Lentor Modern sold more than 84% of its total units on its preview day with prices breaching $2,400 psf
Lentor Modern sold more than 84% during its preview sale yesterday on 17 Sept 2022 (Saturday) as property giant GuocoLand launched the 605-unit integrated mixed-use development in Ang Mo Kio area with prices starting from $1,880 per square foot (psf) onwards. By late afternoon, prices of Lentor Modern were seen selling above $2,400 per square foot (psf) for 2 bedroom units as more than 1,400 cheques from interested buyers were received by Guocoland. Some units saw prices selling above S$2,500 per square foot (psf) towards the end of the sales preview.
Lentor Modern is integrated with Lentor MRT station on the Thomson-East Coast Line, comprising of one bedroom to four bedroom condo units ranging from 527 sq ft to 1,528 sq ft. Prices for Lentor Modern's one bedroom units started at prices ranging from $$1.07 million for a 527 sqft unit, to S$3.33 million for a 1,528 sqft four bedroom unit.
The 99-year leasehold plot of land at Lentor Central was successfully bidded by Guocoland at a price that translates to a land rate of $1,204 per square foot per plot ratio (psf ppr). It is situated close to schools such as Anderson Primary, CHIJ St Nicholas Girls, Catholic High, Presbyterian High, Raffles Institution and Anderson Serangoon Junior College, as well as Nanyang Polytechnic and the French International School. Lentor Modern is also located near plenty of green space, including Thomson Nature and Bishan parks, the upper and lower Seletar Reservoir areas and Lower Peirce Reservoir Park.
Real estate professional Kiwi Lim said it is no surprise that Lentor Modern sold more than 84% on its sales launch as high demand was expected following the success of AMO Residence, where 98% were sold during its launch in July and Sky Eden@Bedok which sold more than 75% last week.
Lentor Modern is integrated with Lentor MRT station on the Thomson-East Coast Line, comprising of one bedroom to four bedroom condo units ranging from 527 sq ft to 1,528 sq ft. Prices for Lentor Modern's one bedroom units started at prices ranging from $$1.07 million for a 527 sqft unit, to S$3.33 million for a 1,528 sqft four bedroom unit.
The 99-year leasehold plot of land at Lentor Central was successfully bidded by Guocoland at a price that translates to a land rate of $1,204 per square foot per plot ratio (psf ppr). It is situated close to schools such as Anderson Primary, CHIJ St Nicholas Girls, Catholic High, Presbyterian High, Raffles Institution and Anderson Serangoon Junior College, as well as Nanyang Polytechnic and the French International School. Lentor Modern is also located near plenty of green space, including Thomson Nature and Bishan parks, the upper and lower Seletar Reservoir areas and Lower Peirce Reservoir Park.
Real estate professional Kiwi Lim said it is no surprise that Lentor Modern sold more than 84% on its sales launch as high demand was expected following the success of AMO Residence, where 98% were sold during its launch in July and Sky Eden@Bedok which sold more than 75% last week.
AMO Residence was the first OCR new condo project to test the psychological barrier of mass market home buyers in its launch in July this year
What does OCR, RCR and CCR mean?
RCR refers to the Rest of Central Region which are usually city fringe areas and are typically very sought-after, e.g. Tiong Bahru, Telok Blangah, Queenstown and Boon Keng, etc. For those who work in the CBD or who frequently travel to the city centre for leisure, RCR properties can offer greater convenience. Some RCR new condo projects in this area are seeing condo units selling at prices above $3,700 per square foot (psf) recently.
CCR refers to the Core Central Region which covers the city area and some other prime locations most desired by savvy home buyers and property investors. We usually see the priciest properties located in these areas. We have seen latest transactions of new condo projects above $6,000 psf in the CCR region.
OCR refers to the planning areas which are Outside the Central Region which essentially means all of Singapore except the RCR and CCR regions. OCR properties are located farther away from the city centre and include suburban areas like Jurong, Woodlands, Yishun and Changi. OCR properties located within walking distance of an MRT station tend to be more sought-after due to their better connectivity. New condo prices in the OCR are usually the most affordably priced in order to attract HDB upgraders.
RCR refers to the Rest of Central Region which are usually city fringe areas and are typically very sought-after, e.g. Tiong Bahru, Telok Blangah, Queenstown and Boon Keng, etc. For those who work in the CBD or who frequently travel to the city centre for leisure, RCR properties can offer greater convenience. Some RCR new condo projects in this area are seeing condo units selling at prices above $3,700 per square foot (psf) recently.
CCR refers to the Core Central Region which covers the city area and some other prime locations most desired by savvy home buyers and property investors. We usually see the priciest properties located in these areas. We have seen latest transactions of new condo projects above $6,000 psf in the CCR region.
OCR refers to the planning areas which are Outside the Central Region which essentially means all of Singapore except the RCR and CCR regions. OCR properties are located farther away from the city centre and include suburban areas like Jurong, Woodlands, Yishun and Changi. OCR properties located within walking distance of an MRT station tend to be more sought-after due to their better connectivity. New condo prices in the OCR are usually the most affordably priced in order to attract HDB upgraders.
Is the price disparity between OCR and RCR narrowing?
Recent new condo launches in the mass market OCR locations have seen prices reaching above $2,400 per square foot (psf), this may make some city fringe RCR new condo projects look attractive, e.g. The Landmark - a beautiful exclusive city fringe new condo located on a hillside near the alluring Singapore River, expected to TOP in 2024 selling from $2,2xx per square foot (psf). One Pearl Bank also takes the cake with its amazingly iconic design and envious location of being situated on the hilltop of the stategically located Pearl's Hill green park offering rare unblocked views of the city priced from $2,4xx per square foot (psf). Riviere is beautifully embraced by the Singapore River priced from $2,700 per square foot (psf) and Piccadilly Grand - a fully integrated condo development with MRT and shopping mall directly below and well connected to other malls, hospital and hotel with current prices from below $2,000 per square foot (psf).
Kiwi Lim from Huttons Asia said we are seeing new benchmarks being set in Singapore’s property market on the back of rising land costs, manpower and construction costs. Buyers are now prepared for mass market condos to sell above $2,300 per square foot (psf) in the heartland Outside Central Region (OCR) locations. The consistent strong take-up rates at multiple recent launches could whet developers’ appetite for suburban GLS land parcel sites in the near future.
"Meanwhile, I am also seeing more and more buyers securing new condo projects in the city fringe RCR (Rest of Central Region) as some RCR new condos are now seen as being priced close to or even below recent OCR new launches with OCR prices catching up." said Kiwi.
Recent new condo launches in the mass market OCR locations have seen prices reaching above $2,400 per square foot (psf), this may make some city fringe RCR new condo projects look attractive, e.g. The Landmark - a beautiful exclusive city fringe new condo located on a hillside near the alluring Singapore River, expected to TOP in 2024 selling from $2,2xx per square foot (psf). One Pearl Bank also takes the cake with its amazingly iconic design and envious location of being situated on the hilltop of the stategically located Pearl's Hill green park offering rare unblocked views of the city priced from $2,4xx per square foot (psf). Riviere is beautifully embraced by the Singapore River priced from $2,700 per square foot (psf) and Piccadilly Grand - a fully integrated condo development with MRT and shopping mall directly below and well connected to other malls, hospital and hotel with current prices from below $2,000 per square foot (psf).
Kiwi Lim from Huttons Asia said we are seeing new benchmarks being set in Singapore’s property market on the back of rising land costs, manpower and construction costs. Buyers are now prepared for mass market condos to sell above $2,300 per square foot (psf) in the heartland Outside Central Region (OCR) locations. The consistent strong take-up rates at multiple recent launches could whet developers’ appetite for suburban GLS land parcel sites in the near future.
"Meanwhile, I am also seeing more and more buyers securing new condo projects in the city fringe RCR (Rest of Central Region) as some RCR new condos are now seen as being priced close to or even below recent OCR new launches with OCR prices catching up." said Kiwi.
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