GuocoLand’s Lentor Modern and Midtown Modern fully sold
Lentor Central Residences, an upcoming project by GuocoLand, Hong Leong Holdings and CSC Land Group (Singapore), is intended for start in 1Q2025. The condo comprises 477 units throughout 2 sky-high blocks.
The project will comprise 5 25-storey high rises with 941 units, consisting of a part of the initial Upper Thomson Secondary School which will certainly be saved and conformed for household use. It will also have sheltered access to Springleaf MRT Stop on the TEL.
“The response to Lentor Modern and our various other developments in the Lentor Hills estate emphasize the strong demand for high quality premium homes in the area,” states Dora Chng, residence director of GuocoLand.
Lentor Modern is a 99-year leasehold development making up three 25-storey residential high rises with an overall of 605 homes. The towers administer a 96,000 sq ft mall that are going to include a 12,000 sq ft grocery store, a 10,000 sq ft childcare facility, and F&B and retail offerings. The property development is going to be incorporated with Lentor MRT Terminal on the Thomson-East Coast Line (TEL).
The final unit at Lentor Modern, GuocoLand’s incorporated project in the Lentor Hills estate, has been marketed, which implies that the 605-unit venture is now completely taken up. The achievement comes on the back of Midtown Modern, that was also totally sold off as of last December, GuocoLand shares in a Jan 27 press release.
She adds: “We expect the launch of Lentor Central Residences to be met with strong interest due to its proximity to our Lentor Modern mall which is straight linked to the Lentor MRT terminal on the Thomson-East Coast Line”.
On the other hand, units at the 558-unit Midtown Modern, positioned on Tan Quee Lan Street, brought an average rate of about $2,825 psf. The 99-year leasehold condominium, which belongs to the Guoco Midtown mixed-use project, was initially introduced available for sale in March 2021.
In its press release, GuocoLand states that the shopping mall is currently “more than 50%” rented, including to support occupants CS Fresh and ChildFirst.
Caveats on URA’s Realis database demonstrate to that the last unit marketed at Lentorn Modern was a 1,130 sq ft, three-bedroom unit which fetched $2.4 million ($2,126 psf) on Jan 19. Homes at Lentor Modern initially debuted for sale in September 2022. This indicates that the flat has actually been fully taken up in less than 2 1/2 years since sales reservations began. Based upon caveats, the venture accomplished an average market price of approximately $2,107 psf.
Not far away, the upcoming development at the Upper Thomson Road (Parcel B) site is targeted for launch in the second part of the year, GuocoLand declares. The developer, along with Hong Leong Holdings, was rewarded the Government Land Sales (GLS) plot last April after the joint project partners sent the offered proposal of $779.6 million for the 344,700 sq ft, 99-year leasehold site, reflecting a land rate of $905 psf per plot ratio.
The 533-unit Lentor Mansion, established by GuocoLand and Hong Leong Holdings, was launched last March, with 75% sales accomplished throughout the first 2 days of open. The plan is now 97% marketed with lower than 20 units remaining offered, GuocoLand states.
Lentor Modern was the first property to be launched in the Lentor Hills estate. It saw a strong feedback upon launch, with the project gathering a take-up rate of 84% on launch day.
Along with Lentor Modern, GuocoLand is creating 3 additional projects in the estate with its joint venture partners. In July 2023, the developer, along with Hong Leong Holdings and TID, launched the 598-unit Lentor Hills Residences. The undertaking has marketed 99% of units to date at a standard price of approximately $2,099 psf, based on caveats lodged.
