GuocoLand’s Lentor Modern and Midtown Modern fully sold
Lentor Modern is a 99-year leasehold development consisting of three 25-storey residential high rises with a total of 605 homes. The towers administer a 96,000 sq ft shopping center that are going to incorporate a 12,000 sq ft grocery store, a 10,000 sq ft child care facility, and F&B and retail services. The property development will be incorporated with Lentor MRT Station on the Thomson-East Coast Line (TEL).
At the same time, units at the 558-unit Midtown Modern, positioned on Tan Quee Lan Road, fetched an usual rate of around $2,825 psf. The 99-year leasehold condominium, which is part of the Guoco Midtown mixed-use property development, was first introduced available in March 2021.
The property will make up five 25-storey high rises with 941 units, consisting of a portion of the initial Upper Thomson Secondary School that will be conserved and adapted for residential usage. It is going to also have safe access to Springleaf MRT Stop on the TEL.
Not far away, the upcoming development at the Upper Thomson Road (Parcel B) site is targeted for debut in the 2nd part of the year, GuocoLand mentions. The property developer, along with Hong Leong Holdings, was awarded the Government Land Sales (GLS) plot last April after the joint venture 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.
She adds: “We anticipate the launch of Lentor Central Residences to be fulfilled with solid attraction due to its closeness to our Lentor Modern shopping mall which is straight connected to the Lentor MRT station on the Thomson-East Coast Line”.
Lentor Central Residences, a forthcoming project by GuocoLand, Hong Leong Holdings and CSC Land Group (Singapore), is targeted for launch in 1Q2025. The condominium makes up 477 units throughout two sky-high blocks.
The 533-unit Lentor Mansion, established by GuocoLand and Hong Leong Holdings, was released last March, with 75% sales attained throughout the first two days of open. The project is now 97% sold with lower than 20 units remaining offered, GuocoLand shares.
In its news release, GuocoLand mentions that the shopping mall is presently “more than 50%” rented, including to anchor tenants CS Fresh and ChildFirst.
“The response to Lentor Modern and our various other developments in the Lentor Hills estate highlights the strong demand for high quality costs houses in the area,” claims Dora Chng, housing director of GuocoLand.
Cautions on URA’s Realis database display that the last unit sold at Lentorn Modern was a 1,130 sq ft, three-bedroom unit that brought $2.4 million ($2,126 psf) on Jan 19. Homes at Lentor Modern initially debuted for sale in September 2022. This implies that the condominium has been completely occupied in less than 2 1/2 years ever since sales bookings began. Based upon caveats, the venture attained a standard market price of around $2,107 psf.
In addition to Lentor Modern, GuocoLand is creating three additional projects in the estate with its joint project partners. In July 2023, the developer, along with Hong Leong Holdings and TID, introduced the 598-unit Lentor Hills Residences. The project has actually offered 99% of units to date at a standard cost of about $2,099 psf, based upon cautions lodged.
The last unit at Lentor Modern, GuocoLand’s integrated project in the Lentor Hills estate, has been sold, which suggests that the 605-unit venture is now totally taken up. The achievement takes place the behind Midtown Modern, which was as well fully sold as of last December, GuocoLand says in a Jan 27 notice.
Lentor Modern was the very first project to be started in the Lentor Hills estate. It saw a strong reaction upon launch, with the project gathering a take-up figure of 84% on launch day.
