Press Release

The Urban Redevelopment Authority (URA) has closed the tender for two sites, one at Lentor Central, and another at Champions Way. The tenders were launched on 12 April 2023 and 25 May 2023 respectively.

Lentor Central

The Lentor Central site received 2 bids, and the highest bid came from Intrepid Investments Pte. Ltd., GuocoLand (Singapore) Pte. Ltd. and CSC Land Group (Singapore) Pte. Ltd.at S$435,166,426 orS$982 psf ppr. The highest bid price (psf ppr) was 0.3 per cent lower than the most recent GLS site at Lentor Gardens, which was awarded on 13 April 2023 to GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd. at a bid price of S$985 psf ppr. The highest bid was 5.9 per cent more than the second highest bid from Frasers Property Phoenix Pte. Ltd., which was S$927 psf ppr.

Demand for homes in Lentor has generally been strong. For instance, the first project launch at Lentor, the 605-unit Lentor Modern, has 8.1 per cent or 49 unsold units as of July 2023, according to URA’s monthly developer sales data. Moreover, the most recent launch, the 598 unit-Lentor Hills Residences sold more than half its units or 55.7 per cent during its launch month in July 2023. The Lentor area is also well supported by amenities like a shopping mall and an MRT station. Therefore, developers may have confidence that there is sufficient demand in the area.

However, some developers may be more cautious as there are macroeconomic uncertainties, elevated interest rates, and cooling measures. They may also be holding back as more land could be released next year. The government has already announced more new land parcels to be released or old buildings/sites slated for redevelopment.

Champions Way

The site at Champions Way received 6 bids, and the highest bid came from CDL Stellar Pte. Ltd. atS$294,889,000 oraround S$904 psf ppr. The highest bid price was slightly below our expectations, but demand remains generally healthy. The highest bid was also8.3 per cent more than the second highest bid. The gap between the top bid and second bid may indicate that there is still confidence that the future project will sell well.

The last private condominium launched in Woodlands was Parc Rosewood in 2012, while the last Executive Condominium launched was Northwave in 2016. The site is close to numerous primary schools, which will attract families. The site is also convenient as it is near Woodlands South MRT station on the Thomson-East Coast Line.

Developers are keen to top up their landbank and supply remains lacking. Developers may have bid for this site to tap into the pent-up demand for private homes in Woodlands, especially given the positive attributes of this plot. As this parcel is not too large and can generate 350 homes, it may be more palatable for developers.