GuocoLand’s Lentor Mansion achieves 75% sales at launch
GuocoLand reported on March 17 that over two days – March 15-16 – 75% (or 400 units of 553) at Lentor Mansion had been sold; with nearly 100 units going under contract at their VIP Launch on March 15.
Lentor Mansion was jointly developed by GuocoLand Holdings and Hong Leong Holdings with two-to-five bedroom units spread among three 16-storey and three 8-storey buildings.
Price range for units sold ranged between $1.149 for a 2 bedroom apartment of 527 sq. ft and $3.512 for a five-bedroom property totalling 1,507 sq ft.
At launch, two-bedders were by far the most popular product type. Eighty-four percent of 199 three-bedders sold were three bedroom models while 176 four and five bedders sold (16% and 13% respectively).
Lentor Mansion was also the inaugural project to launch under URA’s new guidelines for harmonizing strata and floor area, selling units according to liveable space excluding air-conditioner ledges; under these URA pricing regulations, units sold at Lentor Mansion ranged between $2,104 and $2,478 per square foot.
Lentor Mansion was home to over 99% Singaporeans or permanent residents as buyers. Most buyers were owners with young families and single buyers also present.
Due to their flexible layout and living spaces, sales are exceeding expectations due to high-demand living areas with flexible layout. She also mentions how young families were attracted by the integrated childcare centre – something expected to be completed by 2027.
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Lentor Mansion’s sales performance has been “heartening”, particularly considering recent low sales for new projects. Their impressive showing becomes even more noteworthy when taken in context with all of the homes sold since September 2022.
Lentor Mansion was unveiled as the fifth project at Lentor Hills in 2015. Developers sold 1,290 units between Lentor Modern, Lentor Hill Residences Hillock Green and Lentoria projects alone.
Lentor Mansion has proven itself one of the most successful developments in Jurong East since J’den, selling 323 units out of its 368 total on its inaugural day (November 3).
Quantum Game was a key factor in Lentor Mansion’s exceptional sales performance, given that buyers tend to be price-sensitive. Lentor Mansion offered lower starting prices than other Lentor Hills projects, prompting even greater interest from prospective buyers.
Gafoor states that two-bedroom condominiums at Lentor Mansion begin at $1.149 million while prices for other projects in this community range between $1.2 and $1.4m. Three-bedders can start from as little as $1.7 million while prices of similar projects hover around $1.8.
As a result of harmonizing floor area guidelines, the overall quantum price has been decreased significantly.
Huttons Data Analytics estimates that 75% of units sold at Lentor Mansion were priced under $2 million, attesting to its focus on placemaking and Lentor’s rising appeal as a residential enclave. Buyers may have also delayed purchasing until they reviewed all available Lentor projects and saw which fit them best.
Upper Thomson and Springleaf in District 26 is home to only 5,800 apartments – most existing private residential developments being older ones; new projects at Lentor Hills promise to revitalize and transform this part of Singapore.
Lentor’s connectivity has significantly increased since the opening of Lentor MRT Station on the Thomson-East Coast Line, allowing Lentor Hills Estate to reach more people and reducing commute times from the North Region into town. North-South Corridor completion is scheduled to commence by phases in 2029, further improving connectivity to this town from all directions.
