SINGAPORE - Units at Lentor Modern, a 605-unit integrated mixed-use development in Ang Mo Kio, are priced from $1,880 per sq ft (psf), developer GuocoLand said on Wednesday.
Its show gallery will open for previews on Friday.
The 99-year leasehold development, which is integrated with Lentor MRT station on the Thomson-East Coast Line, comprises one- to four-bedroom units ranging from 527 sq ft to 1,528 sq ft.
A one-bedroom unit starts from $1.088 million, while a four-bedroom unit starts from $2.918 million. These each make up about 10 per cent of the units offered.
A two-bedroom unit starts from $1.388 million and a three-bedroom unit from $1.878 million.
Property analysts expect high demand for the development following the success of AMO Residence, where 98 per cent of units were sold during its launch in July.
The 372-unit development had a median price of $2,110 psf, with a two-bedroom unit starting from $1.26 million.
Huttons Asia senior director of research Lee Sze Teck said Lentor Modern could see a spillover effect from AMO Residence.
"More than 1,000 disappointed buyers who couldn't get a unit there could be interested in Lentor Modern," he said.
Mr Lee noted that the development is the first project in the Lentor area in more than 10 years, and it should see robust interest, given the pent-up demand.
"Lentor Modern is offering buyers a very attractive entry price of slightly more than $1 million to buy into an integrated mixed-use development," he said.
Housing Board upgraders living in the area and investors could also drive demand for the project, said OrangeTee & Tie senior vice-president of research and analytics Christine Sun.
"This project may appeal to families as there are many three- and four-bedroom units available, and currently many buyers are keen to purchase large-sized units," she said.
"Investors may also be keen as they will have the first-mover advantage of owning the first integrated development in the area, and the units may be popular among tenants, given the convenience of living right at the door step of an MRT station and they can travel to the Central Business District area easily."
Mr Wong Xian Yang, head of research at Cushman & Wakefield, noted there is limited supply of integrated mixed-use developments in Singapore, which could contribute to the demand for Lentor Modern.
“Given its attractive locational attributes and land price, Lentor Modern could set a new benchmark median price for new 99-year leasehold non-landed projects in Ang Mo Kio and the wider suburban market,” he added.
Lentor Modern comprises three 25-storey residential towers above a mall which has more than 96,000 sq ft of food and beverage and retail shops, a 12,000 sq ft supermarket and a childcare centre.
GuocoLand chief executive Cheng Hsing Yao said: "One of GuocoLand's core capabilities is to transform neighbourhoods with our mixed-use developments, demonstrated through Guoco Tower at Tanjong Pagar and the upcoming Guoco Midtown in Beach Road.
"Our vision is for Lentor Modern to transform and redefine the Lentor area into an upscale and attractive residential and lifestyle destination."