Guocoland Hong Leong Jv Submits Top 1154 Psf Ppr Margaret Drive Gls Site
A group comprising GuocoLand, Hong Leong Holdings’ Intrepid Investments and Hong Realty, has emerged as the top bidder for a government land sale (GLS) site on Margaret Drive, submitting a bid of $497 million or $1,154 psf per plot ratio (ppr). The 99-year leasehold site, spanning 102,498 sq ft, has the potential to be developed into a 460-unit private condominium.
At the close of the tender on August 1, only two bids were received, with the second bid of $473.55 million ($1,100 psf ppr) coming from a joint venture between listed property developer Sing Holdings and investment holding company Cedar Investments, which is owned by the Lee family.
Located in Queenstown, the site was launched for sale in May under the Confirmed List of the 1H2024 GLS programme. It boasts a prime location within walking distance of the Queenstown MRT station and is next to Queenstown Primary School.
The GLS site is also adjacent to SkyOasis @ Dawson, where a premium five-room flat was sold in June for a record-breaking price of $1.73 million ($1,444 psf). The last time a GLS site was launched along Margaret Drive was eight years ago, with 14 bids received. The site was eventually won by MCL Land with a bid of $238.4 million ($998 psf ppr).
MCL Land launched a new condominium on the site, the 309-unit Margaret Ville, in June 2018, with an average price of $1,880 psf. The development was completely sold and completed in 2021. As of Aug 1, there have been eight transactions this year at Margaret Ville, with an average price of $2,139 psf. The latest transaction on June 21 involved a 829 sq ft two-bedder on the 33rd floor that sold for $1.85 million, or $2,232 psf.
According to Mohan Sandrasegeran, head of research and data analytics at SRI, the Margaret Drive GLS site may benefit from the future redevelopment of Tanglin Halt HDB estate, which is expected to include new amenities such as a hawker centre, market, and polyclinic. With this in mind, he expects the new launch prices for the land parcel to be in the range of $2,500 psf to $2,600 psf.
To find out more about the latest transactions on Margaret Drive, visit EP Buddy.
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