A piece of residential land parcel at Margaret Dive was released for Government Land Sales (GLS) by URA (Urban Redevelopment Authority) in November, 2016.
The site area that measures about 4809 square metres holds a lease period of 99 years and will be used to construct a residential development. It is estimated that there will be 275 residential units within the development.
The residential site is situated along Margaret Drive and is conveniently located in between Queenstown MRT station and Commonwealth MRT station. Within a short distance away from the land parcel, there is the Queenstown Stadium, Tanglin Halt Market, Queenstown Public Library. And just few bus stops away, there is also The Queensway Shopping Centre, The Anchorage, IKEA Alexandra and the Alexandra Central. Popular chill-up spots in Demsey Hills or Holland Village are also a short drive away.
The residential site received a total of 14 bids. Several well-established developers such as MCL Land, Allgreen Properties Pte Ltd, UOL Venture Investments Pte Ltd, etc had submitted their interests for this private housing site. The highest bid came from MCL Land Pte Ltd at a tendered price of $238.39 mil, which calculates about S$997.85 psfppr.
Compared to the latest condo launch (early November 2016) in District 3, Queens Peak which was bidded at S$871.14 psfppr and developed by MCC land , the tendered price for this upcoming Margaret Drive Condo is actually more than $100 psfppr higher. It was speculated that this upcoming Singapore condo will be released for sale in 4th Quarter of 2017 to beginning of 2018 and the development might be selling more than $1700 per square foot.
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