TID submits highest bid of $1,130 psf ppr for Lentor Hills Road (Parcel B)

Lentoria Government Land Sales Site

SINGAPORE (EDGEPROP) – At the closure of the tender for 3 government land sale (GLS) sites on September 13, 2022 evening, there were 2 bids for the Lentor Hills Road (Parcel B) housing site, 3 bids for Lentor Central housing site and 5 bids for the executive condominium (EC) site at Bukit Batok West Avenue 5.

As for Lentor Hills Road (Parcel B), TID Pte Ltd, a joint venture between Mitsui Fudosan and Hong Leong Group, came up on top as the highest bidder. TID won with a bid of $276.36 million, which calculates to $1,130 per square feet per plot ratio (psf ppr).

The bid by TID was 18.9% more than the $950 psf ppr bid given by a consortium comprising Soilbuild Group Holdings, China Communications Construction Co and United Engineers (a unit of Yanlord Land), said Leonard Tay, head of research at Knight Frank Singapore. This was 6.6% more than the $1,060 psf ppr for Lentor Hills Road (Parcel A) too, which was awarded in January as the Lentor Hills Residences site, he adds.

Ms Catherine He, director and head of research at Colliers Singapore, comments that the few bids received for the Lentor Hills Road (Parcel B) and Lentor Central plots shows that developers were “more careful with their bids because of the ample supply coming up in the region”. A total of 1,340 housing units are anticipated to be in the pipeline at Lentor area.

The 99-year leasehold Lentor Hills Road (Parcel B) site, which is to be developed as Lentoria, can yield about 267 residential units. From the land rate, the estimated future selling price for the development could range between $2,000 and $2,100 psf, says Knight Frank’s Tay.

Source: https://www.edgeprop.sg/property-news/tid-submits-highest-bid-1130-psf-ppr-lentor-hills-road-parcel-b

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