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. 

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Bank of Singapore appoints global head of investments
Robert Reid has 30 years of legal, consulting, and financial services experience.
How this power couple built a real estate brand from the ground up
Singapore Luxury Homes was born through the couple’s own experiences in buying a home.   With an impressive record of over 300 real estate transactions surpassing $2b in combined real estate sales over the past decade, the co-founders of Singapore Luxury Homes are considered to be leading luxury real estate agents in Singapore.   Discussing their years of experience and how the company is poised to expand, Singapore Business Review spoke to husband and wife luxury real estate duo, Sunita Gill-Karkaria and Kaizar Karkaria about the booming real estate market.

Exclusives

How investor stewardship puts companies in a win-win state
Stewardship Asia Centre CEO says a company’s failure to take care of society is a failure to take care of its stakeholders.
Creating harmony in a heterogonous workforce 
An HR expert said tests like DISC can help identify which employees can work best together.