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Lentor Mansion sells 75% of units on launch weekend

2024-03-17 00:00:00.0 海峡时报-新加坡原网页

SINGAPORE - Lentor Mansion, GuocoLand’s latest high-end residential development, sold 75 per cent of its 533 units during its launch at the weekend.

The developer sold 400 units on March 15 and 16, with prices ranging between $2,104 per sq ft (psf) and $2,478 psf. The sales figure included VIP sales that took place on the first day of the launch weekend.

Lentor Mansion will comprise three 16-storey towers and three eight-storey blocks, with the multiple unit types on offer ranging from two- to five-bedders, catering to diverse family sizes.

According to GuocoLand, two-bedroom units were the most popular with buyers, with all 214 units snapped up, while 84 per cent of the 199 three-bedroom units on offer were sold over the two days.

In addition, 16 per cent of four-bedroom units and 13 per cent of five-bedroom units were sold, with Singaporeans and permanent residents making up 99 per cent of all buyers at the launch.

The launch of Lentor Mansion also marks the first development sold using new guidelines from the Urban Redevelopment Authority (URA) on the harmonisation of strata and gross floor area, where units sold are based on liveable space.

Commenting on the sale, PropNex chief executive Ismail Gafoor noted that Lentor Mansion’s sales figure made it the best-performing new launch project in 2024.

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The project’s 75 per cent take-up rate is the best for a new launch since November 2023.

Mr Gafoor suggested that the lower starting prices of the development compared with those of other projects in the vicinity have stirred more interest among buyers.

The good range of facilities, open spaces, and its proximity to Lentor MRT station as well as CHIJ St Nicholas Girls’ School would also have made the development more attractive to buyers, he said.

Lentor Mansion is GuocoLand’s third development in the Lentor Hills estate, and it is jointly developed by GuocoLand and Hong Leong Holdings.

The development is expected to be completed by 2027.

On the relaunch of luxury leasehold condo development Cuscaden Reserve on March 16, Mr Gafoor said the sale of 46 units at an average price of slightly above $3,000 psf shows the appetite and ample liquidity of Singaporean buyers.

Joint developers SC Global, New World Development and Far East Consortium had released 79 units for sale in a preview from March 2, dangling discounted offers starting from $2,900 psf, after an initial sales deadline to clear all unsold units in 2023 was extended to 2024.

The majority of the 46 units transacted were two-bedders, leaving 134 of 192 units still available following this round of sales.