The Lentor Central land parcel has a 99-year tenure and is zoned for residential use. A residential development of about 475 units was planned for the site. The site is located within the Lentor Hills estate and will be connected to Lentor MRT station on the Thomson-East Coast line via a sheltered walkway. The site is also within close proximity to schools such as Presbyterian High School, Anderson Primary School, CHIJ St Nicholas Girls’ School, Eunoia Junior College and Nanyang Polytechnic.
The joint venture (JV) between GuocoLand’s (SGX:F17
) wholly-owned subsidiary, GuocoLand (Singapore), Intrepid Investments and CSC Land Group has won the bid for the Lentor Central land parcel. Intrepid Investments is a wholly-owned subsidiary of Hong Leong Holdings. Intrepid holds 50% of the JV while GuocoLand (Singapore) holds 30%. CSC Land holds the remaining 20%.
The JV’s bid price of $435.17 million beat Frasers Property’s (SGX:TQ5) bid price of $410.8 million and was accepted by the Urban Redevelopment Authority (URA) on Sept 18. It translates to a price of $2,749.62 psf over the site area of 14,703.2 sqm (158,263.93 sq ft). It also translates to a bid price of $982 psf per plot ratio.
