Yanlord Group, one of the leading Chinese developers, has placed a record-breaking bid of $481 million or $1,108psf per plot ratio (psf ppr) for the Lentor Central site in Singapore. This bid surpasses the previous record of $1,073 psf ppr set by another Chinese developer, Wing Tai Holdings, in May 2017 for a residential site in the Core Central Region.
The 19,833.4 sq m Lentor Central site is located along Lentor Avenue and is zoned for residential development. Yanlord’s bid is a clear indication of the confidence they have in the Singapore property market. This also signals a growing demand for residential property in the city-state, as developers continue to compete to acquire more land to meet the needs of increasing population and economic growth.
The Lentor Central site has a maximum gross floor area (GFA) of 24,400 sq m and can potentially yield up to 495 residential units. This is the third time the site has been put up for sale, after being unsuccessfully tendered twice in 2017 and 2018. Yanlord’s bid is the highest amount ever offered for a residential site in Singapore.
The residential site is well-positioned for potential buyers, as it is located close to amenities such as schools, parks, shopping malls, and transport links. It is also located within a reasonable distance from the future Lentor MRT station, scheduled to be completed in 2025.
The high bid price for the Lentor Central site reflects the positive outlook of the Singapore property market. This could also be seen as a sign of confidence from Chinese developers, who have been increasingly investing in the Singapore property market in recent years.
Yanlord’s bid for the Lentor Central site is the latest in a series of high-profile acquisitions by Chinese developers in Singapore. In 2019, China’s Greenland Group purchased a site in the Central Business District for $1,111 psf ppr, a record at the time. This was followed by Wing Tai’s acquisition of a site in the Core Central Region for $1,073 psf ppr.
The strong demand for property in Singapore can be attributed to the city-state’s robust economy and transparent regulatory environment. With its pro-business policies and attractive investment climate, Singapore is attractive to foreign investors. This has helped spur the growth of the country’s real estate market, as developers continue to compete for land to build residential and commercial properties.
Yanlord’s record-breaking bid for the Lentor Central site is a testament to the strength of the Singapore property market. With Chinese developers continuing to invest heavily in the city-state, the outlook for the sector looks positive. This could lead to further investments and record-breaking bids in the future, as more developers seek to capitalise on the strong demand in the Singapore property market.
Yanlord Group, a leading real estate developer in China, recently made a bid of S$481 million or S$1,108 per square foot per plot ratio (psf ppr) for the highly anticipated Lentor Central site. This bid surpassed the previous highest bid of S$1.04 billion or S$1,043 psf ppr made by Frasers Property for the same site.
The Lentor Central site is located in Yishun, Singapore and is expected to yield a total of 442 residential units upon completion. The site was made available in the Government Land Sales (GLS) programme in October 2020.
The bid submitted by Yanlord Group is the highest bid for this land parcel and is a testament to the confidence the company has for the site. The bid is also indicative of Yanlord’s commitment to developing quality residential units in Singapore.
The Lentor Central site is expected to be developed into a high-rise residential project which consists of two towers of 40-storey with a total of 442 residential units. These units are expected to range from one-bedroom units to four-bedroom units.
The development of the Lentor Central site is in line with Yanlord’s strategy to expand its business in Southeast Asia. The company aims to capitalise on the growing demand for quality housing in the region.
In addition, the development of the site will create job opportunities in the construction and real estate sectors. This will help to boost the local economy, as well as create more employment opportunities for Singaporeans.
The Lentor Central site is located close to various amenities such as schools, shopping malls, transportation and other amenities. This makes it an ideal location for residents who wish to enjoy a convenient lifestyle.
The bid submitted by Yanlord Group is a testament to the company’s confidence in developing quality residential units in Singapore. The development of the site is also expected to boost the local economy and create more employment opportunities for Singaporeans. With the highest bid of S$481 million or S$1,108 psf ppr, the Lentor Central site is set to be developed into a high-rise residential project.