Should You Buy Lentoria? A Detailed Pricing Review Against Lentor Modern, Lentor Hills Residences And Hillock Green

While we’ve always done this as part of our condo reviews, Lentoria is a particularly interesting one because there are already 3 other developments for sale before Lentoria’s launch (check out our review here). As such, potential buyers have a lot more to benchmark their price comparison on. 

Thus, our focus in this pricing review would mainly cover how it compares with the other new launches in the Lentor area.

Let’s first look at the various sites:

Lentor Modern was the first to be purchased and has proven to be the highest in part due to its integrated status and thus its favourable position among the other Lentor properties.

As time went on, however, the number of bids fell as the supply of sites in the area went up. In just 6 months, the submitting bids fell from 9 to 4. 

*However, we should note here that Sept 2022 saw URA change developer’s calculation in floor area, which affected land bid prices. Thus a lower land bid price doesn’t necessarily translate to less demand (ignoring the number of bids). As this is a pretty new change implemented, these bid prices may not be truly reflective. 

This continued to drop down to 2 bids by the following year. Not only did the number of bids fall, but so did the price:

This leads us to Lentoria. While it’s the 3rd/4th site that closed, it is the second highest bid among the 6 sites – just $64 psf ppr shy from the integrated Lentor Modern.

Naturally, this leads us to ask if Lentoria could be quite uncompetitive given it costs the developer more on a $PSF PPR basis compared to HIllock Green which is closer to Lentor Modern.

Here’s a look at the prices of all developments with prices so far:

But is it necessarily uncompetitive? Here’s a look at Lentoria’s indicative pricing

*The 4-bedder does not have indicative pricing yet.

At a starting $1,965 PSF, Lentoria would have the highest minimum psf, indicating that this would be the priciest launch in the Lentor area so far.

Considering where we are today, this is fair, but it could be a concern for short-term growth for sellers looking to exit since Lentor Modern buyers will likely end up paying less than Lentoria buyers. And it’s not just Lentor Modern, developments like Hillock Green and Lentor Hills Residences can also afford to price less. So a good exit here would hinge on a greater demand for the Lentor area in the future over its supply, and on a smaller scale, that a large enough group of buyers would prefer a smaller development. 

This leads us to another point of Lentoria – its size. Of course, the upside here is the greater privacy. As such, the unit-to-land size ratio is the best at Lentoria:

However, we have to consider the audience of the Lentor area. The area is targeted towards families whose main concern may not be privacy or luxury. It’s a new township where most condominiums have close to 500 units or more. Greater affordability is more important here, and if the maintenance fee per unit is higher in Lentoria compared to other developments, then this could be a point to think about.

While the site at Lentor Modern did cost more on a $PSF PPR basis, the indicative $PSF hints that it’ll be more expensive than Lentor Modern on average (which is good news for early Lentor Modern buyers). You can already see this as the average $PSF for Hillock Green is mostly higher than Lentor Modern across all the 1, 3 and 4 bedroom types.

Hillock Green has sold 124 units out of 474 available units, amounting to 26% since 11 November 2023. Over 3 months, this is certainly slower but it is looking to be the norm for new launches in this new climate. It’s hard to say at this point if this is just a wider indication of where the market is at, or if it has now been an over-saturation of launches in this area. 

Still, we can see that the developer has priced the different bedroom types quite reasonably. A stark example is the 2-bedroom which starts at $1,965 psf. This will make it the lowest among the 4 new launches and if the price per floor jump is the same, then Lentoria could very well have the most affordable 2-bedders in the Lentor area (by $PSF). You’ll also notice that the 3-bedroom’s indicative starting $PSF is lower than Hillock Green’s minimum transacted $PSF, indicating that the developer is well aware of the market conditions and supply in the area.

Investors seeking to purchase the 1-bedroom would also notice the high starting $psf of $2,190. This is hardly surprising since 1-bedders tend to be the first to sell out. Moreover, the supply of 1-bedroom units in the Lentor area is not high to begin with. As a result, there wouldn’t be a flood of 1 bedder on the market when the Lentor developments reach their TOP.

Finally, the last difference we want to highlight with Lentoria is that you can hack the walls here as it does not use the PPVC construction method. More details available in our full review. 

Now that we got some basic information out of the way, let’s take a closer look at the bedroom comparison.

1-bedroom comparison

There are only 23 1-bedders in Lentoria out of 267 units, forming just 9% of the total unit mix. You can expect this to move quicker in part due to the relatively low supply of 1-bedders in the Lentor area. Generally speaking, because the 1-bedder layouts shown between each development don’t vary too much, the difference may be quite negligible – this may lead to buyers leaning towards the lower priced 1-bedder (unless you factor in other variables such as condo design/distance to mrt/proximity to school, etc.)

Here’s a look at the smallest 1-bedroom unit which comes in at 538 sq ft:

This 1-bedroom unit is located in stacks 05 and 06 and faces the road.

The other 1-bedroom unit is located in stack 02 and faces the pool. It’s likely that the pool-facing view will be priced higher. It should be quieter as compared to the main road, and while the pool can be noisy at times, the development is relatively small so we don’t expect it to be rowdy unlike in bigger projects that have over 500 units.

You’ll also notice that the pool-facing unit has an extension from the balcony. While this does block some views, it also means that will not be afternoon sun, thus making it cooler than the ones in stacks 05 and 06. Moreover, this stack is more south-east facing compared to stacks 05 and 06 which is more north-west facing.

Now let’s compare this to the other Lentor new launches:

Apart from Lentor Hills Residences, all of the other Lentor development has a 1-bedroom that’s bigger than 500 sq ft. This puts them at a higher quantum compared to the 452 sq ft unit at Lentor Hills Residences. If we consider Lentor Modern as the leader in the area, its lowest price of $1,072,170 serves as a benchmark. 

Already, we can see that Hillock Green was priced at $1,085,000 and while it’s 2 square metres smaller, there isn’t much of a difference in terms of layout. Considering that it is right opposite Lentor Modern (which makes it the 2nd most convenient condo to stay in), buyers of Lentoria may want to pay close attention to the price paid relative to Hillock Green. 

This is especially so for 1-bedders due to the likelihood that buyers tend to be investors, and tenants would see Hillock Green’s and Lentor as a more convenient option.

As of this writing, there are only 5 units of 1-bedders left and it starts from $1,276,000. Therefore, a price of $1,178,220 onwards is a way for potential buyers of Lentor to partake in a Lentor condo investment at a lower price.

If we look at Lentor Hills Residences, you’ll see that there’s only the 1-bedroom + study option left of which there are just 8 units remaining. They start from $1,329,000 which is 12.8% higher than what Lentoria would offer buyers.

On a per floor basis, here’s what the jump looks like by development and bedroom type:

According to available transactions as of this writing, the average price jump per floor is as follows by bedroom type:

If we consider $1,178,200 as a starting price, then a range from level 1 to level 8 would bring it to a price point of between $1,178,200 to $1,243,354. Even at this range, the 1-bedders would still be cheaper than the starting price of an available unit at Hillock Green and Lentor Hills Residences. As such, we do think the price makes sense since there aren’t a lot of options in the area, and the low supply of 1-bedders here can help protect prices when selling in the future.

2-bedroom comparison

Here are the two bedders on offer at Lentoria:

The smallest 2-bedroom on offer is 700 sq ft while the other 3 types are of the same size – 732 sq ft.

Out of all the layouts, B1 and B4S will probably be more sought after. 700 sq ft is good enough for a 2-bedroom unit today and its smaller size would allow for a lower price point. B4S manages to squeeze a study area in for an extra 32 sq ft of space.

B3 has the added advantage of privacy since there is a foyer area that doesn’t look through to the living area. Whether or not this is important boils down to personal preferences, however, space efficiency is probably more important for 2-bedders given their smaller size.

B2 does not seem to have any distinct advantages over the other types. It doesn’t have the privacy like B3, the study of B4S nor the size of B1. B2 could potentially be the cheapest if the pool-facing premium from B1 outweighs B2’s $PSF, in which case, B2 can be a compelling choice especially if looking from an investment standpoint.

Which stack would be a better purchase depends on personal preferences, and for investment, the stack-premium disparity which we can only know when the full pricing is out.

Here’s a look at their facing:

As mentioned, type B1 is the only 2-bedroom stack that faces the pool and we can expect this to be priced higher on a $PSF basis given that pool-facing stacks tend to carry a premium compared to road-facing ones.

Now here’s a look at the other Lentor 2-bedders:

Since Lentoria’s smallest 2-bedroom comes with 2 bathrooms, we’ll compare them to other 2 bed 2 bath configurations.

Both Lentor Hills Residences and Lentor Modern sport the dumbbell layout, allowing for greater space efficiency. This efficiency is rewarded in Lentor Modern given the room for a flex space, effectively making this a 2-bedroom + study configuration.

Lentor Hills Residences manages to squeeze its 2-bed 2-bath in a slightly smaller space, allowing it to achieve a respectably low quantum of $1.356 million. This is respectable since it’s more than 5% cheaper than the equivalent layout at Hillock Green.

And so despite the higher bid price, Lentoria’s 2-bedroom has a very respectably low starting $PSF of just $1,965. Two-bedders at Lentoria make up 45% of its unit mix, so having a low $PSF gives buyers a chance to enter the Lentor area later at a price that’s similar to previous launches. This is where we can see the near-monopoly effect coming in as the developer can adjust its pricing among the different developments better.

A price starting from $1,375,500 is therefore competitive against Lentor Hills Residences buyers given its slightly bigger size.

3-bedroom comparison

Here are the 3-bedders on offer at Lentoria:

There are four compact 3-bedroom layouts and two premium ones which come with greater practicality. Only the premium layouts come with an enclosable kitchen.

Type C1 will be the most affordable given it’s the smallest. This layout is perfect for those who want a decent family home since all bedrooms can fit a queen-sized bed minimally. However, the lack of a store or utility room means having to compromise on certain lifestyle elements.

Do note that types C1 to C4 also do not have an enclosed kitchen layout. This is surprising since 3-bedders cater to families who likely cook a lot, so not having an enclosed kitchen does alienate a sizable pool of buyers. This could be a problem for sellers later on as future buyers may find the lack of an enclosed kitchen to be a dealbreaker as families who do heavy cooking might find this to be impractical, even with the small window. However, it may be possible to renovate further to create that enclosed area – it’ll just cost more and could result in a compromise to the dining space.

One notable point about the premium layout is the rectangular living/dining configuration. This allows for greater flexibility since the dining space isn’t restricted to a certain space. A living/dining configuration also results in a wider balcony allowing for more sunlight into the home. However, this is less space-efficient given the longer corridor, but it’s not a big concern given it’s the premium layout where buyers tend to have a bigger budget and can appreciate such a layout.

Here’s a look at their facings:

It’s surprising to see type C5P, a premium unit, having the road junction facing. However, I can see the limitations of the plot given the smaller land size. There isn’t much of a choice too since every layout type is in a different stack. Types C2, C3 and C4 are the only comparable layouts. If there’s no preferred layout, the price disparity between stacks comes into play here.

So what would be a decent price range for the 3-bedders here? Let’s look at the 3-bedroom competitors in the area. First, let’s consider the compact layouts:

When compared to other compact 3-bedders, you’ll immediately notice how the lack of an enclosed kitchen poses a problem for Lentoria. Future buyers would take notice here. The option to enclose the kitchen area is more valuable.

The starting indicative price of $1,974 psf is pretty decent (assuming it’s for the compact layout). Assuming the same price per floor jump increase, Lentoria’s 3-bedders would be competitive with other Lentor developments in the area. This is due to its smaller size, allowing it to achieve a lower overall price which is the purpose of the compact 3-bedder.

However, our only concern is the lack of an enclosed kitchen which in our opinion is a disadvantage. The lower size (and hence price) would likely be the key selling point of the 3-bedder in Lentoria which makes sense since this is usually the layout targetted by HDB upgraders.

Do note that as of this writing, the cheapest 3-bedroom unit at Hillock Green is $1,916,000, while for Lentor Hills Residences, it’s a higher amount of $1,958,000.

Next, let’s look at the premium layouts:

In this case, we’ll also assume the same $1,974 psf for the premium unit. This brings the 3-bedroom premium to a minimum of $2,208,906.

Compared to Lentor Hills Residences’ smallest premium unit, Lentoria’s 3-bedroom premium has a study area. At our estimated indicative of $1,974 psf, the 1,119 sq ft unit is priced very decently.

Lentor Hills Residences is asking for less for the 2nd-floor unit, but it does not have the study. Currently, Hillock Green is asking for $2,459,000 for the 2nd floor unit. None of the units have been purchased as of this writing, so the market hasn’t come to accept this price (yet?), so we think a starting $PSF below $2,000 would be a smart play.

As for Lentor Hills Residences, the lowest transacted for the 3-bedroom + yard is $2,228,000 which is for the 5th floor unit. As such, the market has shown to accept this price range which gives us greater conviction that a low $2.2xx million price point makes sense.

4-bedroom comparison

Here are the 4-bedders on offer at Lentoria:

There are two compact 4-bedroom units each at 1,206 sq ft and one premium layout at 1,345 sq ft.

The main difference between the premium and the regular unit is the study. The other difference is the living/dining configuration. The premium unit comes with the landscape layout which is preferred since it lets in more sunlight and allows for a more flexible configuration. Thinking of hosting a large dinner party? You can always move the couch, but in the compact layout, you’d be confined to the area just outside the Junior Master bedroom.

Between the regular layouts, both are a mirror reflection of each other. Here are their facings:

For Type D2 and D3P, there’s only 1 stack, so there’s no choice here. For buyers of type D1, you can choose between the one at block 38 or block 36. Between the two, block 36 is better since it does not have a direct facing to another stack.

Now let’s compare this to other 4-bedders in the Lentor area. Do note that we do not have the indicative pricing for 4-bedders. As such, we’ll assume the lowest at $1,965.

In terms of the smallest 4-bedder on offer, Lentoria’s layout is quite decent. There’s a utility room which Hillock Green lacks – and the utility even has a window. The yard is bigger too. The dumbbell layout accommodates a multi-generational family as well. Considering these factors, Lentoria seems to have a superior layout over Hillock Green.

Next, you’ll notice that Lentor Hills Residences managed to transact its 1,345 sq ft 4-bedder for over $2.5 million dollars. This is a good sign for Lentoria since it shows that the market has accepted this price. While Lentoria is smaller, it almost has the same set of functionalities that Lentor Hills Residences has. It could even be considered better due to the window present in the utility room.

Considering this, we think that a range from $2.4 million is decent. At a 0.68% jump per floor, this brings it to between $2,400,000 and $2,677,440.

Finally, let’s consider the premium layout at Lentoria:

If we strictly look at the premium layouts, only Hillock Green is comparable. Lentor Modern’s 4-bedroom comes at 1,528 sq ft which is considerably larger.

Let’s look at the differences between Hillock Green and Lentoria. First, Hillock Green’s utility room has a window which makes it more liveable compared to Lentoria’s utility. Second, Lentoria has a dumbbell layout, similar to its regular variation. Third, Lentoria has 2 ensuite bathrooms, Hillock Green only has 1 with 3 bedrooms sharing 1 bathroom which is a less desirable layout. Finally, Lentoria managed to squeeze a study area with a window in.

Between both layouts, Lentoria’s 4-bedroom premium stands out compared to Hillock Green. In terms of pricing, Hillock Green’s 10th-floor unit has gone for $2,566,600. This does seem to be lower than expected and it seems to be an exception more than the norm, as the 11th-floor unit in the same stack went for $2,629,000.

Currently, the cheapest 4-bedroom premium at Hillock Green is going for $2,584,000 which is the 3rd floor 1,313 sq ft unit (#03-02). Considering this, we think that $2,642,925 ($1,965 psf) seems reasonable due to the advantages of its layout and slightly larger size. This is despite being further away from the MRT as the functional layout, especially for 4-bedroom premium units, is important. Buyers of the 4-bedroom premium are likely to own a car as well, so the distance to the MRT may not be as important.

Resale Comparisons

For those who are considering resale condos in the area, here’s a look at their prices since January 2023:

The Calrose and Thomson Grove are the only freehold developments nearby. If you could buy a freehold for the price of leasehold property, wouldn’t you go for the freehold option?

Before we jump to that conclusion, we need to remember the differences.

The Calrose is already 17 years old now and will be at least 20 years older by the time Lentoria is built! Today, a 3-bedroom (1,141 sq ft) unit at The Calrose went for $2.02 million ($1,770 psf). Assuming the 3-bedroom at Lentoria goes for $1,974 psf), then it’s only about 11-12% cheaper on a $PSF basis. If we take this into consideration, you’re actually paying just 11-12% more to stay in a brand new condo in a brand new area.

It’s the same if we compare with Thomson Grove which is already 30 years old and would be at least 33 years older by the time Lentoria reaches its TOP. While it’s a 25% premium over a freehold condo, this is not unreasonable considering the age difference. Not that it’s a bad development, but considering its age, not everyone may find it suitable to begin with and that premium for something new counts for something.

If we look at the oldest leasehold in the area, Far Horizon Gardens which has a 99-year tenure starting from 1982, you’ll see that prices here are still pushing to new highs:

Between 2020 to 2023, $psf levels rose 37% – and this is from a leasehold property that’s 42% of its way through its lifespan.

Considering this, there is some positivity to the leasehold new launches in the new Lentor area being priced at $2,000 psf and slightly above that if we factor in things like the new neighbourhood precinct and more modern facilities/design.

Pricing verdict

On the surface, the higher-than-average bid price may have been a cause of concern for some. However, we recognise that the decent starting indicative $PSF could very well make Lentoria competitive based on our analysis above.

Buyers of 1-bedroom units would likely lose out if they strictly compete with the 3 other Lentor developments, but the low supply in the area should help protect investors – both from a rental and capital appreciation standpoint. This is why, despite the higher $PSF, the starting $PSF of $2,190 is not bad at all.

However, the 2-bedders are interesting. With a starting $PSF of just $1,965, buyers are given a “second chance” to enter the Lentor area at previous prices.

Of course, we cannot neglect the obvious – it’s further from the MRT, and has a smaller plot (so likely higher maintenance fees), but we also have to factor in its proximity to CHIJ St. Nicholas Girls School and the fact that it’s a more private development.