Lentor Modern — the only integrated development in Lentor
By Timothy Tay
/ EdgeProp Singapore |
Artist's impression of the 605-unit Lentor Modern (Picture: GuocoLand)
SINGAPORE (EDGEPROP) - When the government announced the release of a large tranche of development land under the 1H2021 Government Land Sales (GLS) programme, the list of confirmed sites included a 185,932 sq ft plot beside Lentor MRT Station.
At the time, the government had already signalled its intention to enhance the overall liveability of the Lentor neighbourhood and to increase the housing supply in that area. Its urban development concept plan for the Lentor neighbourhood was laid out in the 2019 Master Plan.
Thus, the sales launch of the GLS site in Lentor Central, which also boasts an attractive prime location beside an MRT station, was closely watched. Most real estate consultants expected competitive bids from developers.
Indeed, when the public tender for the GLS site closed in July 2021, the site had attracted nine different bids from many established property developers.
Lentor Modern plays a pivotal role in URA’s vision for the development of the Lentor area. The integrated development is envisioned as a gateway and landmark development in the Lentor Hills Estate (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The site was eventually awarded to GuocoLand which submitted the highest bid of $784.1 million, translating into a land rate of $1,204 psf per plot ratio (psf ppr). The next highest bid was only 4.5% lower at $750 million ($1,152 psf ppr), and the differences between the subsequent bids were also slim.
Slightly more than a year after GuocoLand was awarded the site, the developer is preparing the groundwork to launch the new development in September. The project, called Lentor Modern, will be the only integrated development in the immediate Lentor area.
GuocoLand says that Lentor Modern will comprise 605-unit residential units above a 96,000 sq ft commercial ground-floor podium. The development will be directly linked to Lentor MRT Station. The commercial offerings at Lentor Modern will include a 12,000 sq ft supermarket and a 10,000 sq ft childcare centre.
Given that Amo Residence at Ang Mo Kio Avenue 1 saw 98% of 372 units sold last month, and achieved a median price of $2,110 psf, market expectation is that Lentor Modern, being an integrated development, could fetch a premium.
Lentor Modern is the only integrated development of the development sites released by the government in the land sales programme to date (Source: EdgeProp LandLens)
Prior to Amo Residence, the last new project launched in the Ang Mo Kio area was the launch of Panorama eight years ago. At Lentor Modern, the last new project launch in the area is said to be the 421-unit, freehold The Calrose in 2005 — 17 years ago.
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Gateway to Lentor
Lentor Modern plays a pivotal role in URA’s vision for the development of the Lentor area. The integrated development is envisioned as a gateway and landmark development in the Lentor Hills Estate.
It will also be connected to the future Hillock Park, a grassy hill that has been earmarked as the central green space and public park of the neighbourhood and the focal point for several linear parks in the vicinity. The development will also feature a public plaza that will act as a pedestrianised thoroughfare to and from public transportation nodes such as the MRT station and nearby bus stops.
In line with the development guidelines for the site, the commercial ground-floor podium of Lentor Modern will feature a variety of activity-generating uses such as shops, restaurants, and for entertainment, sports and recreation. (Find Singapore commercial properties with our commercial directory)
Lentor Modern will be integrated with the Lentor MRT station on the Thomson-East Coast Line (Picture: GuocoLand)
These will front most of the public spaces and covered walkways along the sides of the development facing Lentor Drive and Lentor Hills Road, and contribute to the overall vibrancy at the street level. While the developer has not revealed its specific plans for the commercial component, it has a successful track record in curating placemaking activities.
For example, its other integrated development in the Tanjong Pagar district, Guoco Tower, features a public plaza that has become a bustling and inclusive urban space. GuocoLand’s upcoming Midtown Modern development in Bugis has also been designed to accommodate placemaking initiatives.
As Lentor Modern is the only integrated development in the pipeline, buying interest from homeowners and investors is expected to be strong, buoyed by the lack of new launches in the area and attractive development attributes.
Check out the latest listings near Lentor Modern, The Calrose, Guoco Tower, Midtown Modern, Lentor MRT Station
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