A developer committed to a minimum bid of about $185.76 million for the 0.48ha site in Queenstown. Source: URA
A 0.48ha reserve list site at Margaret Drive in Queenstown has been triggered for sale, after a developer committed to a minimum bid of about $185.76 million in the public tender, said the Urban Redevelopment Authority (URA) on Thursday, 3 November.
As the price committed by the unnamed developer is deemed acceptable to the government, the residential site will be released for sale.
The 99-year leasehold plot is expected to generate a gross floor area of around 22,195 sq m, and could yield up to 275 condominium units.
The land parcel is located near the Commonwealth MRT station. It is also close to shopping malls like Queensway Shopping Centre and IKEA Alexandra, as well as several schools.
The URA will launch the public tender for the site in about one to two weeks.
Source: URA
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
