Commentary on URA tender closing at Lentor Central Residential Site

By Tricia Song (宋明蔚), Head of Research, Singapore and Southeast Asia, CBRE

Despite negative newsflow on the escalation of US-Iran conflicts over the weekend, the tender for Lentor Central (4) (560 units) which closed today (3 Mar 2026) garnered a strong response, seeing more bids than projected and a top bid price above expectations. 

Lentor Central (4) received 5 bids and a top bid price of $657.10 mil ($1,278 psf ppr) above expectations submitted by a tie-up between GuocoLand, Hong Leong Holdings and Mitsui Fudosan Co. which either collectively or separately, also won most of the earlier tenders in the area. 

This was 6% higher than the second highest bid of $1,208 psf ppr submitted by Frasers Property, Sekisui House and Soilbuild Group and 13% higher than the third highest bid of $1,130 psf ppr placed by Kingsford Group. The lowest bid of $950 psf ppr submitted by Kheng Leong Co. was a wide 35% below the top bid, indicative of contrasting developer sentiment for the site. 

Lentor Central (4) is the 8th land parcel released for sale in the Lentor estate over the past 5 years and potentially the last plot in the neighbourhood at least in the near term as there are no more Lentor sites in the GLS programme. The first site, adjacent to today’s site is a residential with commercial on 1st storey project which received 9 bids awarded for $1,204 psf ppr in Jul 2021 to GuocoLand. Thereafter, 6 other Lentor sites were awarded. 

A list of the prior Lentor sites, winning bids and top bidders in chronological order based on award date are as follow: 

1. Lentor Central: 9 bids awarded for $1,204 psf ppr in Jul 2021 to GuocoLand. Launched as mixed-use development Lentor Modern (605 units) in Sep 2022.
2. Lentor Hills Parcel A: 4 bids awarded for $1,060 psf ppr in Jan 2022 to a consortium between Hong Leong/GuocoLand/Mitsui Fudosan Co. Launched as Lentor Hills Residences (598 units) in Jul 2023.
3. Lentor Central (2): 3 bids awarded for $1,108 psf ppr in Sep 2022 to a consortium between China Communications Construction Co./Soilbuild Group/Yanlord Land. Launched as Hillock Green (474 units) in Nov 2023.
4. Lentor Hills Parcel B: 2 bids awarded for $1,130 psf ppr in Sep 2022 to a JV between Hong Leong Group/Mitsui Fudosan Co. Launched as Lentoria (267 units) in Mar 2024.
5. Lentor Gardens: 1 bid awarded for $985 psf ppr in Apr 2023 to a JV between Guocoland/Hong Leong Group launched as Lentor Mansion (533 units) in Mar 2024.
6. Lentor Central (3): 2 bids awarded for $982 psf ppr in Sep 2023 to a consortium between Hong Leong/ GuocoLand/China Construction (South Pacific) Development Co. Now Lentor Central Residences (477 units) launched in Mar 2025.
7. Lentor Gardens (2) (500 units): 2 bids awarded for $920 psf ppr in Apr 2025 to Kingsford Group. 
   

With a top bid of $1,278 psf ppr, Lentor Central (4) has set a new record land rate for the Lentor estate’s GLS tenders since the first site was awarded in July 2021. This is also 6.1% above the previous high of $1,204 psf ppr achieved at the first Lentor Central site which was Residential with Commercial at First Storey. At 5 bids, this is also the most competitive turnout since Lentor Modern’s 9 bids, with 1 to 4 bids previously.

The premium likely reflects the possibility that Lentor Central (4) is the final plot in the precinct, alongside cheaper financing costs and renewed developer confidence, supported by robust new home sales in 2025 and the Lentor area’s established track record of solid demand and firm pricing. Based on realis caveats as of today (2 Mar 2026), with six sites totalling 2,954 units already launched, 99% has already been sold.  Including 500 units in the pipeline from the 7^th site Lentor Gardens (2), unsold inventory in the area is manageable.

Table: Performance of existing Lentor launches (new sales)

Project name	Launch month	Developer	Total units	Units Sold	% of project sold to date	Median Price ($psf)	Units Remaining
Lentor Modern (mixed-use)	Sep-22	GuocoLand	605	605	100%	$2,108	0
Lentor Hills Residences	Jul-23	Hong Leong/GuocoLand/Mitsui Fudosan Co.	598	598	100%	$2,115	0
Hillock Green	Nov-23	China Communications Construction Co./Soilbuild Group/Yanlord Land	474	460	97%	$2,168	14
Lentoria	Mar-24	Hong Leong Group/Mitsui Fudosan Co.	267	237	89%	$2,207	30
Lentor Mansion*	Mar-24	GuocoLand/Hong Leong Holdings	533	533	100%	$2,262	0
Lentor Central Residences*	Mar-25	Hong Leong Holdings, GuocoLand & China Construction (South Pacific) Development Co.	477	477	100%	$2,214	0
Total	-	-	2,954	2,910	99%	-	44

Source: CBRE Research, URA. Downloaded as of 2 March 2026. 
*Projects following the revised Harmonisation of Floor Area Definitions. 

Lentor Mansion and Lentor Central Residences, the latest launches and GFA harmonised, are 100% sold at median prices of $2,262 and $2,214 psf respectively. Recent secondary sales at the first 2 existing launches Lentor Modern and Lentor Hills Residences have also been encouraging. Lentor Modern recorded 14 subsale transactions from 2025 – 2026 at a median price of $2,408 psf, marking a 14.2% appreciation in median price from $2,108 psf for primary sales. Lentor Hills Residences has seen 1 subsale transacted at $2,276 psf.

At a top bid price of $1,278 psf ppr, we expect the developer could look to launch at an average price of $2,350 – 2,450 psf.