Margaret Drive Site Triggered For Sale By Offer Of $185,758,000
The Urban Redevelopment Authority(URA) has announced that the residential site at Margaret Drive will be put up for sale by public tender. This tender is expected to launch in about one to two weeks. Initially placed on the reserve list under the Government Land Sales (GLS) Programme this 2nd half of 2016. The trigger for this sale was due to a developer offering a price of not less than $185,758,000. We might yet again see strong interest for this site. In a previous tender less than two months ago, fierce bidding saw the price of the Fernvale site soar to $272 million. This was a price tag that exceeded market expectations.
The land parcel has a site area of 4809.8sqm with a maximum GFA of 22,195 sqm. Based on this GFA, this land parcel is expected to yield around 275 units. As with all land sold under the GLS programme, the tenure will be 99-year leasehold. The location of this Margaret Drive Site is just beside Queensway Secondary School along Margaret Drive. It is also within 10 minutes walk* to either Queenstown or Commonwealth MRT Station. Future residents can enjoy a wide of shopping, dining and entertainment options at the nearby Ikea, Queensway shopping centre, Anchorpoint and Alexandra Central.
The site is also within proximity to two other launches in the market, Commonwealth Towers, and Queens Peak. Thereby, increasing the selection of very limited private housing along Commonwealth Avenue. More details of this tender are available at https://www.ura.gov.sg.
*Source: Google Maps Singapore
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