TID sells 50 units or 18.7% of Lentoria at an average price of $2,120 psf

The crowd at Lentoria on launch weekend - March 2-3, 2024 (Photo: TID)

Over the weekend of March 2-3, developer TID, a joint venture between Hong Leong Holdings and Mitsui Fudosan, sold 50 units (18.7%) of its latest project, the 267-unit Lentoria. The average price of units sold is $2,120 psf.

TID says two- and three-bedroom premium units accounted for over 40% of the sales. The preference for such units is due to 90% of the buyers being owner-occupiers. "These buyers are mostly staying in private property in the north and northeast region," says Mark Yip, CEO of Huttons Asia.

At Lentoria, 71% of units are two- and three-bedroom units, according to Marcus Chu, CEO of ERA Singapore. And these are the unit types favoured by families who want a suburban home, he says.

Lentoria is the fourth new residential project to be launched in the up-and-coming Lentor Hills estate since the launch of the 605-unit Lentor Modern in September 2022. To date, Lentor Modern is 98% sold. The second launch, a joint venture by GuocoLand, Hong Leong Holdings and TID, was the 598-unit Lentor Hills Residences. Launched in July 2023, 458 (77%) units have been taken up.

Last November saw the launch of the 474-unit Hillock Green by Forsea Holdings, United Engineers and Soilbuild Group. To date, 169 units (36%) have been sold.

The balloting tent at Lentoria on the first day of launch on March 2 (Photo: TID)

Lentoria's launch weekend coincided with the preview of the 533-unit Lentor Mansion by GuocoLand. Lentor Mansion, slated for launch in a fortnight, marks the fifth project in Lentor Hills estate.

"Some buyers may be taking more time to compare between new launches in this locality before making a purchase," says Ismail Gafoor, CEO of PropNex. "That said, as the development is mid-sized, with fewer than 300 units, we expect the project should not face much difficulty in selling out its inventory."

Lentoria is targeted for completion in 2027. Yoichi Kaga, managing director at TID comments: "We are heartened by the response at our weekend sales. It reaffirms our belief that discerning buyers value quality above all else."

Will new launch sales continue to remain subdued? PropNex's Gafoor reckons "the market will slowly shake away the lethargy and rouse from a lull in transactions over the past months as more new launches are rolled out from March."