The Urban Redevelopment Authority (URA) granted two additional 99-year leasehold property lots on Wednesday, further solidifying the Lentor Hills estate as a private residential enclave.
However, builders’ enthusiasm for the property has waned, and analysts say they anticipate cautious bidding because of the economy’s volatility.
As part of the first half of the Government Land Sales (GLS) project for 2023, the first private residential land parcel is a location in Lentor Central.
With a total buildable area of around 158,263 square feet, this property has the potential to house about 475 families. This is the sixth verified GLS facility to go live.
These apartments are part of the GLS program’s first-half 2023 release of 4,090 residential units, a 17 percent increase over the 3,505 apartments made available in the second half of 2022.
On September 12 at 12 p.m., the deadline for the Lentor Central site tender will be reached.
Approximately 222,175 square feet in size, the residential property at Lentor Gardens has the potential to accommodate 500 dwelling units.
Developers may apply for the land only if it is on the GLS reserve list, which means the land won’t be up for bid until the minimum bid is high enough to satisfy the government.
The adjoining Lentor Modern mixed-use complex will also have shops, a grocery store, and daycare centers.
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