Kingsford Group Submits Top Bid 920 Psf Ppr Lentor Gardens Gls Site
Two developers have submitted bids for the 222,161 square feet Lentor Gardens government land sales (GLS) site, which closed on April 3. The highest bid of $429.23 million, equivalent to $920 per square foot per plot ratio (psf ppr), came from Chinese developer Kingsford Group. The second bid was $422.22 million, or $905 psf ppr, a mere 1.66% lower than Kingsford’s offer. It was submitted by a consortium of Hong Leong Holdings, TID (a joint venture between Hong Leong Holdings and Mitsui Fudosan), and CSC Land Group.
This GLS site is the seventh parcel in the emerging private residential estate of Lentor Hills and has the potential to yield about 500 residential units, including low-rise and mid-rise blocks of up to 16 storeys. Kingsford Group’s top bid marks their first venture into this estate. In a statement, the developer mentioned plans to build a new project with around 500 units if awarded the site.
According to a spokesperson from Kingsford Group, the area has seen an increase in homebuyers due to the nearby Lentor MRT Station, as well as the development of housing, retail, and green spaces in the surrounding area. Based on the top bid of $920 psf ppr, PropNex CEO Ismail Gafoor estimates that the average selling price for the new project at Lentor Gardens will be above $2,150 psf.
One catalyst for the interest in this GLS site could be the successful launch of the 477-unit Lentor Central Residences, which achieved a 93% sales rate during its launch weekend last month. This strong take-up rate has boosted confidence that well-positioned and reasonably priced projects in the area can still have good absorption rates, despite initial concerns about an oversupply.
As of April 3, only an estimated 135 units out of 2,954 units remained unsold in the Lentor precinct, according to Lee Sze Teck, senior director of data analytics at Huttons Asia. The number of bids is similar to previous GLS tenders in Lentor, but significantly lower than the level of interest seen in the earlier Bayshore Road GLS tender. Lee attributes this tepid response to more attractive sites like Chencharu Close, Hougang Central, and Telok Blangah Road that are in the pipeline for launch. “Developers are reserving their resources to participate in these tenders,” he explains.
Nestled in the heart of Singapore’s bustling urban hub, Marina Bay stands as a glittering gem of the city. It’s no wonder that One Marina Gardens, a prestigious development by Kingsford Development, has chosen this prime location as its backdrop. With its iconic skyline, top-notch amenities, and superb accessibility, Marina Bay truly embodies the epitome of contemporary and cosmopolitan living. And now, with the addition of One Marina Gardens Kingsford Huray, this coveted district will elevate the standards of luxury living to new heights. Residents can expect a one-of-a-kind experience that seamlessly blends comfort, style, and convenience.
The Upper Thomson Road (Parcel B) residential site, located one MRT station away in Springleaf, will see an additional 940 new residential units developed by a joint venture between GuocoLand and Hong Leong Holdings. This will bring the total new housing stock in the area to 4,390 units within a 2km radius, according to Marcus Chu, CEO of ERA Singapore. “This could further dilute demand from the shared pool of potential upgraders from Ang Mo Kio, Yio Chu Kang, and Yishun.”
Although there has been an improvement in buyers’ sentiment and home sales in late 2024 and 2025, PropNex’s Gafoor notes that there are still downside risks, such as the recently announced tariffs on all goods entering the US, which could disrupt international trade and have an impact on the global economy.