The joint venture (JV) between GuocoLand F17 and Hong Leong Holdings’ wholly-owned subsidiary, Intrepid Investments, has been awarded the Lentor Gardens land parcel. The interest holdings of GuocoLand and Intrepid are 60% and 40% respectively.
The JV partners’ bid price of $486.8 million was accepted by the Urban Redevelopment Authority (URA). They were also the sole bidders of the 99-year leasehold site, which is zoned for residential use.
The bid price translates to a price of $2,068.23 psf over the site area of 21.866.7 sqm or 235,371 sq ft. The bid price also translates to a price of $984.85 psf over the maximum permissible gross floor area (GFA) of 494,289 sq ft.
The site is located within the Lentor Hill estate, which comprises landed estates and low- to mid-rise condominiums. The site is also GuocoLand’s third project in the estate. It will be developed in partnership with Hong Leong Holdings.
According to the statement put out by GuocoLand, the JV plans to build a residential development of about 530 units. It is expected to be ready for launch in 2H2024.
GuocoLand Group’s CEO Cheng Hsing Yao says, “We have a strong track record in creating high-end residential projects with innovative concepts. We have also demonstrated our capabilities in transforming and uplifting neighbourhoods through our developments, such as Guoco Tower for Tanjong Pagar and Guoco Midtown for the Beach Road-Bugis area. For the Lentor estate, we and our partners will position this new neighbourhood into a new premium residential estate with our various projects in the area.”
See also: GuocoLand's JV tender for Lentor Hills Road land parcel accepted at bid price of $586.6 mil
Dora Chng, general manager (residential) at GuocoLand, adds, “The Lentor area is well-connected and it is also close to amenities and green spaces. It is rapidly emerging as a premium residential estate. Demand for homes in this area will continue to grow.”
“GuocoLand developments are designed for people with modern lifestyles. Lentor Modern, the only mixed-use development in the area, offered buyers an integrated lifestyle. For the new development at Lentor Gardens, we envision a high-end residential development with around 530 units based on modern concepts of living amidst nature and greenery. The development will comprise a combination of eight-storey blocks and 16-storey towers with sky terraces. More than 6,000 sq ft of childcare facilities will provide added convenience to families with young children,” she continues.
“The Lentor estate has tremendous potential. We are pleased to once again partner GuocoLand in developing high quality and distinctive residential homes in this exciting and transformed area, following the development of Lentor Hills Residences which will be launched soon,” says Loke Kee Yeu, general manager (projects), Hong Leong Holdings Limited.
See also: GuocoLand-led JV puts in winning bid of $349.9 million for Faber Walk site
The land parcel will be connected via a sheltered walkway to the Lentor MRT station on the Thomson-East Coast line (TEL). It is also located close to schools such as Presbyterian High School, Anderson Primary School, CHIJ St Nicholas Girls’ School, Eunoia Junior College and Nanyang Polytechnic.
Shares in GuocoLand closed 1 cent higher or 0.62% up at $1.63 on April 13.
