[New Launch] Lentoria sells 18.7% of units at an average price of $2,120 psf

Over the weekend of 2 to 3 March, developer TID (a joint venture between Hong Leong Holdings and Mitsui Fudosan) sold 50 units (18.7%) at its latest project, Lentoria. The 267-unit development achieved an average selling price of $2,120 psf for the units sold.

According to the developer, two-bedroom and three-bedroom premium units accounted for over 40% of sales. The strong interest in these unit types was driven by the fact that 90% of buyers were owner-occupiers, with most residing in private properties across the North and North-East regions.

About 71% of the units at Lentoria are two- and three-bedders, which are the preferred unit types for most families.

Lentoria is the fourth new residential project launched in the burgeoning Lentor Hills precinct since the 605-unit Lentor Modern was launched in September 2022. To date, Lentor Modern is 98% sold. The second project was the 598-unit Lentor Hills Residences, a joint venture between GuocoLand, Hong Leong Holdings, and TID. Launched in July 2023, it has sold 458 units (77%).

Last November, Forsea Holdings, United Engineers, and Soilbuild Group launched the area's third new condominium project—the 474-unit Hillock Green. To date, 169 units (36%) have been sold.

Lentoria's launch weekend coincided with GuocoLand's preview of the 533-unit Lentor Mansion. 

Slated to launch in two weeks, Lentor Mansion will be the fifth project introduced in Lentor Hills.

Some buyers may take more time to compare between the new launches before committing to a purchase. Given its mid-sized development scale of fewer than 300 units, the project is not expected to face significant difficulty in moving all its units over time.

Will new project sales remain subdued? With more new launches lined up starting in March, the market is poised to gradually shake off the quiet trading momentum of recent months and stage a recovery.