Hong Leong-led joint venture submits highest bid of $1,060 psr ppr

by Albert02

Hong Leong-led joint venture submits highest bid of $1,060 psr ppr for Lentor Hills Road Parcel A

Hong Leong-led joint venture submits highest bid of $1,060 psr ppr for Lentor Hills Road Parcel A. While the tender for the government land sale (GLS) site at Jalan Tembusu closed on January 18 with eight bids, the site at Lentor Hills Road (Parcel A) received only half that number.

A consortium comprised of Hong Leong Holdings, GuocoLand, and TID made the winning bid of $586.6 million (a joint venture between Hong Leong and Mitsui Fudosan). The price per plot ratio came to $1,060 per square foot.
“We are pleased to have received the highest bid for Lentor Hills Road Parcel A,” says a spokesperson for Hong Leong Holdings. “We intend to build a 600-unit residential development where residents will benefit from nearby amenities.” According to the spokesperson, the presence of the Lentor MRT station across the street “will add to the site’s overall appeal to buyers.”

The Lentor Hills Estate is envisioned as a future sustainable and pedestrian-friendly neighborhood. Residents of the new Lentor Hills Road Parcel A development will be close to parks and nature reserves, as well as a childcare center and a diverse range of commercial, F&B, and retail options.

This is because GuocoLand is building a new integrated development across the street. It won the Lentor Central GLS site last year with a bid of $784.1 million ($1,205 psf ppr). GuocoLand intends to construct three 25-story residential towers with 600 units, as well as a 96,000-square-foot commercial podium with food and beverage outlets and a supermarket. The Lentor MRT station, which opened last year, will be linked to the project. The Lentor Central project is set to begin in the second half of this year.

Winning this site strengthens GuocoLand’s presence and allows it to develop a large-scale integrated development. The $1,205 per square foot per year price was thought to be a record for a GLS site in the suburban or Outside Central Region.
According to Tricia Song, CBRE’s head of research for Southeast Asia, there have been no new launches in the area in recent years. The Panorama at Ang Mo Kio Avenue 2, which opened in January 2014 and was completed in 2017, was the most recent development. Older projects nearby include the 99-year leasehold Castle Green and Seasons Park, both completed in 1997 and selling for a median price of $939–$950 psf in 2021. Meanwhile, units at The Calrose, a freehold development completed in 2007, changed hands in 2021 for $1,344 psf each.

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Source: https://www.edgeprop.sg/property-news/hong-leong-led-joint-venture-submits-highest-bid-1060-psr-ppr-lentor-hills-road-parcel

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