With New Condos Launching in Succession in Lentor, Is There an Oversupply?

A flurry of new private residential developments has been rolling out in the Lentor precinct, with Lentoria, Lentor Modern, Lentor Mansion, and Lentor Hills Residences all situated in close proximity to one another.

The string of consecutive project launches in Lentor has weighed on the sales performance of the latest launch, Lentoria, which moved just 50 units—or 18.73% of its total units—over its launch weekend.

To date, four new private residential projects have been launched in the Lentor area: Lentor Modern, Lentor Hills Residences, Hillock Green, and Lentoria, which debuted over the weekend. Coupled with Lentor Mansion, which is slated to open for bookings on 15 March, these five developments will supply a combined 2,477 units, stoking concerns of potential oversupply.

Among the four launched projects, Lentoria registered the softest launch weekend sales.

Market data shows that Lentor Modern, the first development launched in the enclave, moved 84% of its units during its opening weekend, while subsequent launches Lentor Hills Residences and Hillock Green sold 50% and 28% of their units, respectively.

Launch-weekend take-up in the precinct suggests that supply may be nearing a saturation point. To attract buyers, upcoming projects in Lentor will likely need to offer superior value at similar price points or provide comparable quality at more competitive prices.

Lentoria sold 50 units (18.73% of its total) over its launch weekend, with transacted prices starting from $1,958 per square foot (psf).

The developer did not disclose the median transacted price, stating only that the average price stood at $2,120 psf. The top performers were two-bedroom units and three-bedroom premium units, which together accounted for 40% of total sales.

Located along Lentor Hills Road, the 99-year leasehold Lentoria comprises 267 units and is the fourth development launched in the precinct.

Regarding the launch sales performance, analysts noted that because most buyers are owner-occupiers who tend to shop around and compare options thoroughly before committing, expecting blockbuster first-day sales was unrealistic.

Nevertheless, homebuying demand in the area remains steady and sustained over the longer term, and these projects are expected to achieve their sales targets over time.

Furthermore, given the multiple projects already on the market in Lentor, Lentoria's opening weekend performance still marks a decent start, though ample nearby supply may temper buyers' urgency.

With Lentor's fifth project, Lentor Mansion, expected to launch within the next two weeks, some prospective buyers are likely taking more time to compare the latest options in the area before committing to a purchase.

Lentor Mansion opened its showflat for preview on 1 March, and developer GuocoLand reported that approximately 5,000 visitors viewed the project between 1 and 3 March.

Separately, Ardor Residence on Haig Road has also been conducting previews. The boutique 35-unit freehold development has drawn around 430 visitors since 24 February. Bookings for the project are expected to commence on Wednesday (6 March).

Meanwhile, Lumina Grand, an executive condominium (EC) project on Bukit Batok West Avenue 5, opened for bookings to second-time buyers on Saturday (2 March).

According to developer City Developments Limited (CDL), 351 units had been sold as of Sunday evening—representing nearly 70% of the total units—at an average price of $1,512 psf, with an additional 3% premium applicable for buyers opting for the deferred payment scheme.

A total of 60 units were sold on Saturday. Sales momentum is expected to continue, given that Lumina Grand is likely to be the only EC launch this year.