The Hillshore preview weekend sees 700 visitors.
The Hillshore preview weekend sees 700 visitors
In the burgeoning Lentor Hills estate, TID's New Launch Property, Lentoria, stands out as the latest residential beacon, having successfully sold 50 units, or 19% of its offerings, at an average price of S$2,120 per square foot (psf) during its inaugural launch. This marks the fourth new development in the area within the last 18 months, signaling a robust growth trajectory for the region.
The launch weekend, spanning March 2nd and 3rd, saw a flurry of activity as buyers snapped up units, with prices starting from a competitive S$1,958 psf. The 99-year leasehold development, comprising 267 units, witnessed over 70% of its sales attributed to two and three-bedroom configurations, ranging from 700 to 1,119 square feet. TID, a joint venture between Hong Leong Group and Mitsui Fudosan, has announced that residents can expect to receive notice of vacant possession by July 2027, adding to the allure of the project.
Strategically situated in District 26, Lentoria is part of a grand plan involving six state land sites, with TID having acquired the 10,819-square-metre plot for S$276.36 million (S$1,130 psf per plot ratio) in September 2022. Despite the promising start, the take-up rate of 18.7% is notably the lowest among all Lentor Hills estate projects launched to date, as observed by Nicholas Mak, chief research officer at Mogul.sg.
The Lentoria project's moderate initial uptake could be attributed to various market factors, including buyer sentiment, pricing strategies, and the competitive landscape of the Lentor Hills estate. However, the strategic location of Lentoria, coupled with its modern amenities and the promise of a vibrant community, positions it as a desirable destination for prospective homeowners and investors alike.
As the Lentor Hills estate continues to expand with new launches, Lentoria's journey from launch to full occupancy will be a testament to the evolving dynamics of Singapore's real estate market. The development's progress will be closely watched by industry experts and potential buyers, as it reflects broader trends in the property sector and the economic pulse of the region.
In conclusion, Lentoria's launch is a significant milestone in the development of the Lentor Hills estate. While the initial sales figures present a cautious optimism, the project's long-term success will hinge on sustained interest and the developer's ability to navigate the complexities of the market. With its strategic location and modern living spaces, Lentoria is poised to become a cornerstone of the Lentor Hills community, offering a glimpse into the future of urban residential living in Singapore.
Adapt from The Business Times
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