Analysts flag split sentiment in Lentor Central bids

Top bid sets a higher benchmark.

Analysts said a GuocoLand-led consortium topped the Lentor Central residential tender with a $657.1m offer, translating to $1,278 psf ppr, setting a new high among Lentor GLS land rates since 2021.

CBRE said the premium over the second bid was about 6% at $1,208 psf ppr, whilst the lowest offer of $950 psf ppr was roughly 35% below the top bid, reflecting divergent views on pricing and risk across bidders.

Most market commentators said the site drew five bids, though Huttons described the closing as having four bidders, and noted a 5.7% gap between the top and second bids.

PropNex and Knight Frank said bidders were underpinned by the Lentor precinct’s ability to absorb supply, citing strong take-up across earlier launches and limited unsold stock, even with further pipeline still to come.

On pricing, PropNex said the land rate could translate into average selling prices above $2,500 psf, whilst Knight Frank said launch prices could start around $2,600 psf and average above $2,700 psf, with Huttons pointing to subsale prices that have exceeded $2,400 psf in the area.