Lentor Hills Road closes bids below expectations

Jalan Tembusu, meanwhile, saw a strong performance due to the opportunity present in the area.

Comments released by Knight Frank Singapore and CBRE found that Lentor Hills’ bidding performance was below their expectations. 

Earlier, it was reported that the public lot’s tender ended with four bids. Knight Frank’s Leonard Tay, however, attributes this to other sites in the area being primed for sale. Meanwhile, the top bid of around $587m, or $1,060 per square foot (psf) per plot ratio (ppr), reached by the area was within expectations. Tay also expects the selling price to begin at $2,000 psf, with it average between $2,000 to $2,200 psf.

“Potential homebuyers would be enticed by the site’s connectivity to public transport and relative proximity to recreational facilities such as Thomson Nature Park, Yio Chu Kang Stadium and Sports Complex. The site is also about 1 kilometre from the renowned CHIJ St Nicholas Girls School, strengthening its appeal to parents. Furthermore, retirees and older residents currently living in the landed estates around Lentor and Yio Chu Kang Road might consider downsizing their residences as their space requirements and priorities change, serving as a source of potential buyers for a new condominium in this location,” said Tay when commenting about potential buyers of units in the property. 

Meanwhile, Tricia Song, Head of Research, Southeast Asia, CBRE, factors in both the presence of a leasehold and medium-sized option for the performance of the Jalan Tembusu site. The site attracted 8 bids, with the top bid being awarded to City Developments at $1,302 psf ppr. 

Other factors that helped influence this include its location in the East Coast/Katong enclave, which has not seen any government land sales over the past 12 years, and being 600 meters away from the upcoming Tanjong Katong MRT station on the Thomson-East Coast Line. 

Song estimates units from this property to launch at $2,100 to $2,200 psf.