Hong Leong-led consortium's Lentor Central Residences achieves 93% sales at an average price of $2,200 psf at launch

At the launch weekend of the 477-unit Lentor Central Residences on Mar 8-9, 445 units (93%) were sold as at 5pm on Sunday, Mar 9. Hong Leong Holdings, GuocoLand and Chinese developer CSC Land Group are the joint developers of the project. Units were sold at prices ranging from $1,982 to $2,573 psf, or an average of $2,200 psf, says the joint venture.

The three-bedroom and four-bedroom types were said to be the most popular. About 90% of the buyers are Singaporeans, while permanent residents and foreigners accounted for the remaining 10%. The buyers are said to be predominantly owner-occupiers.

"The strong take-up reflects sustained interest from homebuyers who recognise Lentor as an emerging precinct," says Betsy Chng, head of sales and marketing at Hong Leong Holdings.

Including Lentor Central Residences, six residential projects with 2,954 units have been launched in the new Lentor Hills private housing estate since September 2022. To date, 93% of the units have been taken up, including Lentor Central Residences' sales over the weekend. The sales achieved at Lentor Central Residences make it "the best-selling project in Lentor Hills estate by the percentage of sales on launch weekend", surpassing even that of Lentor Modern, an integrated mixed-use development, which had 84% sales on its launch weekend, says Ken Low, managing partner of SRI. In addition, Lentor Central Residences is also the best-selling private residential project by percentage terms in 2025 to date, according to Mark Yip, CEO of Huttons Asia.

Prices at Lentor Central Residences started from $975,000 ($2,106 psf) for one-bedroom units (from 463 sq ft) and from $1.388 million ($2,047 psf) for two-bedroom units (from 678 sq ft). Three-bedroom units (from 915 sq ft) were priced from $1,813 million ($1,981 psf), while four-bedroom units (from 1,184 sq ft) started from $2.368 million ($2,000 psf).

"Lentor Central Residences' sales did well owing to its right pricing, convenient location near Lentor MRT station and commercial offerings at the Lentor Modern integrated development, as well as the tight unsold stock from existing projects in area," says Ismail Gafoor, CEO of PropNex.

The average price of $2,200 psf achieved at the launch at Lentor Central Residences is "competitive" for an Outside Central Region (OCR) project today, adds Gafoor, compared with the average selling price at the launch of $2,579 psf at the launch of Chuan Park in November, $2,537 psf at ELTA and $2,360 psf at Parktown Residence last month. "At this price point, buyers may feel that Lentor Central Residences offers an attractive value proposition for a relatively well-located project in the Ang Mo Kio planning area," he notes. Huttons' Yip adds: "With prices starting from less than $1 million for a 1-bedroom unit, Lentor Central Residences offers buyers the best entry price for a new home, which is very hard to come by. Prices of new homes below $1 million may become history, especially in new launches as construction costs continue to climb."

SRI's Low notes that the buyers are a good mix of first-time buyers and HDB upgraders, given the project's "attractive price points both in psf and quantum." However, he adds that there was also interest from those who were looking to right-size from their landed properties and older private condos in the surrounding Lentor area, such as Bullion Park (33 years old), The Calrose (18 years old), and Thomson Grove (41 years old).

Besides the locational attributes such as proximity to Lentor Modern Mall and Lentor MRT Station on the Thomson-East Coast Line, the project contains a childcare centre near primary schools such as Anderson Primary School, Mayflower Primary and St Nicholas Girls' School. “Despite ample supply, developments in Lentor Hills Estate remain highly appealing," says Marcus Chu, CEO of ERA Singapore. "Key demand drivers are Ang Mo Kio’s ageing residential stock, the locale’s proximity to the Lentor MRT station and nearby popular schools like CHIJ St Nicholas.”

"With the impending transformation of the North Coast Innovation Corridor and Seletar Regional Centre, buyers believe there will be strong growth potential in the Lentor enclave," remarks SRI's Low. Over the weekend, developers launched three projects and sold over 1,100 units. However, even if sales from the 760-unit Aurelle of Tampines were excluded as it's an executive condo (EC), Huttons Data Analytics estimates developer sales of private homes in 1Q2025 to exceed 3,200 units. The figure is close to 4Q2024's 3,420 units and is the highest first-quarter sales since 2021.

"The strong demand in the past few months is supported by fundamentals such as a sharp rise in wealth and cuts in interest rate," says Huttons' Yip. "Prices are also relatively stable as the price quantum for similar unit types post- and pre-harmonisation are comparable."