SINGAPORE – The 99-year leasehold integrated private mixed-use project Lentor Modern by GuocoLand, transacted 508 housing units, or 84% of its total 605 units, during its launch over the weekend.

This integrated residential development is to be built in the new Lentor Hills estate of District 20, and units changed hands between $1,856 per sq ft to $2,538 psf, said GuocoLand in a press release on Sunday.

Launch rates for the units started from $1.07 million for a 527 square feet (sq ft) 1-bedroom unit to $3.33 million for a 1,528 sq ft 4-bedroom apartment.

All 63 1-bedroom and 231 2-bedroom units were completely sold. On top of that, 182 units, or more than 73% of the 248 3-bedroom units, were sold, while more than 50% of the 63 4-bedroom units were booked. See the latest Balance Units Chart.

The project is the largest non-landed private housing launch of 2022 and analysts concluded that the sales achieved for its first weekend reflected the current strong underlying demand from new families and HDB upgraders. This is in spite of higher mortgage loans rates and the looming uncertain economic environment.

It also testified to the existing tight supply of new private residential launches, as well as unique pull factors of Lentor Modern, added the analysts.

“The number of units transacted on launch day makes (Lentor Modern) the best selling condo of 2022,” said Mr Lee Sze Teck, senior director of research at Huttons Asia.

“The 1 and 2-bedroom units were the first to be sold out, reflecting purchasers’ strong interest to gain a first-mover advantage in this new private housing enclave.

“Purchasers have also internalized that $2,000 psf or higher will be the norm moving forward so they are not waiting.” See the Price List for units less than $2,000 psf.

GuocoLand said Singaporeans made up of around 92% of all buyers, while foreigners and permanent residents constituted the remaining 8%.

Purchasers were also mainly owner-occupiers, with upgraders making up of the majority.

The condominium, made up of three 25-storey towers, will reside atop a 96,000 sq ft shopping mall that will include a 10,000 sq ft childcare centre, a 12,000 sq ft supermarket, as well as food & beverage and retail outlets. The sitemap shows how the residential and commercial parts are connected within the building.

The whole development will be connected to the Lentor MRT station of the Thomson-East Coast Line via an underpass.

Mr Lee said that Lentor Modern, as the only integrated mixed-use development in the Lentor precinct, drew many purchasers with the convenience it will bring. The location map shows the residential only projects that will mushroom around Lentor Modern in the future.

Ms Dora Chng, GuocoLand’s general manager for residential, commented that buyers “really appreciated the lifestyle concept of ‘1 lift ride’ to all the amenities like the supermarket, restaurants, and the MRT”.

The project’s launch comes after the success of AMO Residence, a smaller project in Ang Mo Kio, which saw more than 98% of its 372 units snapped up during its launch in July 2022.

AMO Residence was the first major private housing project in the mature housing estate of Ang Mo Kio after more than 8 years.

Lentor Modern could also have gained from prospective HDB upgraders who wanted to continue living in the region but who was not able to get a unit at AMO Residence, analysts commented.

GuocoLand, a subsidiary of Malaysian tycoon Quek Leng Chan’s Hong Leong Group, was awarded the Lentor Modern land site by URA through a government land sale (GLS) tender in July 2021 with its bid of $784.1 million, or $1,204 per square feet per plot ratio (psf ppr).

GuocoLand is branding Lentor Modern, which will have a public plaza fronting the shopping mall, as the new regional hub for the Lentor vicinity, which is surrounded by private residential estates.

It will be a “chic social and retail village”, said GuocoLand chief executive Cheng Hsing Yao.

Source: https://www.straitstimes.com/business/property/lentor-modern-condo-in-ang-mo-kio-84-sold-over-launch-weekend