{"id":121034,"date":"2021-07-23T02:12:06","date_gmt":"2021-07-22T19:12:06","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/land-plots-at-lentor-central-tampines-street-62-receive-nine-bids-each\/"},"modified":"2021-07-23T12:06:18","modified_gmt":"2021-07-23T05:06:18","slug":"land-plots-at-lentor-central-tampines-street-62-receive-nine-bids-each","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/land-plots-at-lentor-central-tampines-street-62-receive-nine-bids-each\/","title":{"rendered":"Land plots at Lentor Central, Tampines Street 62 receive nine bids each"},"content":{"rendered":"


\nLand plots at Lentor Central, Tampines Street 62 receive nine bids eachA unit of Guocoland submitted the highest bid for the Lentor Central site at $784 million, which works out to a land rate of $1,204.47 psf ppr, while\u00a0a joint venture between Qingjian Realty and Santarli Construction submitted the top bid for the EC site at Tampines Street 62 at $422 million, or $659 psf ppr.
\nThe tender for the private housing site at Lentor Central and the executive condominium (EC) site at Tampines Street 62 (Parcel A) closed on Thursday (22 July), with each site receiving nine bids.
\n\u201cThe current land bids indicate that developers remain optimistic about the future state of the Singapore property market. Land supply is low where demand continues to outstrip supply, especially in the suburban area. Therefore, the developers are expecting strong interest when the projects are launched,\u201d said Christine Sun, Senior Vice President of Research & Analytics at OrangeTee & Tie.
\nA unit of Guocoland submitted the highest bid for the Lentor Central site at $784 million, which works out to a land rate of $1,204.47 per sq ft per plot ratio (psf ppr).
\nNicholas Mak, ERA Singapore\u2019s Head of Research and Consultancy, noted that this is 4.5% higher than the second-highest bid submitted by a consortium between Hong Leong Holdings, Hong Leong Investments and TID.
\nZoned for residential development with commercial space on the first storey, the 99-year leasehold site is situated right at the doorstep of the upcoming Lentor MRT station on the Thomson-East Coast Line (TEL).
\nThe Government sold two other land parcels with similar zoning in the past 12 months. One of the sites was located at Tanah Merah Kechil Link, next to the Tanah Merah MRT Station, while the other site at Race Course Road is expected to be connected to the Farrer Park MRT station.
\nAlthough the Lentor site is within the Outside Central Region (OCR) and the TEL is not fully operational yet, the land rate of $1,204 psf ppr for the Lentor site is higher than those of the two earlier sites, said Mak.
\n\u201cThis could be partly due to the growing preference for \u201cintegrated developments\u201d. In addition, the developer could be planning to have the first-mover advantage in the Lentor area,\u201d he added.
\nSun expects the selling price for the Lentor project to range between $2,000 and $2,100 psf.
\nMeanwhile, a joint venture between Qingjian Realty and Santarli Construction submitted the top bid for the EC site at Tampines Street 62 at $422 million, or $659 psf ppr.
\nMak said this is the \u201chighest land rate to be paid for an EC site in the history of this type of housing\u201d.
\nIt broke the record land rate of $603 psf ppr for an EC site at Tengah Garden Walk, the last GLS EC land tender to close before this current tender.
\nIn fact, six of the bids received for this site were above the previous record land rate.
\nMark Yip, CEO of Huttons Asia, said developers were confident to put in the bid given the robust demand for this housing segment.
\n\u201cAs of June 2021, launched EC projects are 82% sold on average. Parc Central Residences EC in Tampines is around 85% sold so it is possible that in 15 months\u2019 time, the site at Tampines Street 62 will be the only EC project in Tampines,\u201d he said.
\nSun expects the selling price for the Tampines EC to range between $1,250 and $1,300 psf.
\n\u201cBased on URA caveats, the selling price for new ECs is inching closer to $1,200 psf this year, such as Piermont Grand EC, which was sold at a median price of $1,151 psf, Provence Residence EC at $1,150 psf, Parc Central Residences at $1,173 psf, OLA EC and Rivercove Residence EC both at $1,143 psf,\u201d she said.
\n\u201cTherefore, a median selling price of above $1,200 psf for new ECs could be breached when this plot is launched.\u201d
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email:\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Land plots at Lentor Central, Tampines Street 62 receive nine bids each<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Land plots at Lentor Central, Tampines Street 62 receive nine bids eachA unit of Guocoland...<\/p>\n","protected":false},"author":1,"featured_media":121035,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-121034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/lentor-site-gls-h12021-crop.png?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vua","jetpack-related-posts":[{"id":122149,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/marina-view-white-site-attracts-one-bid\/","url_meta":{"origin":121034,"position":0},"title":"Marina View white site attracts one bid","date":"September 22, 2021","format":false,"excerpt":"\r Analysts attributed the lacklustre interest to the high price of the land and uncertainties over the CBD office and hotel sectors.\u00a0 The tender for the white site at Marina View closed on Tuesday (21 September), with Boulevard View emerging as the sole bidder for the 99-year leasehold site. In\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/09\/URA-launches-tender-for-the-White-site-at-Marina-View.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":121250,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-awards-tampines-ec-site-for-422mil\/","url_meta":{"origin":121034,"position":1},"title":"HDB awards Tampines EC site for $422mil","date":"August 4, 2021","format":false,"excerpt":"\r HDB awards Tampines EC site for $422milThe price works out to a land rate of $659 per sq ft per plot ratio (psf ppr), which is the highest land rate for an EC site to date. Photo: HDB The tender for the executive condominium (EC) site at Tampines Street\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/tampines-street-62-crop.png?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":129834,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-private-home-sales-down-47-6-in-august-amid-lack-of-new-launches-guocolands-lentor-modern-sold-84-of-units-at-launch-and-more\/","url_meta":{"origin":121034,"position":2},"title":"New private home sales down 47.6% in August amid lack of new launches, GuocoLand\u2019s Lentor Modern sold 84% of units at launch and more","date":"September 19, 2022","format":false,"excerpt":"\r New private home sales down 47.6% in August amid lack of new launches, GuocoLand\u2019s Lentor Modern sold 84% of units at launch and more13th September to 19th September 2022 Singapore saw new private home sales drop 47.6% to 437 units in August 2022, from 834 units in July due\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/09\/cbd-singapore-skyline-river.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":121158,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/lentor-central-site-awarded-to-guocoland\/","url_meta":{"origin":121034,"position":3},"title":"Lentor Central site awarded to GuocoLand","date":"July 30, 2021","format":false,"excerpt":"\r The Lentor Central site will be redeveloped into a mixed-use development, with 600 residential units and more than 96,000 sq ft of commercial, food and beverage (F&B) and retail spaces. Source: URA The tender for the land plot at Lentor Central has been awarded to GuocoLand, which submitted the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/lentor-central-guocoland.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":100762,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-launches-three-sites-yielding-700-ecs-over-1300-private-condos\/","url_meta":{"origin":121034,"position":4},"title":"Govt launches three sites yielding 700 ECs, over 1,300 private condos","date":"November 1, 2018","format":false,"excerpt":"\r Aerial view of the white site at Marina View. (Photo: URA) The government released for sale on Wednesday (31 Oct) two confirmed list sites and one reserve list plot that can collectively yield 540 hotel rooms and slightly over 2,000 residential units. 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