GuocoLand bucks overall market slide on Springleaf sales as shares rise 1.1%
The development is the seventh project to be launched in Upper Thomson’s District 26
[SINGAPORE] Shares of GuocoLand rose by over 1.1 per cent in early trade on Monday (Aug 18) after its Upper Thomson area project, Springleaf Residence, recorded a 92 per cent take-up rate on its launch weekend, as it sold 870 out of 941 units at an average of S$2,175 per square foot (psf).
As at 9.01 am, the counter reached its intraday high of S$1.81, before easing to S$1.80 at 9.05 am and S$1.79 by 9.36 am. GuocoLand’s shares were trading at S$1.78, still up slightly above 1.1 per cent or S$0.02 after around 403,000 securities changed hands.
Springleaf Residence is the seventh project to be launched in Upper Thomson’s District 26, The Business Times reported. The prices at the development start at S$1,995 psf, with one-bedroom units of 388 square feet starting at S$878,000 or S$2,263 psf.
The site is able to yield around 595 residential units and 2,000 square metres of commercial space, with direct connectivity to Springleaf MRT station on the Thomson-East Coast Line. This is the second time the plot has been offered for tender, as it was unable to attract bids during its first tender in June 2024 upon its offer with a mandatory serviced apartment component.
GuocoLand and Hong Leong as joint developers secured the plot for S$779.6 million in April 2024, or S$905 psf per plot ratio, in a state land tender.
Within the Lentor Hills neighbourhood, six other condominiums have been brought to market from 2022, since the government started selling land in the area in 2021.
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