Submitted by a consortium comprising GuocoLand, Intrepid Investments and TID Residential—Hong Leong Group’s joint venture with Mitsui Fudosan, the offer was 5.7% higher than the next highest offer of S$621.5 million from Frasers Property, Soilbuild Group and Sekisui House.

It also exceeded the winning bids for the seven other residential sites previously sold in the Lentor Hills Estate.

The Lentor Central site measures 171,428 square feet (15,925.8 square meters) and is close to the Lentor MRT station and Lentor Modern Mall. Its tender was launched last December.

It is "one of the best sites in the estate," GuocoLand said, as quoted by EdgeProp Singapore.

The Lentor Central site (orange) as seen on Urban Redevelopment Authority's map. Photo from Urban Redevelopment Authority's website

The GuocoLand-led consortium plans to develop a project comprising three residential towers of around 27 floors that house up to 562 units if awarded the site.

The developer said most units would have unblocked views of the landed housing estate, Lower Seletar Reservoir or Lower Peirce Reservoir.

The project would mark GuocoLand’s fifth residential development in the Lentor area. Previous launches include the 605-unit Lentor Modern, which achieved 84% sales during its launch weekend in 2022, and the 477-unit Lentor Central Residences, about 93% of which were sold during its launch weekend last year.

Billionaires Quek Leng Chan (L) and Kwek Leng Beng. Photos by JiJi Press and SPH Media via AFP

Quek is Malaysia’s second-richest man with a real-time net worth of US$7.5 billion, according to Forbes. He serves as executive chairman of the privately held Hong Leong Company (Malaysia), whose businesses span finance, food and property.

His cousin, Kwek, also ranked second on the magazine’s Singapore rich list last September with a net worth of US$14.3 billion shared with his family. He is the executive chairman of Hong Leong Group and Singapore-listed real estate giant City Developments Limited.