GuocoLand’s Lentor Modern and Midtown Modern fully sold
The property will comprise five 25-storey high rises with 941 units, including a portion of the original Upper Thomson High school which will be saved and conformed for residential usage. It will also have sheltered access to Springleaf MRT Station on the TEL.
In addition to Lentor Modern, GuocoLand is developing 3 other projects in the estate with its joint venture partners. In July 2023, the property developer, along with Hong Leong Holdings and TID, launched the 598-unit Lentor Hills Residences. The undertaking has sold 99% of units to date at a standard rate of around $2,099 psf, based on caveats lodged.
Lentor Modern is a 99-year leasehold property comprising 3 25-storey non commercial high rises with a sum of 605 homes. The towers oversee a 96,000 sq ft mall that will incorporate a 12,000 sq ft grocery store, a 10,000 sq ft childcare centre, and F&B and retail services. The development is going to be integrated with Lentor MRT Terminal on the Thomson-East Coast Line (TEL).
The 533-unit Lentor Mansion, established by GuocoLand and Hong Leong Holdings, was launched last March, with 75% sales accomplished during the very first 2 days of release. The project is now 97% offered with less than 20 units remaining out there, GuocoLand says.
Close by, the upcoming development at the Upper Thomson Road (Parcel B) site is intended for debut in the second part of the year, GuocoLand declares. The developer, along with Hong Leong Holdings, was granted the Government Land Sales (GLS) plot last April after the joint venture associates submitted 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.
In its press release, GuocoLand states that the shopping center is presently “more than 50%” rented, involving to anchor occupants CS Fresh and ChildFirst.
The final unit at Lentor Modern, GuocoLand’s incorporated development in the Lentor Hills estate, has been marketed, which indicates that the 605-unit venture is at present fully taken on. The achievement takes place the back of Midtown Modern, which was also fully marketed since last December, GuocoLand shares in a Jan 27 news release.
She includes: “We expect the launch of Lentor Central Residences to be satisfied with strong attention because of its distance to our Lentor Modern mall which is directly connected to the Lentor MRT terminal on the Thomson-East Coast Line”.
“The response to Lentor Modern and our various other developments in the Lentor Hills estate accentuate the solid demand for high quality premium houses in the area,” claims Dora Chng, property director of GuocoLand.
Lentor Modern was the very first property to be started in the Lentor Hills estate. It saw a good action upon launch, with the project garnering a take-up rate of 84% on launch day.
Lentor Central Residences, a future development by GuocoLand, Hong Leong Holdings and CSC Land Group (Singapore), is targeted for release in 1Q2025. The condo makes up 477 units across 2 sky-high blocks.
Cautions on URA’s Realis database display that the last unit marketed at Lentorn Modern was a 1,130 sq ft, three-bedroom unit which obtained $2.4 million ($2,126 psf) on Jan 19. Homes at Lentor Modern first started for sale in September 2022. This means that the flat has been fully occupied in no more than 2 1/2 years since sales bookings commenced. Based on cautions, the venture attained a common asking price of about $2,107 psf.
At the same time, units at the 558-unit Midtown Modern, situated on Tan Quee Lan Street, brought a fair rate of around $2,825 psf. The 99-year leasehold condominium, which is part of the Guoco Midtown mixed-use project, was first introduced available in March 2021.
