The 0.48ha site is within proximity to two MRT stations. Source: URA
The tender for a residential site at Margaret Drive in Queenstown closed on Tuesday (6 December) after attracting 14 bids from developers, said the Urban Redevelopment Authority (URA).
MCL Land (Regency) submitted the top bid of $238.39 million for the 0.48ha site. The price works out to about $998 psf on the gross floor area.
Allgreen Properties had the second-highest bid of $220.9 million, while the lowest bid of $193.88 million came from CEL Real Estate Development.
The 99-year leasehold site was launched for public tender on 10 November 2016. It was originally on the reserve list of the second half 2016 Government Land Sales (GLS) Programme, but was triggered for sale after an unnamed developer committed a minimum bid of $185.758 million that was acceptable to the government.
The site is expected to yield about 275 units. Two MRT stations (Commonwealth and Queenstown), churches, schools and a public library are located within the vicinity.
A decision on the award of the tender will be made after the bids have been evaluated, said the URA.
Source: URA
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
