[New Launch] Lentor Mansion sells 75% of units on launch weekend, strong sales boost market sentiment

Just two weeks after Lentoria saw muted sales in the Lentor precinct, fellow new private residential launch Lentor Mansion turned up the heat, moving 400 units over its launch weekend. This represents 75% of its total 533 units, making it the best-selling new launch of the year so far.

Lentor Mansion comprises three 16-storey towers and three eight-storey blocks. Analysts noted that its larger development scale, unique colonial black-and-white bungalow-inspired concept, and positioning as a luxury condo were key drivers behind the strong take-up.

Launching merely two weeks apart in the same neighbourhood, the stark contrast in sales between the two projects was attributed by analysts to Lentor Mansion's significantly larger scale compared to the 267-unit Lentoria, allowing for more comprehensive communal facilities. Additionally, Lentor Mansion's efficient unit layouts held strong appeal for price-conscious buyers.

Lentor Mansion also marks the second best-performing launch weekend among the five new projects launched in the Lentor area in recent years, trailing only Lentor Modern, which sold 84% of its 605 units during its debut weekend.

Jointly developed by GuocoLand and Hong Leong Holdings, Lentor Mansion saw all 214 of its two-bedroom units fully sold over the weekend, according to a GuocoLand statement issued on Sunday (17 March). Meanwhile, 84% of its 199 three-bedroom units were snapped up, alongside 16% of four-bedroom units and 13% of five-bedroom units.

Unit sizes range from 527 sq ft to 1,507 sq ft, with transacted prices ranging between $1.149 million and $3.512 million, translating to a psf price of $2,104 to $2,478. Singapore Citizens and Permanent Residents made up 99% of buyers, predominantly buying for owner-occupation. GuocoLand also highlighted that buyers included singles and young families.

Following the subdued reception at Lentoria, Lentor Mansion's blockbuster performance injected a fresh dose of confidence into the new home market. Despite multiple rounds of cooling measures and elevated mortgage interest rates, underlying housing demand remains robust, particularly driven by HDB upgraders and owner-occupiers.

In terms of location and design, Lentor Mansion is situated within 1 km of CHIJ St Nicholas Girls' School. Its sizable estate, black-and-white colonial design concept, luxury positioning, and efficient layouts that minimise wasted space all contributed to brisk sales.

Subdued Sales Earlier Likely Due to Buyers Waiting to Compare All Options

The strong sales at Lentor Mansion reflect the growing appeal of the Lentor precinct. The earlier lull was likely due to cautious buyers adopting a wait-and-see stance until more launches entered the market, allowing them to compare before committing.

In a price-sensitive market, Lentor Mansion's overall quantum was slightly lower compared to surrounding developments, drawing stronger buyer interest. "For instance, Lentor Mansion's two-bedroom units start from around $1.15 million, compared to $1.2 million to $1.4 million at nearby projects. Three-bedroom units start from around $1.7 million, whereas other developments in the area start from around $1.8 million."

Lentor Mansion's stellar performance may help bolster market sentiment and rekindle interest in the Lentor precinct, potentially providing a lift to sales at other projects in the area.

Notably, Lentor Mansion is the first private residential project launched under the new guidelines harmonising strata area and gross floor area (GFA). Under these guidelines, developers can only sell units based on actual liveable space, meaning air-conditioner ledges can no longer be factored into saleable strata area.

While concerns had previously emerged that this would push up psf prices and dampen demand, the sales results demonstrate that buyers are receptive to prices that accurately reflect usable, livable space.

Meanwhile, luxury Orchard condo Cuscaden Reserve relaunched 79 units over the weekend. As of Saturday night (16 March), 46 units were sold, mostly two-bedroom layouts, at an average price slightly above $3,000 psf.

The 192-unit development is by a joint venture comprising SC Global, Far East Consortium, and a subsidiary of Hong Kong's New World Development. Prior to the relaunch, only 12 units had been sold since its initial launch in September 2019, at an average of $3,625 psf.

In addition, Watten House in Bukit Timah was officially launched on 2 March. As of 16 March, a total of 133 units—or 74% of its 180 units—have been sold at an average price of around $3,250 psf. Singapore Citizens and PRs accounted for 95% of buyers, with the remaining 5% primarily from the US and Switzerland. Ahead of its official launch, developers UOL Group and Singapore Land Group (SingLand) held an exclusive private preview last November, where 102 units (57%) were snapped up on the first day.