Lentor Central GLS Site award summary and what was actually paid
The Lentor Central Government Land Sales (GLS) residential site was awarded on 6 March 2026 to a consortium comprising GuocoLand (Singapore) Pte. Ltd., Intrepid Investments Pte. Ltd., and TID Residential Pte. Ltd. URA media release states the site can yield a maximum gross floor area (GFA) of 47,778 m² on a site area of 15,925.8 m², implying a gross plot ratio of ~3.0 (47,778 / 15,925.8).
The tender price was S$657.1 million. URA also published the land rate as S$13,753.19 per m² of GFA. Converting that to the market’s more commonly quoted psf ppr:
- psf ppr ≈ S$13,753.19 ÷ 10.7639 ≈ S$1,278 psf ppr (rounded)
| LOCATION | ALLOWABLE DEVELOPMENT | SITE AREA | MAXIMUM PERMISSIBLE GROSS FLOOR AREA (GFA) | SUCCESSFUL TENDERER | TENDERED PRICE
($PSM of GFA) |
| Lentor Central | Residential | 15,925.8 m² | 47,778 m² | GuocoLand (Singapore) Pte. Ltd., Intrepid Investments Pte. Ltd. and TID Residential Pte. Ltd. | $657,100,000.00
($13,753.19) |
Land cost benchmarking across the Lentor estate and why this plot is “price-setting”
By March 2026, this parcel (often referred to as Lentor Central (4) became the highest land rate achieved among Lentor Hills Estate GLS sales since the first Lentor Central parcel was awarded in July 2021. This was not only a record, but also drew 5 bids (the most competitive Lentor tender turnout since Lentor Modern’s 9 bids).
To put the new land rate into context using a single consistent source, here are the prior Lentor GLS sites, award months, and winning land rates as follows (chronological by award):
- Lentor Central (Lentor Modern): S$1,204 psf ppr (awarded Jul 2021)
- Lentor Hills Road (Parcel A) (Lentor Hills Residences): S$1,060 psf ppr (awarded Jan 2022)
- Lentor Central (2) (Hillock Green): S$1,108 psf ppr (awarded Sep 2022)
- Lentor Hills Road (Parcel B) (Lentoria): S$1,130 psf ppr (awarded Sep 2022)
- Lentor Gardens (Lentor Mansion): S$985 psf ppr (awarded Apr 2023)
- Lentor Central (3) (Lentor Central Residences): S$982 psf ppr (awarded Sep 2023)
- Lentor Gardens (2) (Lentor Gardens Residences, not yet launched for sale at the time): S$920 psf ppr (awarded Apr 2025)
- Lentor Central (4) (this site): S$1,278 psf ppr (tender closed 3 Mar 2026)
This makes the new Lentor Central (4) land rate:
- about +6.1% above Lentor Modern’s earlier Lentor “high-water mark” (S$1,204 psf ppr),
- about +30% to +40% above the 2023/2025 Lentor sites that cleared at ~S$920–S$985 psf ppr
The bid spread was notable: the second-highest offer came in at S$1,208 psf ppr (about 6% below the winning bid), while the lowest bid was S$950 psf ppr—roughly 35% lower—highlighting a clear divergence in developer confidence.
Comparable landscape by using a two-cluster framework
Although the Lentor developments are located close to one another, they can be meaningfully segmented into two clusters for comparison.
The first cluster comprises the Lentor Central projects—Hillock Green, Lentor Modern, and Lentor Central Residences.
The second cluster includes Lentor Hills Residences, Lentor Mansion, and Lentoria.
Lentor Central cluster comparables
This cluster’s competitive dynamic is heavily shaped by Lentor Modern, as it is the only integrated development in the new precinct and sits directly adjacent to the (now operational) Lentor MRT station and its retail component. Lentor Modern obtained vacant possession in 2025, with owners collecting keys, and its retail mall (about 90,000 sq ft net lettable area) was scheduled to open in January 2026 with anchor tenants including CS Fresh and a preschool.
Hillock Green (Lentor Central “(2)” land parcel) and Lentor Central Residences (Lentor Central “(3)” land parcel) also matter because they provide a more “pure condo” pricing reference close to Lentor Modern.
Key performance indicators indicate that, out of 1,554 units in this cluster, 1,549 have been sold—representing approximately 99% take-up. (as of 6th April 2026)
- Lentor Modern: (603/603 units) 100% sold, average launch price S$2,125 psf (Protrend Chart)
- Hillock Green: (469/474 units) 99% sold, average launch price S$2,129 psf (Protrend Chart)
- Lentor Central Residences: (477/477 units) 100% sold, median primary price S$2,222 psf (Protrend Chart)
It is also important to note that Lentor Modern has begun establishing post-TOP resale and subsale benchmarks. There have been 20 subsale transactions between 2025 and 2026, averaging S$2,382 psf and yielding an average profit of S$319 psf—equivalent to approximately 15.5% above the initial launch prices.
Lentor Hills cluster comparables
This cluster provides price discovery across slightly different micro-locations (still near Lentor MRT but not the MRT-integrated plot), including the lower-density “mansion” concept, smaller project scale for Lentoria, and differing plot ratios and landscaping.
Launch anchors:
- At its launch, Lentoria sold 50 units (19%) at an average price of approximately S$2,120 psf.
- Lentor Hills Residences recorded strong take-up, with 298 units (50%) sold on launch day.
- Lentor Mansion also saw robust demand, selling 400 units (75%) at launch, with prices ranging from S$2,104 psf to S$2,478 psf.
Key performance indicators indicate that, out of 1,381 units in this cluster, 1,356 have been sold—representing approximately 98% take-up. (as of 6th April 2026)
- Lentor Hills Residences: (606/606 units) 100% sold, average launch price S$2,104 psf
- Lentoria: (217/242 units) 90% sold, average launch price S$2,183 psf
- Lentor Mansion: (533/533 units) 100% sold, median S$2,271 psf
A second layer that matters for “comparables near completion” is that subsales have begun to emerge. Lentor Hills Residences recorded its first subsale in Oct 2025 at S$2,276 psf, versus the original purchase price of S$2,049 psf (about an 11% gain). This is a powerful directional indicator for where the precinct’s “resale clearing price” can sit once more projects TOP.
Rental transactions at Lentor Modern and what they imply for yield in Lentor Central
Establishing a rental benchmark that is actually observable today
Unlike most other Lentor projects that are still under construction, Lentor Modern has already obtained TOP and is now generating leasing activity. Data from PropNex’s investment suite indicates multiple rental transactions in Dec 2025–Feb 2026 across various unit sizes—for instance, about S$3,200 for 500–600 sq ft units, S$4,100–S$4,300 for 700–800 sq ft units, around S$6,400 for 900–1,000 sq ft units, and approximately S$8,100–S$8,500 for 1,500–1,600 sq ft units.
Translating rents into an implied gross yield range
To derive yield from rental income, a relevant purchase price benchmark is required. For Lentor Modern, we adopt the latest average transacted price of S$2,382 psf as the pricing anchor. This reflects current resale market behaviour and is more representative than initial launch prices, providing a closer proxy for where future projects such as Lentor Central (4) are likely to be positioned.
Using the observed rents as an indicative lease benchmark and keeping the math transparent:
Example A: ~732 sq ft 2BR-equivalent (700–800 band)
- Rent: ~S$4,100–S$4,300/month
- Annual rent: ~S$49,200–S$51,600
- Implied anchor price at S$2,382 psf: 732 × 2,382 ≈ S$1.74M
- Gross yield ≈ 49,200 / 1,743,624 to 51,600 / 1,743,624 ≈ 2.82%–2.96%
Example B: ~527 sq ft 1BR-equivalent (500–600 band)
- Rent: ~S$3,200–S$3,400/month
- Annual rent: ~S$38,400–S$40,800
- Implied purchase at S$2,382 psf: 527 × 2,382 ≈ S$1.25M
- Gross yield ≈ 38,400 / 1,255,314 to 40,800 / 1,255,314 ≈ 3.0%–3.25%
These are gross yields. Net yields will usually be lower after factoring in maintenance fees, property tax (depending on owner-occupier status), vacancy/agent fees, and furnishing/refurbishment cycles.
What this likely means for the new Lentor Central (4) plot
If Lentor Central (4) launches at materially higher prices than the current resale price benchmark at Lentor Modern, the same rent levels would mathematically compress yield unless rents rise enough to compensate.
That yield “ceiling” matters because, at some point, investor demand softens as implied yields drop too far below other suburban alternatives—especially once multiple Lentor projects TOP and compete for the same tenant pool.
Pricing outlook for Lentor Central (4): model-based range and market-based range
A data-driven way to think about land cost, translating into selling price
One of the cleanest ways to estimate likely launch pricing in a precinct with many recent GLS-based launches is to examine the observed “selling psf (Average 1st year – land psf ppr” spread for prior projects. The implied spreads were roughly:
- Lentor Modern: ~2,125 − 1,204 ≈ +921 psf
- Lentor Hills Residences: ~2,104 − 1,060 ≈ +1,044 psf
- Hillock Green: ~2,129 − 1,108 ≈ +1,021 psf
- Lentoria: ~2,183 − 1,130 ≈ +1,053 psf
- Lentor Mansion: ~2,271 − 985 ≈ +1,286 psf
- Lentor Central Residences: ~2,222 − 982 ≈ +1,240 psf
In other words, in the same micro-market, historical “value add” above land has most often landed around ~+900 to ~+1,286 psf, clustering around ~+1,050 to ~+1,250 psf.
Applying that band mechanically to Lentor Central (4)’s land rate (~S$1,278 psf ppr) yields a first-pass price band:
- Low-reversion case (~+900 psf spread): ~1,278 + 900 ≈ S$2,180 psf
- Mid case (~+1,100 to +1,250 spread): ~S$2,380–S$2,530 psf
- High case (~+1,350 to +1,420 spread): ~S$2,630–S$2,700 psf
The key question becomes: is the market environment at launch (likely 2027-ish) supportive enough for the spread to stay near the historical middle, or widen toward the high case?
Market-based forecasts
To support a launch range of ~S$2,380–S$2,530 psf, we assume that Lentor Central (4) can be priced at a moderate premium over the precinct’s historical median new-sale levels (typically in the low–mid S$2,2xx psf range), while remaining within the affordability thresholds of the core upgrader segment.
For pricing to reach ~S$2,700 psf, several conditions would likely need to be met: (a) a meaningful uplift in resale benchmarks by the time of launch, allowing developers to anchor pricing against higher comparables; (b) buyer acceptance of lower yields, unless supported by stronger rental growth; and/or (c) a broader market upcycle leading into 2027.
A practical “best estimate” price band
Putting the above together, and anchoring heavily on (i) the official land rate, (ii) the observed Lentor new-sale medians and resale/subsale benchmarks
- Base-case likely launch average: ~S$2,350–S$2,550 psf
- Upside case (if resale benchmarks keep stepping up and supply remains very tight at launch): ~S$2,550–S$2,700 psf
- Downside case (if market sentiment weakens or competing new launches regionally force pricing discipline): ~S$2,250–S$2,350 psf (this still requires the project to defend a premium over many earlier Lentor new-sales due to its much higher land cost)
How “nearing completion” comparables should influence strategy and expectations
Near-term impact: resale anchors from TOP projects can support higher new-launch pricing
The most important development in 2025–2026 is that Lentor Modern has obtained vacant possession and is now producing:
- subsale/resale price discovery (including double-digit early gains)
- actual rental transactions that concretely define what tenants are willing to pay in this micro-location today
The subsale median of S$2,382 psf for Lentor Modern provides a “proof point” that the market can clear above S$2,4xx psf in Lentor once projects are completed and livable. This is supportive for Lentor Central (4), because it reduces the “future uncertainty discount” buyers might otherwise apply.
Medium-term impact: multiple TOPs in 2026–2028 can cap rents even if prices rise
The flip side is supply of habitable units (and thus rental competition) will rise as more projects obtain vacant possession:
- Lentor Hills Residences was reported as expected to start key collection in Dec 2026.
- Lentor Mansion is expected to be completed by 2027.
- Lentoria’s delivery timing, as implied by press coverage, includes the note that the project aims to serve notice of vacant possession by July 2027.
- Hillock Green’s completion was described as slated for 2027 in the 2025 Edgeprop’s Lentor Hills estate market feature.
When these key collection waves arrive, the tenant pool may have more choices—especially in the early months of each TOP, when many owners try to lease simultaneously. That dynamic can limit how fast rents grow, which in turn can restrain how far prices can run if investor demand is yield-sensitive.
New primary-market competition: Lentor Gardens (2) before Lentor Central (4) fully launches
There is also a major not-yet-launched supply source: the Lentor Gardens GLS site awarded to Kingsford Group at S$920 psf ppr, expected to yield ~500 units (with a mix of low- and mid-rise blocks up to 16 storeys).
Because Kingsford’s land basis is materially lower than Lentor Central (4), it can choose to compete more aggressively on price quantum if needed—potentially acting as a price “release valve” for the overall Lentor new-launch market, depending on launch sequencing and market conditions at the time.
Bottom line on comparable impact
The Lentor Central (4) plot benefits from:
- Strong price discovery already happening via Lentor Modern subsales
- Very healthy take-up across the earlier Lentor launches, with ~99% sold across the launched supply as of April 2026
But it must navigate:
- The possibility that “completion clustering” in 2026–2028 creates a temporary rental supply bulge, which could compress yields if the new project is priced too far above what rents can support
- The existence of at least one meaningful competing future launch (Lentor Gardens awarded to Kingsford at S$920 psf ppr), which can influence the price ceiling that investors will tolerate
Disclosure: This post is for educational and analytical purposes. It is not financial advice. Projections are based on the provided ProTrend graph values, our inferred prices and comparability assumption, and indicative prices (accurate as of 6th April 2026). Actual construction costs, timelines, and market conditions may vary.
Article contributed by Jerry Wong.
Jerry Wong is a realtor at Propnex Realty, bringing a rich background in interior and lighting design to his work. He loves exploring diverse spaces and observing the transformative power of real estate. Beyond his professional role, Jerry finds his greatest fulfillment in connecting people with the right properties, gaining immense satisfaction from helping clients achieve their dreams.
