Lentor Modern, one of the most popular projects with an private residential integrated development from GuocoLand has experienced a great weekend after launch. Reports reveal that this property has a total of 605 apartments out of which 508 apartments were sold straight away on the first weekend, which makes up 84% of the total condos available.
This site is designed with an mixed-development that is integrated with that is to be designed on the Lentor Hills area with an estimated price of $1856 psf to $2538 psf. The initial launch prices for these units started somewhere from $1.07M for the one-bedroom apartment of 527 sq ft; however, the estimated price for four bedroom apartment with a 1528 sq ft dimension is presented at $3.33 million.
All 231 two-bedroom apartments and 63 one-bedroom apartments were sold during first phase. Along with this, up to 73% of the 248 apartments among the 3-bedders were sold and almost half of the four-bedroom units were booked in advance. This project is known to be this year’s largest non-landed residential launch with private development and analysts state that the sales for these apartments have been closed within the first weekend itself. This scenario represents considerable demand for HDB upgraders as well as those who are planning to buy homes for new families. The trend is leading even after an uncertain economic environment and higher home loan rates.
The market conditions also verified to the limited supply of newly developed residential launches and the individual pull factors of the project. The number of apartments sold on Lentor Modern launch day made it the bestselling project of the year 2022. Reports reveal that the two and one-bedroom apartments were sold on priority in the Singapore real estate market while reflecting the keen interest of buyers to gain considerable advantages in the new privately-owned residential enclave. The buyers at this site also accepted that it is normal to have a psf price of $2000 and therefore, they are not planning to wait for more.
GuocoLand revealed that Singaporeans make up more than 92% of buyers at this site whereas foreigners and permanent residents were included among the other 8%. Buyers on these sites were also owner-occupiers along with upgraders maintaining the majority. These condominiums are designed with 25-story towers; however, on the ground, there will be a 96000 sq ft mall including several retail outlets, food outlets, a 10,000 sq ft area is dedicated for childcare center, and a 12000 sq ft area for supermarket.
The complete development at this site will be connected to Lendor MRT station via an underground path via Thomson East Coast Line. As Lentor Modern is the only mixed-use property site with an integrated design that is likely to attract more buyers; especially those who are more concerned about enhanced convenience. This project launch further promotes the success of several smaller projects for Ang Mo Kio residents. This new launch condo has experienced a major sale of 98% for its 372 apartments that were introduced with the launch event in July.
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