GuocoLand’s Lentor Mansion sells 400 units at its launch day
Developer GuocoLand sold 400 units (or 75%) of its latest high-end residential project Lentor Mansion on the launch day, according to a statement released on Sunday 17 March.
Read more about : Lentor Mansion
Three 16-storey and three 8-storey buildings are part of the development. The units range from two to five bedrooms. The project is being jointly developed by GuocoLand Holdings and Hong Leong Holdings and should be completed in 2027.
The launch prices ranged between S$1.149m for a 2 bedroom unit measuring 527 sq ft and S$3.512m for a five-bedroom unit measuring 1,507 sqft.
GuocoLand reported that the most popular layout was the two bedroom, with 214 units being sold. Over the course of two days, 84 percent of the 199 units with three bedrooms were sold. In the case of the four-bedroom unit, 16% were sold, and the five-bedroom unit, 13%.
According to Huttons Data Analytics data, 75 percent of units sold were priced under S$2m – the price that Huttons Asia Chief Executive Officer Mark Yip described as the ideal entry level for HDB upgrades and first time buyers.
The launch of Lentor Mansion is the first to be conducted under the new guidelines set by the Urban Redevelopment Authority, which sells units based on the amount of space that can be used for living.
The internal layouts in Lentor Mansion have been made more functional and efficient.
Prices per square foot (psf) ranged between S$2,104 and S$2,478.
99% of buyers at Lentor Mansion are Singaporeans or permanent residents. Most are owner-occupiers. GuocoLand said that buyers included singles as well as young families.
The company said that its unique mansion-living concept was inspired by Singapore’s white-and-black bungalows.
Lentor Mansion will be the most popular project in 2024, based on number of units sold. The second most popular project in the Lentor Precinct is Lentor Mansion, after Lentor Modern. It sold 84% of the 605 units it offered on its first day.
Lentor Mansion had the highest take-up rate of any new launch, since J’den’s launch in November 2023.
The high sales figures showed that buyers were appreciating the placemaking focus in the precinct and its growing appeal to private residential enclaves.
The buyers may have been waiting to compare the projects on Lentor.
Lentor Mansion is GuocoLand’s third condominium development in the estate. It’s the fifth new home to be launched at the Lentor Hills neighborhood.
Homebuyers at Lentor hills can be assured that the prices are comparable because all developers have maintained a competitive price level.
This is important for both investors and owner-occupiers, as the future resale price of these projects will likely be more stable.
Due to buyers’ price-sensitivity, quantum play probably contributed to Lentor Mansion’s sales performance. Lentor Mansion’s starting prices are lower than those of nearby projects, which has prompted more interest from buyers.
