TID sells 19% of Lentoria at $2,125 psf

Majority likely bought for their own use.

TID has sold 50 units or 19% of its 267-unit Lentoria condo project in the Lentor Hills Estate during the launch weekend. 

TID, a joint venture between Hong Leong Holdings and Mitsui Fudosan, sold the units at an average of $2,125 per square foot, with 2- and 3-bedroom units accounting for more than 70% of sales.

Huttons Data Analytics estimated that the majority of the buyers were owner-occupiers already staying in the north, northeast region.

Ismail Gafoor, CEO of PropNex said the project had a good start considering the incoming supply of homes in the area with nearly 1,700 units launched in previous projects.

Being a mid-size development, Gafoor said Lentoria should not face much difficulty in selling out.

“With the ample stock of new homes in the area, demand for homes in this area has likely been drawn down,” he said. “Some buyers may be taking more time to compare between new launches in this locality before making a purchase.”