Lentor Gardens site seen as low-risk despite attracting just two bids

The site drew a top bid of $429.23m ($9,903 per square metre of GFA) from Kingsford Huray Development Pte Ltd.

Despite attracting only two bids, the Lentor Gardens government land sale (GLS) site remains a low-risk proposition for developers, according to Huttons, citing strong demand for private homes in the area and limited remaining inventory.

“This site presents a relatively low level of risk to developers,” said Mark Yip, CEO of Huttons Asia. “Going by the fast pace of sales in recent OCR project launches especially in Lentor, demand for attractively priced private homes remained high.”

The site drew a top bid of $429.23m ($9,903 per square metre of GFA) from Kingsford Huray Development Pte Ltd, whilst a second bid of $422.22m came from a consortium comprising Intrepid Investments, TID Residential, and CSC Land Group.

Whilst the number of bids mirrors earlier GLS tenders in the Lentor area, Yip noted the difference in sentiment compared to other recent tenders. “The number of bids is similar to previous GLS tenders in Lentor but is in stark contrast to the level of interest from developers in the earlier Bayshore Road GLS tender,” he said.

He attributed the cautious bidding to upcoming launches: “This is likely down to the fact that there are more plum sites like Chencharu Close, Hougang Central and Telok Blangah Road, and developers are keeping dry powder to participate in these tenders.”

As of April 3, just 135 units out of 2,954 across earlier Lentor launches remained unsold, indicating continued healthy absorption despite the area’s growing supply.

The Lentor Gardens plot marks the seventh GLS site released in the precinct, with a site area of 20,639.4 sqm, a maximum permissible GFA of 43,343 sqm, and a 99-year lease.

The site was launched in October 2024 and closed for tender on April 3, 2025.