Part 1 of 7: Thomson Reserve vs Dunearn House vs Lentor Gardens

1. The Price Floor · 2. The Floor Plan Trap · 3. The Pricing Test · 4. The Yield Reality · 5. The Spine · 6. The Exit · 7. The Management Reality

The land price a developer paid is the most honest number in any new launch. It's the one figure nobody can spin afterwards. Of the three, one developer paid 53% more per square foot for their land than another. That gap tells you more about downside risk than any showflat brochure will.

Direct Answer: Lentor Gardens Residences has the lowest land cost of the three at $920 psf ppr, which gives its developer the most room on price if the market softens. Thomson Reserve sits in the middle at $1,178 psf ppr. Dunearn House has the highest at $1,410 psf ppr, a genuine premium for scarce Bukit Timah land rather than developer overreach, but it leaves the least room to discount if conditions turn.

Land Cost, Side by Side

MetricThomson ReserveDunearn HouseLentor Gardens Residences
Land cost$1,178 psf/ppr$1,410 psf/ppr$920 psf/ppr
Corridor comparablePart of the TEL Bright Hill-Lentor cluster, $920 to $1,278 psf/ppr rangeAdjacent Site 2 (Wing Tai) bid $1,625 psf/ppr: a higher comp already exists nearbySits at the low end of its own Lentor TEL cluster ($920 to $1,278 psf/ppr)
Implied ASPEst. $2,5XX to $3,1XX psfEst. ~$3,000+ psf$2,350 psf avg (actual, transacted 18 Jul 2026)
Market validationNot yet launched: no transacted dataNot yet launched: no transacted dataCleared above the $1,965 to $2,051 psf the land cost alone modelled: real demand confirmed

Sources: URA GLS award records and PropNex Research, August 2026. Land cost figures come from each project's own review; see Thomson Reserve: The Price Floor and Dunearn House: The Complete Analysis. Full corridor land-bid ladder: GLS Tracker.

What the Market Isn't Telling YouThe angle the showflat won't raise+ Read →− Collapse

A low land cost isn't automatically safer, and a high one isn't automatically riskier. It depends on context. Lentor Gardens' $920 psf ppr has already been tested: the project launched, sold 54% on day one, and the price came in above what the land cost alone suggested. That's the strongest price-floor evidence there is, a real market price rather than a model. Dunearn House's $1,410 psf ppr looks aggressive on its own, but the neighbouring Site 2 went for $1,625 psf ppr, so the next comparable launch there will very likely cost more, not less, which supports Dunearn House's floor even though its land cost is the highest of the three. Thomson Reserve's $1,178 psf ppr sits within the established Lentor to Bright Hill corridor range, so it has the least distinctive story of the three but also the least risk of being out of line: it's priced consistently with its neighbours, not an outlier either way.

Which Fits Your Situation

The SingleLentor Gardens ResidencesAlready market-tested at $2,350 psf. No preview-window guesswork on where the real clearing price lands.
The Family of TwoDunearn HouseThe higher land cost buys genuinely scarce Bukit Timah land, a real structural price floor rather than a developer premium.
The RetireeThomson ReserveA mid-range land cost inside a proven corridor range, the least out-of-line of the three for a buyer focused on capital preservation.
What James Thinks You Should DoJames's position+ Read →− Collapse

Don't treat land cost as a signal on its own. Read it against what it bought. Lentor Gardens' land cost is the cheapest and the best tested, because the market has already spoken. Dunearn House's is the highest but the best supported by a real neighbouring comparable. Thomson Reserve is the safe middle of the three. It isn't the most exciting number on this page, and that's not a criticism. It's exactly what a buyer who values capital preservation over a bargain story should want.

James's Note · CEA R008385F · PropNex Realty Buyers fixate on psf. I fixate on land cost compared with the nearest comparable bid, because that's the number the developer can't spin afterwards... Read James's Full Note →− Collapse
Buyers fixate on psf. I fixate on land cost compared with the nearest comparable bid, because that's the number the developer can't spin afterwards. Lentor Gardens proved its land cost right within weeks of launch. Thomson Reserve and Dunearn House haven't had that test yet, and won't until their own previews close.

FAQ

Which project has the lowest land cost?+−
Lentor Gardens Residences, at $920 psf ppr: the lowest of the three, and already tested by its 18 July 2026 launch, which averaged $2,350 psf, above what the land cost alone would have suggested.
Does a higher land cost mean a worse deal?+−
Not necessarily. Dunearn House's $1,410 psf ppr is the highest of the three, but the neighbouring site went for $1,625 psf ppr, a real comparable that suggests the corridor's floor is rising rather than that the developer overpaid.
Is Thomson Reserve's land cost competitive?+−
Yes. At $1,178 psf ppr it sits within the established Lentor to Bright Hill TEL corridor range of $920 to $1,278 psf ppr, in line with its neighbours rather than an outlier.
Which project's price is most proven?+−
Lentor Gardens Residences is the only one of the three with an actual transacted clearing price. Thomson Reserve and Dunearn House are both still in the preview window, so their psf figures remain estimates until their own launches.
How does land cost affect resale later?+−
A land cost validated by a real nearby comparable, as with Dunearn House and Lentor Gardens, gives more confidence in the price floor holding at resale than an estimate with no adjacent transaction to anchor it.

Read the Full Comparison Series

The Complete Comparison · The Price Floor · The Floor Plan Trap · The Pricing Test · The Yield Reality · The Spine · The Exit · The Management Reality · ↑ Back to the full comparison

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Sources+ Show all →− Collapse
URA GLS Award Records · URA REALIS · PropNex Research, August 2026 · GLS Tracker · James's project reviews for Thomson Reserve, Dunearn House, and Lentor Gardens Residences.

This article is for informational and educational purposes only. It does not constitute financial, investment, or legal advice. Property investments involve risk. Past performance is not indicative of future results. Readers should seek independent advice from licensed professionals before making any property or financial decision. James Ong is a licensed real estate salesperson (CEA Reg No. R008385F) with PropNex Realty Pte Ltd and is not a licensed financial adviser.

James Ong | CEA Reg No. R008385F | PropNex Realty Pte Ltd
WhatsApp: 9111-1173 | wa.me/6591111173