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Lentor Hills Residences is the second land parcel to be launched after the highly sought-after Lentor Modern in August 2022. More than 84% of the units in Lentor Modern were sold on the first day of launch! Lentor Hills Residences is appealing because the land bid price is $144 psf ppr lower than Lentor Modern, and it is the lowest in the vicinity. On the other hand, Lentor Modern transacted at an average price of S$2,080 psf, so how would Lentor Hills Residences be priced?
Lentor Hills Parcel A, now known as Lentor Hills Residences, was sold to a joint venture consortium between Hong Leong Holdings Limited & Guocoland Limited for S$1,060 psf ppr in January 2022. Both developers have impressive portfolios, such as Wallich Residence, Martin Modern, Midtown Modern, The Avenir and Midwood. Interestingly, Lentor Hills Parcel B was sold in September 2022 to a joint venture between Hong Leong Group & Mitsui Fudosan (Asia) for S$1,130 psf ppr. Logically, no business will price itself out of the market. Therefore, it may be good news for the resale market in the long run as prices are “controlled”.
Overall, the land bid price at Lentor Hills estate is relatively consistent. A separate land parcel across from Lentor Modern was also transacted in September 2022 for S$1,108 psf ppr. Two other land parcels, Lentor Gardens & Lentor Central, are available for tender at the point of writing this article. Generally, the expected launch price in the area should be between S$1,900 psf and S$2,100 psf, given that no sudden changes occur.
Is There Any Uptick in Resale Prices?
While reviewing Lentor Modern in June 2022, resale prices were anticipated to head north with upcoming new launches in the Lentor Hills estate. You can refer to our Lentor Modern review to understand more about the surrounding. So is there any uptick since the launch of Lentor Modern?
According to the chart, the most significant monthly changes did happen from July 2022 onwards. Castle Green, the largest land parcel with the highest residential units, had the most considerable increment. This is followed by Thomson Grove, with one owner pocketing close to $735,000 in profit! As freehold land parcels are rare, investors are likely looking for enbloc opportunities for the long haul.
| Projects | Size | PSF (Before) | Size | PSF (Now) |
|---|---|---|---|---|
| Bullion Park* | 807 ft² | $1,472 psf (Dec 21) | ~ | $1,548 psf (Oct 22) |
| The Calrose* | 1238 ft² | $1,549 psf (Dec 21) | 1292 ft² | $1,572 psf (Sep 22) |
| Thomson Grove* | 1485 ft² | $1,212 psf (Nov 20) | ~ | $1,528 psf (Jul 22) |
| Far Horizon Garden | 1195 ft² | $883 psf (July 21) | 1948 ft² | $1,011 psf (Aug 22) |
| Seasons Park | 1249 ft² | $1,025 psf (Apr 22) | 1109 ft² | $1,073 psf (Aug 22) |
| Castle Green | 947 ft² | $1,008 psf (Mar 22) | 1419 ft² | $1,218 psf (Oct 22) |
Although not listed in the above table, most units have achieved record highs since the sale of Lentor Modern. This trend is likely going to continue with more and more upcoming launches at Lentor Hills estate.
Is There Still Potential For Lentor Hills Residences?
There are still 6 land parcels and probably another 2 potential ones available in Lentor Hills estate for development. However, faced with land scarcity and increased demand, the prices of properties in Singapore have been steadily growing over the years.
Developers vying to replenish their land banks will need to bid competitively. The positive sales at Lentor Modern and the upcoming Lentor Hills Residences will promote further interest for developers eyeing the remaining land parcels.
Although the price of the upcoming project will increase if a high land bid is submitted, other residents in the area will likely benefit too. As shown earlier, a new launch in the area will likely result in higher resale prices in the surrounding estate but less than what the new launch would be priced at. In addition, Enbloc may occur when no new land parcels are left, which will again set a new high in the area that will aid in capital appreciation.
In short, Lentor Hills Residences isn’t the last land parcel at Lentor Hills estate. There are still ample growth opportunities in the area, as there wasn’t any new development in Lentor Hills estate for 17 years!
Lentor Hills Residences Development Plan
Lentor Hills Residences sit on an almost triangular land parcel with a plot ratio of 3.0. Interestingly, there are three different zonings within Lentor Hills Residences. This is because the portion fronting Lentor Hills Road can only have an 8-storey high building, a 16-storey high building in the centre and a 23-storey building towards the future Hillock Park.
The new land parcel at Lentor Gardens (Left of Lentor Hills Residences) has a maximum height limit for 16-storey buildings. In addition, a 30m wide no-build zone is incorporated in other land parcels to function as wind corridors that enhance natural ventilation in the estate.
Residents of the top few levels of each block will enjoy natural ventilation into their units and fantastic views, thanks to the setup. So naturally, expect a higher price for units facing Hillock Park.
Amenities Nearby Lentor Hills Residences
There are several esteemed schools nearby. According to OneMap, CHIJ St Nicholas Girls’ SchooGirls’erson Primary School, & Mayflower Primary School are within a 1-kilometre radius. In addition, Anderson Secondary School, Presbyterian High School, Yio Chu Kang Secondary School, Anderson Serangoon Junior College and Nanyang Polytechnic lie just within 3 kilometres away. Most schools are easily accessible via MRT, which is within walking distance.
Lentor Hill Residences has an Early Childhood Development Centre located within the development that features a 500m² facility perfect for families with young children. This centre allows parents to continue their careers while their children grow and learn, which benefits both the child and the parent.
Although there isn’t direct connectivity to the Lentor MRT Station, there is a sheltered walkway with a dedicated cycling path that links from Lentor Hill Residences. It’s a short walk compared to paying the price difference for Lentor Modern. In addition, the convenience of an MRT Station, which is a short 5 minutes walk, negates the need to own private transport.
There are many avenues for daily necessities, fresh groceries and dining options around Lentor Hill Residences. Shopping malls ranging from AMK Hub, Djitsun Mall, Thomson Plaza, Bishan North Shopping Mall, Junction 8 and Lentor Modern are all a short drive or easily accessible via Lentor MRT Station.
A new Hillock Park & Linear Park runs parallel to Teachers’ Housing Estate linking Thomson Nature Park, Lower Peirce Reservoir & Upper Peirce Reservoir. About 1.2km away, Yio Chu Kang Stadium & Sports Complex provide options like Gym, Badminton, and Swimming that cater to all exercise regimes.
Bottom Line: Is Lentor Hill Residences Worth It?
Let’s use Orchard MRT station to determine whether Lentor Hill Residences is worth the value. Since Lentor Hill Residences is 8 MRT stations away from Orchard Road MRT station. Let’s analyse the value of properties in other areas that are also 8 MRT stations away or nearer.
| Location | Size | Price | PSF | Tenure |
|---|---|---|---|---|
| Kovan (North-East) | 721 ft² | $1,514,000 | $2,100psf | Freehold |
| Mori (East) | 883 ft² | $1,719,000 | $1,947psf | Freehold |
| Forett @ Bukit Timah (North-West) | 893 ft² | $1,713,000 | $1,938psf | Freehold |
From the latest transactions of Lentor Modern, typical 2-bedroom units had transacted between $1,479,060 ($2,021psf) to $1,839,420 ($2,513psf). Even though the projects listed are not within 5 minutes of walking distance of an MRT station, they are still lower in terms of pricing. The projects listed are also Freehold status.
Other options like The Landmark (Outram), Myra (Potong Pasir), Leedon Green (Farrer) & Peak Residence (Novena) are within the city fringe zone if the search result is broadened to $2,500psf.
There are many options that may be lower in pricing and even nearer to Orchard; however, those projects may not enjoy the same growth as Lentor Hills Residence. This is due to the fact Lentor Hills is a new GLS estate with new upcoming developments and unsold land parcels.