GuocoLand’s Lentor Modern and Midtown Modern fully sold
The development is going to consist of five 25-storey towers with 941 units, including a portion of the original Upper Thomson High school that will be preserved and adjusted for non commercial usage. It will also have covered access to Springleaf MRT Station on the TEL.
In its press release, GuocoLand states that the mall is presently “more than 50%” leased, including to support lessees CS Fresh and ChildFirst.
The 533-unit Lentor Mansion, created by GuocoLand and Hong Leong Holdings, was introduced last March, with 75% sales achieved throughout the first two days of launch. The project is now 97% sold with lower than 20 units remaining available, GuocoLand states.
“The response to Lentor Modern and our various other property developments in the Lentor Hills estate highlights the strong demand for quality costs residences in the area,” states Dora Chng, housing supervisor of GuocoLand.
Lentor Modern is a 99-year leasehold property comprising 3 25-storey residential towers with a total of 605 flats. The towers administer a 96,000 sq ft shopping center that will incorporate a 12,000 sq ft food store, a 10,000 sq ft child care center, and F&B and retail offerings. The development is going to be integrated with Lentor MRT Terminal on the Thomson-East Coast Line (TEL).
Caveats on URA’s Realis data source demonstrate to that the last unit offered at Lentorn Modern was a 1,130 sq ft, three-bedroom unit that brought $2.4 million ($2,126 psf) on Jan 19. Houses at Lentor Modern first debuted for sale in September 2022. This implies that the condominium has been totally taken up in no more than 2 1/2 years since sales bookings began. Based on cautions, the project achieved a common selling price of approximately $2,107 psf.
Not far away, the upcoming development at the Upper Thomson Road (Parcel B) site is intended for debut in the second 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 submitted the sold proposal 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 final unit at Lentor Modern, GuocoLand’s incorporated project in the Lentor Hills estate, has been sold, which implies that the 605-unit plan is now completely taken on. The accomplishment takes place the behind Midtown Modern, which was additionally totally sold off as of last December, GuocoLand shares in a Jan 27 press release.
Lentor Modern was the first project to be launched 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.
Lentor Central Residences, a future development by GuocoLand, Hong Leong Holdings and CSC Land Group (Singapore), is targeted for start in 1Q2025. The condominium makes up 477 units throughout two high-rise blocks.
At the same time, units at the 558-unit Midtown Modern, positioned on Tan Quee Lan Street, brought an average cost of about $2,825 psf. The 99-year leasehold condo, which belongs to the Guoco Midtown mixed-use development, was initially introduced for sale in March 2021.
Along with Lentor Modern, GuocoLand is creating 3 other projects in the estate with its joint venture partners. In July 2023, the property developer, together with Hong Leong Holdings and TID, released the 598-unit Lentor Hills Residences. The project has sold 99% of units to date at an average cost of about $2,099 psf, based upon caveats lodged.
She includes: “We anticipate the launch of Lentor Central Residences to be fulfilled with strong attention because of its distance to our Lentor Modern shopping center which is straight connected to the Lentor MRT station on the Thomson-East Coast Line”.