Lentor Mansion sold 75% at launch, prices from S$2,104psf.
Guocoland, the developer reported that during the launch weekend, Mar 15-16th, GuocoLand sold 75% or 400 units of its Lentor Mansion high-end development.
The three 16-storeys towers and the three eight-storeys towers are a mixture of units with two bedrooms and five bedrooms. It was jointly developed by GuocoLand Holdings & Hong Leong Holdings.
Prices ranged from S$1.149mn for a two-bedroom apartment measuring 527 square feet (sq ft), to S$3.512mn for a 1,07 sq ft, five-bedroom home.
GuocoLand stated that all 214 of the units were sold in the layout with two bedrooms. 84 per cent (199 of the 219 three-bedroom units) were sold in the two-day period. The four-bedroom units were sold at a rate of 16 percent, while the five bedroom units were only 13 percent.
Huttons Data Analytics shows that 75 percent of the units are sold below S$2 Million. Huttons Asia’s chief executive officer Mark Yip believes this is the perfect entry price for HDB buyers and first-time buyers.
Lentor Mansion was the first launch under the Urban Redevelopment Authority’s new guidelines. Units are sold based upon the liveable space.
Although the overall efficiency and functionality of the entire development has been reduced, the internal layouts are more efficient and functional.
The price per square feet (psf), or the cost of each unit, ranged from S$2,104 to S$2,478.
The majority of Lentor Mansion’s buyers were Singaporeans, with 99 percent being permanent residents. GuocoLand reported that the buyers were a mix of young couples and singles.
It said buyers were attracted by its distinctive mansion living concept, which was inspired from Singapore’s black and white bungalows.
Lentor Mansion, in terms of the number of units purchased, is the top-selling project for 2024. This is the second-best-selling project within the Lentor precinct, behind Lentor Modern which sold 84% of 605 homes on the first day.
Lentor Mansion is the most successful new launch ever since J’den, which sold 88% of its units at its launch in Nov 2023.
The sales were strong, indicating that buyers valued the strong emphasis on placemaking in the precinct as well as its growing appeal for private residential areas.
It is possible that buyers were waiting until they could compare projects using Lentor.
Lentor Mansion – GuocoLand’s 3rd condominium in the estate – is the 5th new home development launched within the Lentor Hills area.
The prices of the various developers in Lentor Hills have been kept competitive. Therefore, homebuyers are assured they will be purchasing a comparable property.
Owner-occupiers and investors should take this into consideration, since future resale values in these projects may be more resilient.
Lentor Mansion was able to sell well because of the quantum play, which is a strategy that takes advantage of buyers’ price sensitiveness. Lentor Mansion has lower starting prices than other nearby projects. This has attracted more buyers.
