GuocoLand’s Lentor Modern and Midtown Modern fully sold
Lentor Modern was the very first project to be kicked off in the Lentor Hills estate. It saw a good response upon launch, with the venture garnering a take-up rate of 84% on launch day.
“The response to Lentor Modern and our various other projects in the Lentor Hills estate emphasize the strong interest for quality premium residences in the area,” states Dora Chng, property supervisor of GuocoLand.
In its press release, GuocoLand mentions that the shopping mall is currently “more than 50%” rented, involving to support occupants CS Fresh and ChildFirst.
The project is going to consist of 5 25-storey towers with 941 units, consisting of a section of the initial Upper Thomson Middle school that will certainly be preserved and adjusted for non commercial use. It will also have safe access to Springleaf MRT Terminal on the TEL
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Along with Lentor Modern, GuocoLand is establishing three additional projects in the estate with its joint venture companions. In July 2023, the developer, together with Hong Leong Holdings and TID, launched the 598-unit Lentor Hills Residences. The undertaking has actually offered 99% of units to day at a common cost of approximately $2,099 psf, based upon cautions lodged.
Lentor Modern is a 99-year leasehold property comprising three 25-storey residential towers with a sum of 605 houses. The towers sit on top of a 96,000 sq ft shopping mall that are going to include a 12,000 sq ft food store, a 10,000 sq ft child care center, and F&B and retail services. The project will be incorporated with Lentor MRT Stop on the Thomson-East Coast Line (TEL).
Cautions on URA’s Realis database display that the last unit marketed at Lentorn Modern was a 1,130 sq ft, three-bedroom unit that obtained $2.4 million ($2,126 psf) on Jan 19. Houses at Lentor Modern first started for business in September 2022. This means that the condominium has been totally taken up in no more than 2 1/2 years since sales bookings began. Based upon cautions, the venture accomplished an average selling price of approximately $2,107 psf.
Meanwhile, units at the 558-unit Midtown Modern, situated on Tan Quee Lan Street, fetched an average rate of approximately $2,825 psf. The 99-year leasehold condominium, which belongs to the Guoco Midtown mixed-use property development, was initially launched available for sale in March 2021.
Lentor Central Residences, an upcoming development by GuocoLand, Hong Leong Holdings and CSC Land Group (Singapore), is intended for release in 1Q2025. The apartment consists of 477 units throughout two sky-high blocks.
The last unit at Lentor Modern, GuocoLand’s incorporated development in the Lentor Hills estate, has been marketed, which suggests that the 605-unit plan is now completely taken on. The accomplishment comes on the behind Midtown Modern, which was as well totally marketed since last December, GuocoLand shares in a Jan 27 notice.
She adds: “We anticipate the launch of Lentor Central Residences to be satisfied with solid interest as a result of its distance to our Lentor Modern shopping center which is straight connected to the Lentor MRT terminal on the Thomson-East Coast Line”.
The 533-unit Lentor Mansion, established by GuocoLand and Hong Leong Holdings, was launched last March, with 75% sales attained throughout the initial 2 days of release. The project is now 97% offered with less than 20 units remaining out there, GuocoLand says.
Not far away, the upcoming development at the Upper Thomson Road (Parcel B) site is targeted for debut in the 2nd half of the year, GuocoLand mentions. The developer, along with Hong Leong Holdings, was awarded the Government Land Sales (GLS) plot last April after the joint venture associates sent the sold proposal of $779.6 million for the 344,700 sq ft, 99-year leasehold site, mirroring a land rate of $905 psf per plot ratio.