THE Urban Redevelopment Authority (URA) on said on last Thursday that it had awarded the tender of a Lentor Central land to GLL D Pte Ltd, a subsidiary of Guocoland, for the building of a new mixed commercial and residential development named Lentor Modern. This comes nearly 7 days after the tender ended with 9 bids.
GLL D submitted the costliest bid for the plot of land – S$784.1 million or S$1,204 per square foot per plot ratio (psf ppr) – a price that was over the expectations of property consultants surveyed by The Business Times prior to the closure of the tender.
The 99-year plot is 17,279.9 square metres (sq m) in dimensions and has a maximum gross floor area of 60,480 sq m. It is zoned as a private residential development with commercial lots on the first storey. The site is located next to the upcoming Lentor MRT station along the Thomson-East Coast Line.
URA began the tender for the Lentor site on April 15th. The tender ended on July 22nd.
The bid by GuocoLand, part of Malaysian tycoon Quek Leng Chan’s Hong Leong Group of Malaysia, was 4.5% more than the second-highest offer of S$1,152 psf ppr, from a joint venture comprising Hong Realty, Intrepid Investments and TID Residential. The 3 parties are part of the Hong Leong Group Singapore, helmed by Mr Quek’s Singaporean cousin Kwek Leng Beng.
GuocoLand presented the vision for the Lentor Modern to become a mixed-use, transit-oriented development of 605 homes spanned across 3 towers of 25-storeys each. There will also be a supermarket, food-and-beverage and retail spaces, and more than 10,000 square feet for childcare facilities.
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