The site will turn into a mixed-use development, accommodating 600 residential units and commercial, retail, and food and beverage space
As stated by the Urban Redevelopment Authority (URA), a 99-year leasehold plot at Lentor Central was won by Property giant GuocoLand, after lodging the highest bid of USD784.1 million, reported The Straits Times.
The price translates to a land rate of USD1,204 per square feet per plot ratio, or USD12,964.83 per square metre of gross floor area.
The Straits Times also reported previously that GuocoLand’s offer was 4.5 percent further than the second-highest bid of USD750 million.
The developer said it will transform the site into a mixed-use development of three 25-storey towers.
The development will include around 600 residential units, along with commercial, retail, and food and beverage space on the ground floor.
It will also be integrated with the upcoming Lentor MRT station on the Thomson-East Coast Line and is scheduled to open in the second half of 2022.
Moreover, the Lentor Central site is near plenty of green space, including Thomson Nature and Bishan parks, the upper and lower Seletar Reservoir areas, and Lower Peirce Reservoir Park.
GuocoLand is an award-winning developer, having won Best Developer, Best Ultra Luxury Condo Development, Best Mixed-Use Development, Best Condo Development, and more at the 10th PropertyGuru Asia Property Awards Singapore.
The Property Report editors wrote this article. For more information, email: [email protected].
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