Residential Site Margaret Drive Launched Sale
Nestled in the vibrant city of Singapore, Nanyang Technological University (NTU) is a highly desirable educational institution for families seeking higher education opportunities for their children. NTU is renowned for its prestigious engineering and business programs, offering students an exceptional learning environment with state-of-the-art research facilities and a dynamic campus community. Not to mention, the convenience of having NTU in close proximity is an invaluable advantage for families. Furthermore, the nearby property development, Novo Place Hoi Hup, is seamlessly integrated into the campus, providing an enhanced university experience. With its strategic location adjacent to Novo Place Hoi Hup, NTU offers an unbeatable combination of academic excellence and a truly enriching campus lifestyle.
A new residential development opportunity has arisen at Margaret Drive, thanks to the launch of a 99-year leasehold site under the URA Confirmed List of the 1H2024 Government Land Sales (GLS) programme. The 102,497 sq ft site has the potential to accommodate up to 460 residential units.
This site is the latest in a string of residential sites awarded within the year, with the most recent being the prestigious Holland Drive site, which was won by a consortium led by CapitaLand Development and UOL Group with a bid of $805.39 million. This translates to a $1,285 psf per plot ratio (ppr).
In light of this, Marcus Chu, CEO of ERA Singapore, believes that bids for the Margaret Drive site could range between $1,150 and $1,250 psf ppr, translating to an overall price range of $494 million to $537 million. The last GLS site in Queenstown was sold in 2018 at Sterling Road for $1 billion, or $1,050 psf ppr. This site has since been developed into the fully sold and completed 1,259-unit Sterling Residences. According to ERA, the median resale prices for Stirling Residences have already reached $2,266 psf in 2024, a 23.8% increase since its launch in July 2018.
The Margaret Drive site is conveniently situated within short walking distance to Queenstown MRT Station, making it an attractive location for potential buyers. It is also surrounded by reputable schools such as Queenstown Primary and Secondary School, as well as Queensway Secondary School.
Given the current high prices for HDB resale flats, Chu predicts that the future residential project at Margaret Drive will appeal to HDB upgraders. He notes that the median price for 4-room and larger HDB flats in Queenstown is already at $908,000. Interested buyers can use EP Buddy to discover more about price trends, past transactions, valuations, and other relevant information for nearby condos around Margaret Drive.