Challenges and Prospects of New Apartment Projects in the Lentor Area

Four new private residential projects have been opened in the Lentor area, including Waterfront Lingten, Lentor Hills Residences, Hillock Green, and the recently launched Lentoria. The upcoming launch of Riviera Lingten further exacerbates concerns about oversupply. The total number of units from these five projects amounts to 2,477, raising worries about oversupply.

However, among the four projects already opened, Lentoria's sales performance has been less than ideal. Data shows that Waterfront Lingten sold 84% of the units during the opening weekend, while subsequent openings for Lentor Hills Residences and Hillock Green accounted for 50% and 28% of the total units, respectively. This indicates that the opening weekend sales in the area have reached saturation point.

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To attract more homebuyers, future projects launching in the Lentor area must introduce products comparable to or superior to previous projects or sell products of equivalent quality at lower prices.

Lentoria sold 50 units during the opening weekend, accounting for 18.73% of the total, with transaction prices starting from $1,958 per square foot. Although the developer did not disclose the median transaction price, the average price per square foot is $2,120. Two-bedroom units and premium three-bedroom units performed the best, accounting for approximately 40% of total sales.

Challenges and Prospects of New Apartment Projects in the Lentor Area

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While Lentoria's first-day sales performance fell short of expectations, considering that most homebuyers tend to compare options carefully before making decisions, the long-term sales outlook for this project remains optimistic. Additionally, demand for homebuying in the area remains stable, and it is expected that these projects will meet their sales targets in the foreseeable future.

With the continuous emergence of new projects in the Lentor area, homebuyers may take more time to compare different options before making purchases. Preview activities for projects like Riviera Lingten and Azure Terrace are also expected to have some impact on the market.