GuocoLand's Lentor Mansion achieves 75% sales at launch; prices from $2,104 psf

Crowd at the launch of Lentor Mansion at the preview on March 3, ahead of the launch this weekend (Photo: GuocoLand)

On March 17, GuocoLand announced that 400 units or 75% of the 533 units at Lentor Mansion, were sold over the two days from March 15-16. The sales include nearly 100 units taken up at the VIP launch on Friday, March 15.

Jointly developed by GuocoLand and Hong Leong Holdings, Lentor Mansion has a mix of two- to five-bedroom units across three 16-storey towers and three eight-storey towers.

Prices of units sold ranged from $1.149 million for a 527 sq ft two-bedder to $3.512 million for a 1,507 sq ft five-bedder.

The two-bedders were the most popular units at the launch, with all 214 units sold. Of the 199 units of three bedders, 84% were taken up. The four-bedders and five-bedders saw 16% and 13% sales respectively.

Diagram showing units sold at Lentor Mansion as at March 16 (Source: Agents)

The launch of Lentor Mansion also marked the first development under URA's new guidelines on harmonisation of the strata and gross floor area, where units are sold based on liveable space, which excludes air-conditioner ledges. Based on the new URA guidelines, units at Lentor Mansion were sold at prices ranging from $2,104 psf to $2,478 psf.

Singaporeans and permanent residents (PRs) made up 99% of the buyers at Lentor Mansion, says GuocoLand residential director Dora Chng. "Most of our homebuyers are owner-occupiers and comprised a balanced mix of singles and young families," she adds.

Chng attributes the strong sales to the efficient layout of the units and the liveable spaces in terms of flexibility of use. She also points out that the childcare centre integrated with the development was a draw for young families. The project is targeted for completion in 2027.

"It is the best-selling project in 2024 in terms of number of units sold," says Mark Yip, CEO of Huttons Asia. According to Yip, it is also the second best-selling project in the Lentor precinct after GuocoLand's Lentor Modern, where 84% of 605 units were sold on launch day in September 2022. The project is over 98% sold to date.

The black-and-white theme of Lentor Mansion and its clubhouse (Picture: GuocoLand)

Ismail Gafoor, CEO of PropNex, says the sales performance at Lentor Mansion is "heartening", following three months of relatively tepid sales at new project launches. "In particular, we think its robust sales take-up is all the more impressive given the number of new homes that have already been sold in the Lentor area since September 2022, when Lentor Modern was launched," adds Gafoor.

Lentor Mansion is the fifth project launched at the Lentor Hills estate. At the four projects launched earlier - Lentor Modern, Lentor Hills Residences, Hillock Green, and Lentoria - developers have sold more than 1,290 units, based on caveats lodged with URA Realis.

According to Gafoor, Lentor Mansion's sales make it the best-selling project since J'den in Jurong East, where 323 units (88%) out of the 368 units were sold on its launch day last November.

Gafoor says one of the key reasons for Lentor Mansion's exceptional sales was "quantum play", given that buyers are generally price-sensitive. At Lentor Mansion, the starting prices were comparatively lower than other projects in Lentor Hills, which could have stirred more interest among buyers.

All 214 two-bedroom units at Lentor Mansion were sold, and 84% of the 199 three-bedroom units were taken up on its launch weekend (Picture: GuocoLand)

At Lentor Mansion, the prices of the two-bedders start from $1.149 million, compared to a range of $1.2 million to $1.4 million for the other existing Lentor projects, Gafoor points out. Meanwhile, the pricing of the three-bedders at Lentor Mansion starts from about $1.7 million versus around $1.8 million at the other nearby launches, he adds.

Even though the average transacted price at Lentor Mansion, which is "more than $2,200 psf", is higher than the $2,100 psf at other projects in the Lentor area, the overall quantum price is lower as a result of the harmonisation of the floor area guidelines, says Gafoor.

Huttons Data Analytics estimates that 75% of the units sold at Lentor Mansion were priced below $2 million. According to Huttons' Yip, the strong sales also demonstrate the developer's emphasis on placemaking and the growing appeal of Lentor as a private residential enclave. "Buyers may have been holding back on buying till they could compare across all the projects in Lentor," he reckons.

* in order of launch date. Source: URA, Huttons Data Analytics (data downloaded on 17 Mar 2024, 6pm), EdgeProp Singapore

The Upper Thomson and Springleaf area in District 26 has a comparatively smaller private residential cluster with just about 5,800 units, says Marcus Chu, CEO of ERA. "Many of the existing private residential projects are older. Hence, the new projects launched at Lentor Hills estate will help to rejuvenate and transform District 26."

Chu adds that connectivity at Lentor "has greatly improved" with the opening of the Lentor MRT Station that services the Thomson-East Coast Line, allowing the Lentor Hills estate to reach a wider catchment. "The North-South corridor is expected to complete in phases starting from 2029, and will also trim commuting time from the North region to town."