Lentor Hills Residences is 50% sold on launch weekend at an average price of $2,080 psf
By Cecilia Chow
/ EdgeProp Singapore |
Crowd at the preview of Lentor Hills Residences sales gallery (Photo: Hong Leong Holdings)
SINGAPORE (EDGEPROP) - Over the weekend of July 8-9, the 598-unit Lentor Hills Residences recorded sales of 298 units (about 50%). Hong Leong Holdings is the joint developer of Lentor Hills Residences, along with listed property developer GuocoLand and TID (a joint venture between Hong Leong and Mitsui Fudosan).
According to Hong Leong, prices started from $1,834 psf, with an average price of $2,080 psf. One-bedroom units start from $945,000, with two-bedders from $1.36 million. Three-bedders are upwards of $1.82 million, while four-bedders are from $2.53 million. Dual-key units start at $2.64 million.
The average price achieved at Lentor Hills Residences aligns with the average achieved at the 605-unit Lentor Modern integrated development launched by GuocoLand last September. Lentor Modern is already 90% sold with an average price of $2,102 psf.
One- and two-bedroom units were among the most sought-after at Lentor Hills Residences (Photo: Hong Leong Holdings)
"A 50% take-up rate on the first weekend of launch is a commendable performance," says Ismail Gafoor, CEO of PropNex. "The price point of Lentor Hills Residences -- which is in line with that of Lentor Modern -- presented buyers with a value proposition."
Gafoor states that Lentor Hills Residences benefited from the spill-over in demand from the launch of Lentor Modern last year. "Those who missed out on the smaller units at Lentor Modern had the opportunity to purchase the one- and two-bedroom units at Lentor Hills Residences," he adds.
Of 35 one-bedroom units of 452 to 538 sq ft at Lentor Hills Residences, over 94% were taken up over the weekend, according to property agents. And close to 70% of the 39 one-bedroom-plus-study units of 570 to 638 sq ft were snapped up.
The two-bedroom (108 units) and two-bedroom-plus-study (111 units) take-up was 73% and 65.8%, respectively. Two-bedroom units range in size from 678 to 721 sq ft, and two-bedroom-plus-study are from 743 to 775 sq ft.
Showflat of a four-bedroom unit where prices start from $2.53 million (Photo: Hong Leong Holdings)
The larger units are a mix of three- and four-bedders. Over the weekend, over 40% of the 88 three-bedroom (958 to 980 sq ft) were sold. Of the 101 units of three-bedroom-plus-yard (1,098 to 1,130 sq ft), close to 27% were spoken for. About 14% of 100 four-bedroom apartments (1,349 to 1,399 sq ft) were taken up, and about 38% of the 16 dual-key units of 1,302 to 1,399 sq ft were purchased.
"The larger units were sold predominantly to those looking to move from older developments in the vicinity," says Mark Yip, CEO of Huttons Asia. He adds that the dual-key units were popular among multi-generational families and investors as they are seldom offered in recent project launches.
Lentor Hills Residences is on a 184,461 sq ft, 99-year leasehold site in the upcoming Lentor Hills estate, a growth area positioned as a sustainable and pedestrian-friendly neighbourhood with new parks and seamless walking and cycling paths. Lentor Hills Residences is also near the nature trails at Lower Peirce Reservoir, Bishan-Ang Mo Kio Park, Windsor Nature Park, and Thomson Nature Park.
Artist's impression of the 598-unit Lentor Hills Residences (Picture: Hong Leong Holdings)
The project has a sheltered walkway across the road to the Lentor MRT station and is scheduled for completion in December 2026. "The good response is due to our convenient location," says Betsy Chng, head of sales and marketing at Hong Leong Holdings. "Our buyers enjoy the surrounding nature parks with nearby MRT, yet still stay close to their families who live in the neighbouring mature townships like Upper Thomson, Ang Mo Kio, Bishan and Yishun."
According to Chng, the functional layouts of the units and the facilities offered were also a draw.
"The majority of unit types that found buyers in Lentor Modern and Lentor Hills Residences were priced within the $2.5 million price range," says Marcus Chu, CEO of ERA Singapore. "That is the sweet spot for suburban home buyers."
Source: EdgeProp Landlens
Proximity to popular primary schools, such as CHIJ St Nicholas Girls' School and Anderson Primary School, was another pull factor for families with young children, adds Chu.
Check out the latest listings near Lentor Hills Residences, Lentor Modern, Lentor MRT station, CHIJ St Nicholas Girls' School, Anderson Primary School
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