Top Bid Of $238.39 Million by MCL Land
Earlier last month, URA had announced that a residential site at Margaret Drive would be put up for sale by tender. The site was originally on the reserve list of the Government Land Sales Programme. The trigger for the sale was due to a developer offering a price of $185.758 mil.
The tender was closed on the 6th of December 2016 and has seen aggressive bidding from 14 developers. The top bid of $238.390 million went to MCL Land. MCL Land’s bid came in more than $17 million of 2nd place Allgreen Properties at $220.9 million and 3rd place UOL at $$220 million. Out of 14 bids, 13 developers offered a price which exceeded $200 million. With this top bid, the price per sqft foot per plot ratio (psf/ppr) of the Margaret site stands at $997.85. This psf per ppr clearly exceeds two nearby projects. Commonwealth Towers ($883 psf/ppr) and the newly launched Queens Peak ($871 psf/ppr).
While the bid price may not reflect the actual tender award, there is a very high probability that MCL Land will acquire this land. This top bid would mostly likely see units priced higher than those sites with a lower psf/ppr. With this in mind, it might be a good time for homeowners to relook at available units at Commonwealth Towers or Queens Peak if they are considering a home around the vicinity.
