of the residents’ living rooms, and cater to those who want to work from home but do not wish to stay within their apartment,” says Chng.

Lentor Modern with Flex Room - EDGEPROP SINGAPORE

The 'flex room' next to the master bedroom can be used as a nursery, a study, walk-in wardrobe or a bed loft (Picture: GuocoLand)

The 605 units at Lentor Modern are a mix of one- to four-bedroom units. The two- to four-bedroom units come with an additional “flex room” that caters to a multitude of uses. It can be used as a nursery, a playroom, a study room for two people, a walk-in wardrobe or even a small guest room. “That flex room is one of the ways we support adaptation of spaces, not just on a daily basis but also through time,” says GuocoLand’s Cheng.

Units at Lentor Modern will be priced from $1,880 psf, according to GuocoLand.

One-bedders of 527 sq ft make up just 10.4% of the units at Lentor Modern, with prices from $1.088 million ($2,065 psf). Two-bed- room units have dumbbell layouts and sizes of 678 and 732 sq ft. They make up 38.2% of the units. Prices of the two-bedders start from $1.388 million ($2,047 psf).

Three-bedroom units account for 41% of the units at Lentor Modern and they have the widest range from 969 sq ft to 1,130 sq ft. Prices start from $1.878 million ($1,938 psf). Four-bedroom units are spacious at 1,528 sq ft, and they make up just 10.4% of the units at Lentor Modern. Prices are from $2.918 mil- lion ($1,910 psf).

GuocoLand is providing Smeg kitchen appliances for all units. The common bedrooms are designed to fit a queen-sized bed while the master bedroom can fit a king-sized bed.

LENTOR MODERN 4BR SHOWFLAT - EDGEPROP SINGAPORE

Showflat of a 1,528 sq ft, four-bedroom unit. Such units make up just 10.4% of the total at Lentor Modern (Photo: Samuel Isaac Chua/EdgeProp Singapore)

The Lentor Modern site is considered the most premium in the new Lentor Hills estate as it is the only one that is connected to the MRT station, according to Lee Sze Teck, Huttons Asia senior director (research). GuocoLand beat eight others to win the site in July 2021 with a bid of $784.1 million or $1,204 psf per plot ratio (psf ppr).

“When we buy land, we always want to be in a pole position — we like to be right at the centre of the action — you see that at Guoco Tower in Tanjong Pagar, Guoco Midtown on Beach Road and now at Lentor Modern,” says GuocoLand’s Cheng.

Next door to Lentor Modern is a residential site, Lentor Hills Road (Parcel A), which a joint venture comprising Hong Leong Holdings (40%), GuocoLand (30%) and TID (30%) won in January with a bid of $586.6 million ($1,060 psf ppr).

Three more sites at Lentor Hills were launched for sale via the government land sales (GLS) programme in May. The land tender for Lentor Central and Lentor Hills Road (Parcel B) will both close on Sept 13. Two other sites are on the reserve list, namely a residential parcel at Lentor Gardens and another site at Lentor Central.

LENTOR MODERN LANDLENS - EDGEPROP SINGAPORE The URA has released six sites on the Government Land Sales programme (Source: EdgeProp Landlens)

Including the two sites that have been sold, URA has released a total of six development plots in the Lentor Hills area to date. There are another five sites in the pipeline for launch, bringing the total to 11 in the estate. “Of the 11 plots, Lentor Modern’s is the nicest plot,” says Ken Low, managing partner of SRI. “It also has the highest plot ratio as some of the other residential plots have a plot ratio of just 1.4. The Lentor Modern site is also the second biggest plot in the area.”

Low sees Lentor Modern transforming the Lentor area. “It will make the neighbourhood more upmarket,” he says. “There is more excitement about the area now that GuocoLand has gone in, given their track record when it comes to transforming neighbourhoods.”

ADDP Architects’ Tang considers the Lentor Modern site as “the best” in the area too. Given the orientation of the site, Lentor Modern is overlooking the private housing estate, which is low rise. “You can enjoy unblocked views above the fourth floor,” he adds.

Lentor MRT station - EDGEPROP SINGAPORE

Lentor Modern will be integrated with the Lentor MRT station on the Thomson-East Coast Line (Photo: Albert Chua/EdgeProp Singapore)

With Lentor Modern scheduled for completion in 2026, one year after the scheduled completion of Phases 4 and 5 of the Thomson-East Coast Line, residents will have all the amenities in place when they move in, says SRI’s Low.

The Lentor MRT station is connected to the Thomson-East Coast Line and the rest of the MRT network, says Huttons’ Lee. “There are five interchanges on the Thomson East Coast Line, allowing commuters to transit to all the other MRT lines in Singapore. This will bring residents to different parts of the island like Botanic Gardens, Orchard Road, Marina Bay.” There will also be two more parks in the area in the future: Hillock Park and Linear Park, adds Lee.

The last major launch of a project in the Outside Central Region (OCR) was AMO Residence in July. Located at Ang Mo Kio Avenue 1, 98% of 372 units were snapped up on the first weekend of launch. The average price of units sold was about $2,100 psf.

The public launch of Lentor Modern is scheduled for Sept 17. Property agents are estimating the average launch price to hit the “$2,200 to $2,300 psf range”.

Ismail Gafoor, CEO of PropNex, says: “Given that Lentor Modern is an integrated development, and people are willing to pay a premium for the convenience of having an MRT station or shopping mall at their doorstep, it is expected to achieve marginally higher average price than AMO Residence.”

The dearth of new supply of non-landed residential units in the OCR is also likely to lead to strong sales. Gafoor expects Lentor Modern to see sales “above 70% — in line with what was achieved at Piccadilly Grand and Liv @ MB”.

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Why integrated developments command a price premium

By EdgeProp Singapore / EdgeProp Singapore | August 19, 2022 9:30 AM +08

Tags: Midtown Modern Midtown Bay The M Lentor Modern Lentor Hills Estate

SINGAPORE (EDGEPROP) - More people are willing to pay a premium for mixed-use developments integrated with an MRT station. What is the appeal of integrated developments? According to Alice Tan, head of consultancy at Knight Frank Singapore, an integrated development is a mixed-use development with a residential component and significant commercial component, seamlessly connected to a transport node and public spaces.

“Generally, when integrated developments are launched, developers will build a 20% to 25% premium over other private condos in the same area,” says Tan, who was speaking at the EdgeProp Singapore NDP Master Plan Master Class webinar series on Aug 13, which featured the Beach Road-Bugis area and the Lentor area.

SKY BUNGALOW COLLECTION GUOCOLAND - EDGEPROP SINGAPORE

Two 1,808 sq ft four-bedroom units with a combined area of 3,616 sq ft on the 29th and 30th floors of Midtown Modern was sold for $17 million in July 2022. The highest psf price achieved was for the 1,808 sq ft unit on the 30th floor - at $4,783 psf last month (Picture: GuocoLand)

In the Beach Road-Bugis area, two four-bedroom units on the 29th and 30th floors of Midtown Modern set new psf price highs of $4,617 psf and $4,783 psf respectively when they were sold in July, based on caveats lodged. The two units of 1,808 sq ft each can be amalgamated into a duplex, five-bedroom penthouse of 3,616 sq ft. The 29th-floor unit fetched $8.35 million, while the 30th-floor unit was sold for $8.65 million, bringing the total to $17 million.

The duplex penthouse is part of six such units at Midtown Modern launched in early July under the Sky Bungalow Collection by GuocoLand. Prior to this, the sole penthouse, a 3,520 sq ft, five-bedroom simplex, was snapped up at launch for $14.83 million ($4,213 psf) a year ago.

Midtown Modern is linked underground to the Bugis MRT Station, an interchange for the Downtown and East-West Lines. The 558-unit Midtown Modern is an extension of the Guoco Midtown integrated development located across Beach Road. The $2.4 billion Guoco Midtown has a 30-storey Grade-A office tower; a five-storey Midtown Hub for social and business networking; 33,000 sq ft retail and F&B space; as well as the 219-unit Midtown Bay, with Soho-style apartments. The development also boasts over 30 themed gardens and landscaped areas totalling 3.8ha. Midtown Modern is developed by GuocoLand in a joint venture with Hong Leong Holdings and Hong Realty.

The development of Guoco Midtown has also spurred renewal in the neighbourhood. Shaw Tower, a former mixed-use commercial building with office and cinemas, built in 1975, has been torn down in 2020. Construction is underway for a new 450,000 sq ft, Grade-A office tower with five storeys (15,700 sq ft) of retail and F&B. (Find Singapore commercial properties with our commercial directory)

MIDTOWN MODERN GUOCO MIDTOWN - EDGEPROP SINGAPORE

Construction of the upcoming 558-unit Midtown Moder at Tan Quee Lan Street in the Beach Road-Bugis neighbourhood (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Located on Middle Road, directly opposite Shaw Tower is the upcoming 522-unit The M, by Wing Tai Holdings. The project is 93% sold following its launch in February 2020. The highest psf price achieved in the development is for a 614 sq ft, two-bedroom unit on the 19th floor that was sold for $1.862 million ($3,035 psf), according to a caveat lodged in September 2021.

Developer UOL Group is building a new seven-storey building at 333 North Bridge Road that it purchased in December 2019 for $79.3 million. It will serve as an extension of UOL’s Odeon Towers. The building is located opposite Raffles Hotel, which re-opened in late 2019 after a two-year renovation.

On the other side of Shaw Tower is South Beach, an integrated development completed in 2016. It has two towers of 42 and 45 storeys — one with Grade-A office space; and the other with the 634-room JW Marriott Hotel on the first 22 storeys, and 190 luxury apartments, South Beach Residences, spanning the 23rd to 45th storeys. The development comes with retail and F&B on the first and basement level, which is linked to the Esplanade MRT Station on the Circle Line.

South Beach Residences was launched in 2018 at prices starting from $3.5 million, or $2,795 psf, for a 1,216 sq ft, two-bedroom unit. Prices hit a high of $4,748 psf in October 2021, when a 3,897 sq ft, three-bedroom penthouse on the 42nd floor fetched $18.5 million.

Another significant integrated development in the Beach Road area is Duo by M+S, a joint venture between Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional, the respective countries’ sovereign wealth funds. Completed in 2017, the 39-storey Duo Tower has 568,412 sq ft of Grade-A office space, with the top 15 floors occupied by the 342-room Andaz Hotel. The 49-storey residential tower, Duo Residences, has 660 units, and is fully sold to date.

Launched in November 2013, units in the 99-year leasehold Duo Residences were sold at an average price of $1,969 psf. Units sold in 2021-2022 to date have achieved prices averaging $2,110 psf, based on caveats lodged.

LENTOR GARDENS LENTOR HILLS - EDGEPROP SINGAPORE

GuocoLand is developing the 186,001 sq ft, 99-year leasehold site into the 605-unit Lentor Modern in the new Lentor Hills Estate, which is targeted for launch in September (Photo: Samuel Isaac Chua/EdgeProp Singapore)

The Beach Road-Bugis area has seen new integrated developments setting new price benchmarks for residences with each successive new launch. Are we likely to see the same kind of price uplift in a suburban enclave like Lentor Hills Estate, located off Yio Chu Kang Road?

According to a recent consumer survey by EdgeProp Singapore, 79% of 1,247 people surveyed opted for a non-Central location with high connectivity (for example, direct access to an MRT station) over a Central location with low connectivity (not within walking distance of an MRT station).

Likewise, 81% of those surveyed preferred a non-Central location, situated on top of a mall over a Central location that is not within walking distance of a mall. Hence, people value convenience and connectivity above having a Central or non-Central residential address.

Would GuocoLand be able to replicate its success with Guoco Midtown and Midtown Modern at the up-and-coming Lentor Hills estate? GuocoLand had won the tender for the Government Land Sale (GLS) site at Lentor Central in July 2021 with a bid of $784.1 million or $1,204 psf per plot ratio (psf ppr).

The developer is developing the 186,001 sq ft, 99-year leasehold site into the 605-unit Lentor Modern, which is targeted for launch in September. The residences will be spread across three 25-storey towers, and sit on top of a 96,000 sq ft retail complex, with a 12,000 sq ft supermarket, 10,000 sq ft childcare centre, as well as services, F&B outlets and other amenities. The development will be integrated with the upcoming Lentor MRT Station on the Thomson-East Coast Line.

The site at Lentor Central is located in the Thomson and Yio Chu Kang area, which is a private housing estate with predominantly landed homes. It is also near nature parks and nature reserves, namely the Thomson Nature Park and Lower Peirce Reservoir Park.

LENTOR MRT STATION - EDGEPROP SINGAPORE

Lentor Modern will be the only integrated development there, and its launch is likely to set a new benchmark for the new neighbourhoodm and will be linked directly to the Lentor MRT station (Photo: Albert Chua/EdgeProp Singapore)

Meanwhile, the neighbouring Lentor Hills Road (Parcel A), a 144,744 sq ft, 99-year leasehold site, was sold for $586.6 million ($1,060 psf ppr) to the top bidder, a consortium made up of Hong Leong Holdings, GuocoLand and TID (a joint venture between Hong Leong Holdings and Mitsui Fudosan), in January 2022. The site is expected to be developed into a 600-unit residential development, called Lentor Hills Residences.

In May this year, the government released three more GLS sites earmarked for residential development in the Lentor area: A land parcel at Lentor Central, Lentor Gardens and Lentor Hills Road (Parcel B) are offered under the 1H2022 GLS programme. Collectively, the three GLS sites could yield about 1,265 residential units, according to URA.

While the sites at Lentor Central and Lentor Hills Road (Parcel B) have been launched for sale by public tender on the Confirmed List, the Lentor Gardens land parcel is on the Reserve List, which means it will be triggered for sale only if a developer submits a bid that meets an acceptable minimum bid to URA.

It looks like Lentor Modern will be the only integrated development there, and its launch is likely to set a new benchmark for the new neighbourhood.

Other condominium projects in the vicinity are the 421-unit The Calrose on Yio Chu Kang Road and 362-unit Far Horizon Gardens at Ang Mo Kio Avenue 9. The Calrose, a freehold, five-storey development, was launched in May 2005, and completed in 2007. Meanwhile, Far Horizon Gardens was completed in 1986. Hence, the last new project launch in the area was The Calrose, 17 years ago. Resale transactions at The Calrose in 2022 ranged from $1.452 million ($1,569 psf) for a 926 sq ft unit, to $2.768 million ($1,292 psf) for a 2,142 sq ft, penthouse unit.

Don't miss out to check out the hottest new launch condo and new landed property in Singapore

Meanwhile, Far Horizon Gardens, which has a 99-year lease from 1982, has seen units change hands this year at prices ranging from $1.165 million ($902 psf) for a 1,292 sq ft unit to $1.125 million ($977 psf) for a 1,152 sq ft unit, according to caveats lodged in July.

See our stories on the Bugis-Beach Road and Lentor planning areas.

Check out the latest listings near Midtown Modern, Midtown Bay, The M, Lentor Modern, Shaw Towers, South Beach Residences, Far Horizon Gardens, The Calrose, Bugis MRT Station, Esplanade MRT Station, Lentor MRT Station

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Lentor Hills Residences is 50% sold on launch weekend at an average price of $2,080 psf