19% of Lentoria condo units in Lentor Hills sold at launch, Latest Singapore News - The New Paper

19% of Lentoria condo units in Lentor Hills sold at launch

Developer TID’s Lentoria condominium project moved 50 units with prices starting from $1,958 per square foot (psf) during its launch weekend on March 2 and 3.

This works out to roughly 18.7 per cent of the 99-year leasehold development’s 267 units.

Of the 50 units sold, over 70 per cent were for two and three-bedroom units, sized from 700 sq ft to 1,1119 sq ft, TID said.

“Prospective buyers were particularly drawn to the fact that Lentoria will be looking to serve its notice of vacant possession by July 2027.”

Overall, units were priced at an average of $2,120 psf.

Located in District 26, Lentoria is the fourth new launch in the Lentor area, out of six state land sites sold so far.

The 10,819 sq m site was purchased by TID, a joint venture between Hong Leong Group and Mitsui Fudosan, for $276.36 million ($1,130 psf per plot ratio) in September 2022.

The take-up rate of 18.7 per cent is the lowest during the launch weekend of all the Lentor Hills estate projects thus far, noted Mr Nicholas Mak, chief research officer of Mogul.sg.

The first launch, GuocoLand’s integrated mixed-use development Lentor Modern, saw the sale of 508 units – or 84 per cent – of its 605 units in September 2022.

Prices ranged between $1,856 and $2,538 psf then.

This was followed by the launch of Lentor Hills Residences, which moved half its 598 units over the launch weekend in July 2023 at an average of $2,080 psf.

Hillock Green – developed by Yanlord Land Group, China Communications Construction Company and Soilbuild Group Holdings – was the third launch in the area.

It sold 132 units, or 27.8 per cent, of its 474 units during its launch weekend in November 2023, with prices averaging at $2,108 psf.

Lentoria’s launch came as GuocoLand started previews for its latest Lentor Hills project, Lentor Mansion, on March 1.

Lentor Mansion will be GuocoLand’s third condo launch in the area, after Lentor Modern and Lentor Hills Residences. It also marks the fifth condo launch in the area.

Condo sales in the Lentor area may therefore be reaching a saturation point, Mr Mak said.

Still, such slow sales are not completely unexpected since the majority of home buyers in the Lentor area are buying a unit for their own stay, ERA chief executive officer Marcus Chu said.

“Some of them prefer to compare among the different offerings before committing to a purchase.”

Home buyers who prefer smaller and “more exclusive projects” tend to gravitate towards projects such as Lentoria, Mr Chu added.

And unlike the other developments in the Lentor area, Lentoria is not restricted by the typical pre-fabricated pre-finished volumetric construction method, where large modules complete with finishes are manufactured in factories and assembled on-site.

“(This) means home owners have the flexibility of removing some internal walls to reconfigure the layout according to their preference,” Mr Chu said.