Huttons’ comments on Lentor Central and Tampines St 62 GLS sites
The site at Lentor Central is probably the best site under the 1H 2021 GLS programme. It is right at the doorstep of the upcoming Lentor MRT station and minutes’ drive to the CTE and SLE. There will be pentup demand as the last launch in the area was The Calrose in 2005. The commercial component will provide much needed amenities to the area and future developments.
With more than 3,000 new sales in 1Q 2021, the stock of unsold uncompleted units is dwindling fast. The site is pretty sizeable at 610 units, offering land-starved developers an opportunity to shore up their land bank. We expect more than 10 bidders and a top bid between $1,000 and $1,050 psf ppr.
The EC site at Tampines Street 62 sits in a mature estate. Tampines had quite a number of BTO launches in the past few years and there is a large pool of potential upgraders looking to upgrade to an EC. The successful launch of Parc Central Residences bear testament to the pool of demand. ECs are a good alternative to private residential living and are seldom subject to cooling measures from the authorities.
We expect up to 10 bidders and a top bid between $550 and $600 psf ppr for this site.