New Lentor Condo Could Start From $2,700 PSF After Record Land Bid

For the first time since 2021, a new government land sale (GLS) site in Lentor has attracted bids of more than $1,200 psf per plot ratio (ppr). Over the past five years, land bids for the other seven GLS sites have not crossed this threshold, and have ranged from $982 psf ppr to $1,130 psf ppr.

A joint venture (JV) of three developers, GuocoLand, Intrepid Investments, and TID, has just submitted the top bid of $657.1 million for the latest GLS site at Lentor Central. The bid price translates to a land rate of $1,278 psf ppr.

“The Lentor Central site is one of the best sites in the estate. If we are awarded the site, we plan to build a development with three residential towers and up to 562 units,” according to a media statement by a GuocoLand spokesperson.

The residential blocks of the new project will be about 27 stories, and given the expanse of the site, most of the units will have unblocked views of the nearby landed housing estate, Lower Seletar Reservoir or Lower Peirce Reservoir. The new development will also capitalise on its proximity to Lentor MRT station and Lentor Modern mall.

The bid price of $1,278 psf ppr is “substantially” above expectations, says Leonard Tay, head of research at Knight Frank Singapore. He expects that the launch price of the new project could start from $2,700 psf.

“When the new project hits the market next year, it could result in a price increase in the Lentor neighbourhood, and a probable overall rise in the URA non-landed price index in the Outside Central Region (OCR),” says Tay.

Why the $1,278 psf bid for Lentor Central?

The last time the top bid for a GLS site in Lentor crossed the $1,200 psf ppr threshold was the sale of the very first site, which was won by GuocoLand and developed into Lentor Modern. It is the only mixed-use residential and commercial site directly connected to Lentor MRT station on the Thomson-East Coast Line.

The latest GLS site is the eight development plot that the government has released in the budding private residential neighbourhood. While another three sites have been earmarked in the Master Plan, they have not been put up on recent GLS lists.

Located on Lentor Central, the latest GLS site spans 171,423.9 sq ft with a gross plot ratio of 3.0, and could yield up to 560 new private homes.

There were a total of five bids submitted for this site when the tender closed on March 3. Other bids consisted:

• A consortium comprising Frasers Property, Sekisui House, and Soilbuild: $621.5 million ($1,208 psf ppr)
• Kingsford Group: $581.16 million ($1,130 psf ppr)
• China Overseas Land and Investment (Singapore): $541 million ($1,052 psf ppr)
• Kheng Leong Co.: $488.33 million ($950 psf ppr)

The GuocoLand-Intrepid-TID JV bid edged out the second-highest bid from another joint venture of developers by about 5.7%. The difference between the top bid and the lowest bid is 35%.

It is also the highest number of bidders that have come in for a GLS site in Lentor, ever since nine bids were submitted for the first site in 2021. The land bid of $1,278 psf ppr has also set a record among all the seven previous sites.

The fact that the top three bids for the latest site were higher than $1,100 psf is an indication that developers are still confident in the demand for new private homes in the Lentor area, says Tay. “Notwithstanding that cumulatively, including the latest GLS site, there will be over 4,000 new private homes within this relatively small neighbourhood”.

To date, four of the six launched projects in Lentor are sold out – Lentor Modern, Lentor Central Residences, Lentor Hills Residences, and Lentor Mansion. The unsold inventory is also drawing down, with just 12 units and 31 units left at Hillock Green and Lentoria, respectively.

“Earlier fears of oversupply within the neighbourhood did not materialise, and Singapore residents continue to be drawn to the Lentor area as a new non-landed private home enclave,” says Tay.

Developers consider beyond short-term cyclical risks

Fears of a potential oversupply situation in Lentor seem to be overblown now, given the strong take up rates of already-launched projects, and the prices some sub-sales are setting.

Marcus Chu, CEO of ERA Singapore, states that Lentor has evolved into a well-regarded residential enclave, underpinned by strong transport connectivity, integrated amenities and a carefully phased development pipeline.

He adds that this transformation has enhanced its appeal to HDB upgraders, particularly owners from nearby mature estates such as Ang Mo Kio and Yio Chu Kang who are seeking to transition into private housing within a familiar, well-established neighbourhood.

“The robust take-up rates achieved across successive launches reflect genuine owner-occupier demand rather than speculative activity,” says Chu. He points to the 93% take-up rate that Lentor Central Residences achieved when it launched last May.

In addition, GuocoLand, Hong Leong, and TID have collectively been behind five of the six condo launches in Lentor to date, which give them deep on-the-ground understanding of the precinct and demand dynamics, says Wong Siew Ying, head of research and content at PropNex.

She attributes several factors that possibly helped to underpin developers’ optimism for the latest Lentor Central GLS site. “First, the Lentor Central site is well-located close to amenities and the MRT station. Second, the existing supply in that area has largely been absorbed and finally, the resilient demand outlook in the OCR which is mainly driven by local households and HDB upgraders”.

In addition, the line-up of GLS sites located in the OCR under the Confirmed List of the 1H2026 programme is relatively thin. Wong opines that developers might have jumped at the opportunity to pick up the Lentor Central site in anticipation of the scarce OCR offerings next year.

Among the seven non-executive condo sites on the 1H2026 GLS Confirmed List, only two are both sizable and located in the OCR – a site at New Upper Changi Road, and another at Bayshore Drive.