PROJECT DETAILS
The Urban and Development Board (URA) has sold a private residential cum commercial site in Lentor Central, about 3 minutes walk to upcoming Lentor MRT Station, as part of Government Land Sales (GLS), in 3rd quarter of 2021.
GuocoLand won the top bid of S$784 million and this translates into S$1,204 per square feet per plot ratio.
This land parcel located in Northern Region of Singapore, near Florissa Park, Lentor Drive and Yio Chu Kang Road, It is nestled around the boundaries of Ang Mo Kio, Thomson, Yishun, Sin Ming, Central Water Catchment and Bishan.
GuocoLand will spearhead the transformation of Lentor Hills neighbourhood in this site area of 185,139 square feet and is allocated to be developed into a mixed development with approximately 610 residential apartments with 86,100 square feet of commercial. This land parcel in Lentor Central is a short 3 to 5 minutes walking distance to upcoming Lentor MRT Station, on Thomson-East Coast Line (TEL).
This site is located within the new Lentor Hills estate, a tranquil neighbourhood of predominantly landed homes and low to mid-rise condominiums. It is also close to several nature reserves and parks. As such, residents of New Condo at Lentor Central will enjoy unblocked views of greenery in the vicinity and the landed homes enclave. The neighbourhood will also feature new parks with seamless pedestrian and cycling connectivity.
Residents of New Condo at Lentor Central can look forward to the convenience of having a wide range of F&B and retail options at their doorsteps, including a supermarket and childcare facilities.
Other condominiums in the vicinity include Thomson Grove, The Calrose, Far Horizon Garden and Season Park.
New Condo at Lentor Central- Connectivity
New and upcoming Condo in Lentor Central, is a stone throw away, about 5 minutes to Lentor MRT Station. New Lentor Central Condo's residents can experience fast and convenient commuting to City area and various parts of Singapore with this public transportation system.
New and upcoming condo in Lentor Central is a stone throw away to Lentor MRT Station. It is due to be completed by 2020. By then, future residents will be able to access to the Thomson East Coast Line and experience fast and convenient commuting to City area and various parts of Singapore with this public transportation system. Using the Thomson East Coast Line, future residents of New Condo at Lentor Central, just need to commute 7 stations to get to the Orchard MRT Interchange which operates also the North South Line.
For future residents of New Condo at Lentor Central who drive, it is approximately 10 minutes of drive to Singapore’s main shopping district, i.e. Orchard Road. It will take future residents of new condo at Lentor Central 13 minutes of driving to get down to the down town Central Business District (CBD). They can also use the nearby Central Expressway (CTE), the Seletar Expressway (SLE) and the Pan Island Expressway (PIE) to access to various parts of Singapore.
New Condo at Lentor Central- Education
Local education institutions that are nearby new condo at Lentor Central include CHIJ Saint Nicholas Girls’ School (Primary), Ai Tong School, Ang Mo Kio Primary School, Mayflower Primary School, Peirce Secondary School, Bishan Park Secondary School, Mayflower Secondary School, CHIJ Saint Nicholas Girls’ School (Secondary), Ang Mo Kio Secondary School and also Yio Chu Kang Secondary School.
New Condo at Lentor Central- Amenities
For dining, shopping, entertainment and leisure facilities, New Lentor Central Condo residents can head towards Thomson Plaza where numerous retail shops and dining are there to serve residents' needs. Alternatively, they could also take a short drive down to Ang Mo Kio Hub located at Ang Mo Kio Town Centre. There are also several eateries located at the shophouses along Sembawang Road.
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|
Project |
Lentor Central Condo with commercial units |
| Developer | Guocoland |
| Location | Lentor Central (Lentor Hills Estate) |
| District | 20 |
| Tenure | 99 years leasehold |
| Site Area | 17,200 square metres/ 185,139 square feet |
| GFA: | |
| Plot Ratio | 3.5 |
| Expected TOP: | |
| Total Units | Approximately 610 residential apartments |
| Total Carpark | |
| Development | Private Condominium comprising of full communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC, SPR and foreigner can buy (No Restriction) |
LOCATION MAP and AMENITIES
New and Upcoming Condo in Lentor Central is standing near to new Lentor MRT station, along the Thomson-East Coast Line. A less than a 5 minutes walk distance to the Lentor MRT Station adds convenience and efficiency to the residents of the Condo in Lentor Central.
SITE PLAN and FLOOR PLANS E-BROCHURE
The Facilities and Site plan of new Condo launch at Lentor Central, are currently seeking approval from relevant authorities.
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SINGAPORE PROPERTY MARKET
Singapore’s property market has one of the best long term returns on equity performance out of most investment instruments available.
And that has to do largely with the strength of the Singapore dollar, the availability of high leverage, and the attraction of Singapore to the international audience, not just as a region to invest in, but as an asset class on its own.
WILL THE PROPERTY PRICES IN SINGAPORE BE COMING DOWN?
The Singapore Income growth index has increased over the years and reached an equilibrium with the property price index. Unlike during the mid 2000s, property prices increased to a level which was out of reach to many Singaporeans. This makes prices of condo affordable and per month debt repayment manageable. With an average household income of S$13,000, a couple can choose to purchase a condo price at $2.3m. A good size 3 bedrooms cost around S$1.6m in today's market. Debt ratio versus income has dropped. The drop in interest rate has further reduced the per month repayment.
Not only has income in Singapore grown over the years, the household liabilities has dropped significantly for the past decade as well while the property price index held stagnant since the tightening of measures in 2013, TDSR was implemented. Property price index had been stagnant. We had lost 7 years of property prices growth.
During this time, Singapore has structured itself also with a younger working population. This is important as the younger generation are able to drive better our GDP and as well as our consumption growth. Our GDP growth has well exceeded our property price growth during this period.
Forbearance programmes are offered by banks for clients who need short term relief in their installment payment but I see that there will not be many people who need to be utilising this. If you are a buyer looking for investment, do whatever you can to build up some cash reserves, for up to a year would be good, to protect yourself from mortgages.
Singapore shall continue with our productivity growth and further restructure our economy with new jobs.
The Economic Development Board (EDB) has managed to secure $13 billion in investment commitments in the first four months of 2020, which has surpassed the targets for the whole year. These investments come partly from electronics and infocomm media sectors. Thousands of jobs will be generated. Due to the change in the market, more jobs will be added to Singapore's capitalisation of the IT industry, namely, semiconductor as Singapore rolls out the 5G technology. We have changed our way of working and our daily lives with the recent pandemic, it has fastern the route on our reliance on the IT, so more jobs will be created in the e-commerce and the digital economic space. Singapore is moving forward with a greater productivity to remain competitive, because in the long run, this is what matters.
Anti-speculation measures have also been implemented over the course of 8 measures. Average holding period for a property has been increased to 8 years.
Additional stamp duty (ABSD) are imposed on buyers for 2nd and 3rd property onwards and slightly higher for PRs. Foreigners who want to have a stake in Singapore's properties will need to pay an additional of 20% in taxes.
Qualifying certificate and additional stamp duties (ABSD) are imposed on developers as well to ensure that there is no hoarding of land by them.
There is alot of buyers in the market looking to buy a real estate for investment. Please do keep an eye on the number of people buying a home, the available supply of homes for purchase in the market and foreclosure if any. The way that I see, it is unlikely to see a state of foreclosure in Singapore. I am certain to see more buyers than sellers. We have worked for this for the past decade and shall see ourselves coming out of the de-leveraging process. We shall see a gradual growth and sustainable price increase in Singapore homes.
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CHECKLIST REQUIREMENTS
Before you embark on searching for your investment property, it is important to have gone through this checklist below.
1. Finances
We will advise about your finances to understand the initial cash/Central Provident Fund (CPF) outlay required.
Having an experienced third party do an assessment would help you prevent costly beginner mistakes that could seriously hamper your journey to financial freedom.
We will help you assess the minimum cash and CPF required for the down payment, buyer stamp duties, legal fees and miscellaneous costs, as well as advise you on an investment road map for the best acquisition strategy as you progress along and acquire more properties.
2. Loan eligibility
The current Total Debt Servicing Ratio (TDSR) framework makes it especially important for investors to check on their maximum loan eligibility so that there are no nasty surprises after placing a deposit.
In this case, this should be one of your priorities early on and we will assist you on this.
3. Manner of holding
For investors who already own an HDB flat or private home and are acquiring their second property, we will advise you on the various options available to optimise tax savings (which can be significant) and qualify you for more funding options.
This is especially important for those who intend to grow their portfolio of properties and would require access to higher leverage and lower costs.
4. Investment goal and horizon
Having a clear idea of your investment goal horizon helps you narrow down the segments you should focus on; saving you precious time and energy.
Examples
– Are you investing in properties to provide a consistent source of passive income?
In this case, focus on areas with low vacancy rates and a high tenant catchment pool.
– Are you investing in properties short term to ride the market trend?
In this case, are you financially prepared to hold on in case a black swan event occurs?
– Are you investing in properties with en bloc potential?
In this case, are you well advised on which properties have genuine potential?
Not all old properties have en bloc-ability.
After going through the above points, the following are factors that have served me and my clients well in the past as an investment criteria checklist.
NEW CONNECTIVITY- NORTH-SOUTH CORRIDOR TO BE READY IN 2026
Residents of New Condo at Lentor Central, North Region of Singapore will experience the efficiency of the North South Expressway which will be ready in 2026 and Thomson Line, full line to be completed in stages by 2021.
NEW MRT CONNECTIVITY- THOMSON EAST COAST LINE
Residents of the North will experience the efficiency of the North South Expressway which will be ready in 2026 and Thomson Line, full line to be completed in stages by 2021.
Thomson Line- Rail Network by 2021
Thomson Line Stages of opening
Stage 1- January 2019 to December 2019
Thomson Line TSL will be completed in 3 stages. The first stage will have 3 stations, Woodlands North MRT Station, Woodlands MRT Station and Woodlands South MRT Station.
Stage 2: January 1 2020 to December 31 2020
The second stage, which will be completed by 2020, will have 6 stations, stretching from Springleaf MRT Station to Caldecott MRT Station.
Stage 3: January 1 2021 to December 31 2021
The last stage of Thomson Line TSL which is due to be completed by 2021, stretching from Mount Pleasant MRT Station to Gardens by the Bay MRT Station, Thomson Line TSL will serve 400,000 commuters daily.
Together with North South Expressway, connectivity wil expand manifold.
GUOCOLAND WON TOP BID FOR LAND PARCEL FOR CONDO DEVELOPMENT AT LENTOR CENTRAL WITH RECORD PRICE
SINGAPORE (EDGEPROP) - The tender for the Lentor Central government land sale (GLS) site closed with nine bids today. The highest bid of $784.1 million, which translates to a land rate of $1,204 psf per plot ratio (psf ppr), was submitted by GuocoLand.
“If we are awarded the site, we are envisioning a new mixed-use, transit-oriented development of 25 storeys with around 600 residences that will enjoy the convenience of having a substantial amount of commercial, F&B and retail spaces, including a supermarket and more than 10,000 sq ft of child care facilities,” says GuocoLand in a statement.
The price was 4.5% higher than the second highest bid of $1,152 psf ppr by Hong Leong Group and TID Pte Ltd, a joint venture between Hong Leong and Japanese developer Mitsui Fudosan.
The top bid of $1,204 psf ppr is also 7.7% higher than the winning bid of $1,118 psf ppr for the Ang Mo Kio Avenue GLS tender which closed in May 2021.
The response seen in this tender indicates the developers’ strong confidence in the suburban residential market, which has been showing signs of pent-up demand amidst diminishing supply and lack of new launches in the OCR [Outside Central Region],” says Ismail Gafoor, CEO of PropNex.
The 99-year leasehold site of 186,001 sq ft at Lentor Central is located right next to the upcoming Lentor MRT station on the Thomson-East Coast Line. The station is expected to be operational later this year. The site attracted nine bids partly because of its proximity to the MRT station, Nicholas Mak, ERA head of research & consultancy points out.
According to GuocoLand, the site will be integrated with the Lentor MRT station. “Residents have immediate access to the Thomson-East Coast Line which takes people to Bukit Timah, Botanic Gardens, Orchard Road, Marina Bay all the way to East Coast,” says a GuocoLand spokesman.
The site at Lentor Central is located in the Thomson area that has mostly landed homes, as well as close to nature reserves and parks. Top schools in the area include Ai Tong School, Chinese High School, Raffles Institution, Raffles Girls’ School and CHIJ St Nicholas Girls’ School.
“It’s probably the best site in the 1H2021 GLS programme,” says Mark Yip, CEO of Huttons Asia. “The buoyant HDB resale market means there will be more HDB upgraders looking for options in the market and there are not many new mass market condo launches in 2022.”
Besides HDB upgraders, Huttons sees pent-up demand in the Lentor area, as the last new condominium launch was the 421-unit The Calrose in 2005.
Source: The Edge 23rd July 2021
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