In a closely watched state land tender, Kingsford Group has emerged as the highest bidder for a private residential site at Lentor Gardens, with an offer of S$964 million, translating to S$920 per square foot per plot ratio (psf ppr).
This bid marks a significant moment for Singapore’s housing market, reaffirming developer confidence despite cautious sentiment around the Lentor precinct, which has seen multiple land launches in recent years.
Details of the Lentor Gardens Site
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Location: Lentor Gardens (Government Land Sales site)
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Top Bidder: Kingsford Group
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Bid Amount: S$964 million
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Unit Land Price: S$920 psf ppr
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Land Area: Approximately 51,411.9 square metres
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Maximum Gross Floor Area: 104,966 square metres
The 99-year leasehold plot is designated for private housing and can accommodate up to 530 residential units, according to the Urban Redevelopment Authority (URA).
This is Kingsford’s second site in the Lentor area. The group previously won the Lentor Hills Road (Parcel A) site in 2022, where it is currently developing Lentor Hills Residences in collaboration with Hong Kong-based MCC Land.
Muted Interest Despite Prime Location
While Kingsford submitted the top bid, the site drew only two bids, indicating cooling demand for sites in the Lentor area. Analysts believe this reflects market saturation and developers’ caution after a series of nearby land sales.
The second bid came from a joint venture between GuocoLand and Hong Leong Holdings, which offered S$910 psf ppr, just below Kingsford’s offer.
What This Means for the Market
Property analysts note that Kingsford’s bid is considered “measured,” given the slower sales observed in the Lentor precinct and broader concerns over high interest rates and buyer fatigue.
Despite these challenges, Kingsford’s interest suggests a long-term outlook on the area’s potential, buoyed by the presence of the Lentor MRT station and the transformation of the Lentor area into a new residential enclave.
Background: Lentor Land Releases
The government has launched six residential sites in the Lentor area since 2021, aiming to create a new housing cluster in Singapore’s North Region. However, some recent projects, including Lentor Modern and Lentor Hills Residences, have experienced moderate sales momentum compared to earlier launches.
Looking Ahead
The outcome of this latest tender will influence how developers approach future land bids in Lentor and similar areas. With Kingsford now doubling down on its investment in the precinct, all eyes will be on how well the upcoming project performs in a market that’s watching for signs of recovery.