GuocoLand’s Lentor Modern and Midtown Modern fully sold
The development will comprise 5 25-storey high rises with 941 units, consisting of a part of the initial Upper Thomson High school which will be conserved and adjusted for non commercial use. It will also have covered access to Springleaf MRT Terminal on the TEL.
The 533-unit Lentor Mansion, created by GuocoLand and Hong Leong Holdings, was launched last March, with 75% sales accomplished throughout the first 2 days of release. The plan is now 97% offered with less than 20 units remaining available, GuocoLand states.
“The reaction to Lentor Modern and our various other projects in the Lentor Hills estate highlights the strong need for high quality premium residences in the area,” states Dora Chng, residence director of GuocoLand.
She includes: “We expect the launch of Lentor Central Residences to be satisfied with solid interest as a result of its closeness to our Lentor Modern shopping center which is straight connected to the Lentor MRT terminal on the Thomson-East Coast Line”.
Cautions on URA’s Realis database display that the last unit sold at Lentorn Modern was a 1,130 sq ft, three-bedroom unit which obtained $2.4 million ($2,126 psf) on Jan 19. Houses at Lentor Modern first debuted for business in September 2022. This suggests that the flat has actually been totally occupied in less than 2 1/2 years since sales bookings commenced. Based on cautions, the venture achieved an average selling price of approximately $2,107 psf.
In its press release, GuocoLand mentions that the shopping center is presently “more than 50%” rented, involving to support occupants CS Fresh and ChildFirst.
Lentor Modern is a 99-year leasehold property consisting of 3 25-storey residential towers with a sum of 605 apartments. The towers administer a 96,000 sq ft mall that are going to incorporate a 12,000 sq ft food store, a 10,000 sq ft child care facility, and F&B and retail services. The project is going to be integrated with Lentor MRT Terminal on the Thomson-East Coast Line (TEL).
Along with Lentor Modern, GuocoLand is developing 3 additional ventures in the estate with its joint venture partners. In July 2023, the developer, together with Hong Leong Holdings and TID, launched the 598-unit Lentor Hills Residences. The project has marketed 99% of units to day at a common price of about $2,099 psf, based on cautions lodged.
Lentor Modern was the first development to be kicked off in the Lentor Hills estate. It saw a strong response upon launch, with the venture garnering a take-up figure of 84% on launch day.
Not far away, the upcoming property development at the Upper Thomson Road (Parcel B) site is targeted for release in the second half of the year, GuocoLand mentions. The property developer, together with Hong Leong Holdings, was awarded the Government Land Sales (GLS) plot last April after the joint project associates sent the sold quote of $779.6 million for the 344,700 sq ft, 99-year leasehold site, mirroring a land price of $905 psf per plot ratio.
The last unit at Lentor Modern, GuocoLand’s integrated development in the Lentor Hills estate, has already been offered, which suggests that the 605-unit venture is at present totally occupied. The achievement comes on the behind Midtown Modern, that was as well fully sold since last December, GuocoLand says in a Jan 27 news release.
Lentor Central Residences, a future project by GuocoLand, Hong Leong Holdings and CSC Land Group (Singapore), is targeted for launch in 1Q2025. The apartment comprises 477 units across two high-rise blocks.
On the other hand, units at the 558-unit Midtown Modern, positioned on Tan Quee Lan Street, brought an average rate of around $2,825 psf. The 99-year leasehold apartment, which is part of the Guoco Midtown mixed-use development, was first launched for sale in March 2021.
