Project Spotlight: This Lentor condo exceeded market expectations with a 75% take-up rate during its launch weekend
By Elizabeth Choong
/ EdgeProp Singapore |
At the time of writing, Lentor Mansion has achieved a cumulative take-up rate of 85.4%. (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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SINGAPORE (EDGEPROP) – Driven by the completion of the Lentor MRT Station on the Thomson-East Coast Line (TEL), the Lentor neighbourhood is gaining popularity among buyers. So far, six government land sales (GLS) sites have been awarded, with four of them being won by consortiums that include GuocoLand. The four developments are Lentor Mansion, Lentor Modern, Lentor Central Residences, and Lentor Hill Residences (see Map 1). The other two developments are Lentoria and Hillock Green. All six upcoming developments have greatly benefited from their close proximity to the MRT station.
Source: EdgeProp LandLens (as at 6 August 2024)
Lentor Modern is an integrated development with a direct connection to Lentor MRT Station, 96,000 sq ft of commercial space, and 605 condo units which are almost sold out. Lentor Hills Residences (598 units) and Hillock Green (474 units) are located across the road from Lentor Modern. At the time of writing, Lentor Hills Residences has a cumulative take-up rate of approximately 92.1%, while Hillock Green has a cumulative take-up rate of approximately 51.3%.
Since its launch, Lentor Mansion has experienced strong demand from buyers. During its launch weekend in March, the development achieved a strong take-up rate of 75%. This includes the nearby Lentoria, which was launched in the same month as Lentor Mansion and achieved a take-up rate of 18.7% during its launch (see Chart 1). Based on caveats lodged at the time of writing, Lentor Mansion has achieved a cumulative take-up rate of 85.4%, while the cumulative take-up rate for Lentoria is at 40.8%.
Get the latest details on available units and prices for Lentor Mansion
Iconic clubhouse in Lentor Mansion
Lentor Mansion is located along Lentor Gardens, which is in the Ang Mo Kio Planning Area and District 26. The 99-year leasehold condo is expected to obtain its temporary occupation permit (TOP) in 2028. It is a short walk from Lentor MRT Station and the upcoming Lentor Modern Mall.
Schools within a 2km radius include Anderson Primary School, Mayflower Primary School, CHIJ St. Nicholas Girls’ School (Primary & Secondary), Ang Mo Kio Primary School, Mayflower Secondary School, Yio Chu Kang Secondary School, Presbyterian High School, Peirce Secondary School, and Anderson Serangoon Junior College. Additionally, the developer must construct a childcare centre within Lentor Mansion as part of their GLS tender requirement.
There are also numerous facilities within the development, including a two-story clubhouse inspired by black-and-white bungalows. The distinctive design of the clubhouse is expected to make it a landmark in the neighbourhood. The clubhouse will have several function rooms, providing ample space for residents working from home. Other facilities include the Grand Lawn, a gym, a pet run and pavilion, a children’s play area, a fitness park, a spa pool, and a lap pool (see Map 2).
Approximately 35% of units measure at least 1,000 sq ft
Lentor Mansion features 533 units, comprising two-bedroom to five-bedroom units that range in size from 527 sq ft to 1,507 sq ft. So far, it is the only new development in the Lentor neighbourhood to offer five-bedroom units.
In fact, 187 of the units, representing 35.1% of the total number of units in the development, measure at least 1,000 sq ft. These larger units have three to five bedrooms (see Table 1). The majority (40.2%) of the units in the development are two-bedroom units that measure less than 700 sq ft.
Brisk sales for smaller units
The smaller units in Lentor Mansion are in demand, with all two-bedroom units fully sold. Additionally, all 132 three-bedroom units that measure less than 1,000 sq ft have been fully sold. There are 67 three-bedroom units that are more than 1,000 sq ft in size, and only five of them are still unsold at the time of writing (see Table 2).
Read also: Lentor Mansion: Living in a forest garden
The popularity of the two-bedroom units is unsurprising because of their well-designed, albeit compact (primarily due to GFA harmonisation rules - more on that later), layout. This holds true even for the smaller two-bedroom units, which measure 527 sq ft. The units feature a dumbbell layout that minimises corridor space, which some buyers may deem an inefficient use of limited space. Furthermore, the design of the lone bathroom allows access from both the master bedroom and the living area. The unit even has sufficient space for a designated dining area (see Floor Plan 1).
Three-bedroom units measuring 1,023 sq ft proved to be the most popular with buyers because they have the highest number of sold units. These three-bedroom units are also the largest in size compared to other three-bedroom units in Lentor Mansion.
In addition to the size of the units, the units’ layout likely contributed to their high demand. The units feature a sizable dining area that allows a family to sit down for meals together. Additionally, the units include a flex space that can be used as a study nock or a play area for children. The flex space can also be converted into a helper’s room or a storeroom (see Floor Plan 2).
Lastly, Bathroom 3 is located near the main door, making it ideal as a powder room for guests. This layout allows occupants who entertain frequently to build a sliding door to separate the bedrooms from the living and dining areas, thereby increasing privacy for the occupants.
View sells units
All four-bedroom units in the development are the same size and share a similar floor plan. There are five stacks of four-bedroom units, with 15 units per stack. However, Stack 35 is significantly more popular than the other four stacks. Interestingly, it is also the only stack with four-bedroom units in Block 62 (see Table 3).
Stack 35 might be popular for its potential views of the Spa Pool and nearby low-rise landed homes, which could offer more open views. On the other hand, Stack 39 may be less favoured due to the possibility of its views being affected by the upcoming Lentor Hills Residence.
Read also: Lentoria: The modern tropical haven
Likewise, the lack of water views could have affected demand for Stack 27. In contrast, Stacks 35 and 43, which overlook the Spa Pool or 50m Pool, have attracted more interest, even with the same unit layout as Stack 27. This highlights the strong preference buyers have for water views.
The same can be observed for the five-bedroom units. Stacks 26 and 34 share the same layout but Stack 26 has proven to be more popular with buyers. The different potential views for both stacks could explain their varying levels of popularity. Stack 34 faces the Pet Run and Pet Pavilion, while Stack 26 faces the Forest Trail and Hillock Park. Buyers may prefer Stack 26 for its views of the green space (see Table 4).
Average price for District 26 is on an upward climb
Based on transacted prices for this year, Lentor Mansion ($2,274 psf) has the highest average price compared to nearby uncompleted condos. Lentor Modern ($2,231 psf) has the second-highest average price, followed by Hillock Green ($2,165 psf), Lentoria ($2,142 psf), and Lentor Hills Residences ($2,140 psf) (see Chart 2). It is noteworthy that the difference between the highest and lowest average prices is only $134 psf.
Source: EdgeProp Compare (as at 12 August 2024)
The difference in average prices between Lentor Mansion and its neighbours could be explained by the new gross floor area (GFA) harmonisation guidelines. Lentor Mansion is the first development to be designed and built using these guidelines. The guidelines stipulate that aircon ledges are not part of the total strata area but are considered part of the common area. As such, the price paid by buyers does not include the aircon ledges. However, the smaller strata area for each unit could result in a slight uptick in prices on a per square foot basis.
Since 2019, the average price for new 99-year leasehold condos in District 26 has increased by 62.4% to $2,187 psf (see Chart 3). The robust price growth could be due to the lack of supply of new leasehold condos in the district from 2003 to 2018. Sales volume has remained above 500 units since 2022 and even reached a record high of 788 units so far this year. The strong sales volume and growing average price are good indicators of robust demand for new condo units in the district.
Source: EdgeProp Market Trends (as at 12 August 2024)
Conclusion
The new condo developments in the Lentor neighbourhood have seen strong demand, largely due to the opening of Lentor MRT Station. The area's recent transformation, spurred by multiple condo projects, has further boosted interest in the neighbourhood. Notably, there have been no new leasehold condos in District 26 between 2003 and 2018.
The average price of Lentor Mansion is slightly higher than its uncompleted neighbours due to the new GFA harmonisation guidelines. However, this has not deterred buyers. Lentor Mansion has maintained a strong take-up rate, thanks to its well-designed unit layouts and extensive facilities.
Check out the latest listings for Lentor Mansion, Lentor Modern, Lentor Hills Residences, Lentoria, Hillock Green properties
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