Lentor Mansion by Guocoland achieves 75% sales at launch day

GuocoLand said that some 400 units – or 75 per cent – of the latest high-end housing development Lentor Mansion have been sold in its launch weekend from Mar 15 to 16.

The project, consisting of three 16 storey towers and four 8-storey ones, has a mix between two-bedroom and 5-bedroom units. GuocoLand is developing the development jointly with Hong Leong Holdings. The completion date for this project is 2027.

Prices during the launch ranged S$1.149 for a 527-square-foot (sq-ft), two-bedroom, unit to S$3.512 for 1,507-sq-ft, five bedroom.

GuocoLand reports that the layout of two bedrooms was the most popular with all 214 sold units. Over the course two days, 84% of the 199 3-bedroom units sold. For the four and five bedroom units, 16 and 13 percent respectively were sold.

Huttons Data Analytics has found that 75 per cent (or 750 units) of all sales are below S$2M. This is what Huttons Asia chief Executive Officer Mark Yip calls the “sweet spot” price for HDB Upgraders or first time buyers.

Lentor Mansion launched is the very first project under the new guidelines from the Urban Redevelopment Authority.

Lentor Mansion is a more efficient development than the rest of the building.

Lentor Mansion sold units ranging from S$2,104 per square foot to S$2,478 per sq.ft.

99 per cent of the buyers at Lentor Mansion, mostly owner-occupiers, were Singaporeans. GuocoLand noted that the mix of buyers was balanced between young families and singles.

The firm said its buyers were drawn to the distinctive concept of living in a mansion, inspired Singapore’s bungalows.

Lentor Mansion was the best-selling 2024 project by number of sales. It is second in popularity after Lentor Modern. Lentor Modern had sold 84 % of 605 apartments on the very first day.

Lentor Mansion’s best take-up for a new product launch is since J’den’s sale of 88 per cent during its November 2023 launch.

The strong sales indicated that buyers valued the high placemaking emphasis of the precinct. It also showed its increasing appeal as a residential enclave.

Buyers might have held back on making a purchase until they could compare similar projects in Lentor.

Lentor Mansion was GuocoLand’s second condominium launch within the estate. This is also the fifth new housing development to have been launched in Lentor Hills.

The Lentor Hill estate has seen a wide range of developers, all with competitive pricing. This means that homebuyers have the assurance of purchasing at comparable prices.

This is a consideration for investors as well as owner-occupiers. Future resale pricing in these project are likely to remain stable and be less volatile.

Lentor Mansion’s performance was likely affected by the use of quantum play. This is because buyers are price sensitive. Lentor Mansion offers lower prices to attract more buyers.

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