Healthy takeup of Lentor Modern reflects resilience of the mass market: expert
Lentor Modern sold 84% of its units.
Lentor Modern’s impressive sale launch proved the resilience of mass market private residential segment and that there is an underlying demand for well-located projects from Singaporeans, property expert PropNex Realty said.
The property, the first and only integrated mixed-use development to be built in the new Lentor Hills estate, sold 508 units or 84% of its total during its weekend launch on 16 and 17 September.
Lentor Modern also sold all 63 one-bedroom units and 231 two-bedroom units during the launch, as well as 182 units, or more than 73% of the 248 three-bedroom units.
Prices of sold units at Lentor Modern during the launch ranged from $1,856 per square foot (“psf”) to $2,538 psf.
Meanwhile, Singaporeans constituted around 92% of the buyers.
“We think the strong buying interest in Lentor Modern has also got to do with the project’s strategic location as a future community focal point within the upcoming Lentor Hills estate. It is the only integrated development in the Lentor Hills estate - that will be connected to the Lentor MRT station and will comprise a retail mall,” PropNex commented.
“This is the main draw as it offers a lot of convenience to future residents, with direct access to amenities and a straight train ride down to the city via the Thomson-East Coast Line when it is fully operational,” the expert added.
Following Lentor Modern’s successful sale, PropNex expects more housing to be added to the new Lentor Hills estate, with nearby Lentor Hills Residences and several other residential sites in the pipeline.
The expert also anticipated that Lentor Modern will set the benchmark for the subsequent projects to be launched in this area.
“We think many buyers deem the prices at Lentor Modern to be acceptable for an integrated development in a fairly central part of Singapore,” the expert said.