Kingsford Group has secured the coveted Lentor Gardens Government Land Sales (GLS) site with a winning bid of S$429.23 million, outpacing its sole competitor in a tender that reflects measured confidence in Singapore’s residential property market. The 99-year leasehold site, spanning 20,639.4 square meters within the emerging Lentor Hills Estate, commanded a premium of S$920 per square foot per plot ratio, narrowly exceeding the competing bid of S$905 psf ppr submitted by the consortium of Intrepid Investments, TID Residential, and CSC Land Group.
This acquisition marks a significant milestone in the development of Lentor Hills Estate, with Lentor Gardens representing the seventh land parcel released under the Urban Redevelopment Authority’s strategic development program. The site offers substantial development potential with a maximum gross floor area of 466,540 square feet, allowing for construction of approximately 500 private residential units across buildings reaching up to 16 stories.
Additionally, the development parameters stipulate a minimum allocation of 6,458 square feet dedicated to an early childhood development center, aligning with community planning objectives.
The limited participation in the tender, attracting only two bids, indicates selective developer interest amid current market conditions, yet Kingsford’s willingness to secure the plot underscores long-term confidence in the area’s residential appeal. The project’s strategic location near prestigious schools could further enhance its value, as properties in neighborhoods with strong schooling options typically appreciate more significantly over time. With this win, Kingsford Group will be developing its seventh residential project in Singapore, demonstrating their expanding presence in the local property market. The strategic value of the Lentor Gardens site lies in its connectivity advantages, particularly its proximity to the Thomson-East Coast MRT Line, as well as established educational institutions including Presbyterian High School, Anderson Primary School, and CHIJ St. Nicholas Girls’ School.
Lentor Hills Estate is envisioned as a sustainable, pedestrian-friendly neighborhood featuring extensive greenery and thorough lifestyle amenities. The development will contribute to the transformation of Lentor into a thorough residential hub, with future residents benefiting from planned retail facilities and recreational spaces. Despite the site being furthest from Lentor MRT compared to previous plots, it still maintains attractive accessibility within the growing estate.
Kingsford’s acquisition establishes a new benchmark for land valuation in the area at S$920 psf ppr, potentially influencing pricing strategies for subsequent GLS tenders in this rapidly evolving residential district.
