A residential site situated on Margaret Drive in Queenstown area scored a whooping 14 bids from developers, according to the Urban Redevelopment Authority (URA). The tender was closed on December 6, 2016, Tuesday. The property was well located in one of the most prominent locations in District 03.
The site which has a public tender that was launched on November 10 has a 99-year leasehold tenure and has a site area of 0.48 hectares. It can yield up to 275 units of luxuriously spacious residence. The site is within close proximity to numerous amenities that are vital for the future occupants daily activities such as schools, shopping malls, different mode of transportations like Queenstown MRT and Commonwealth MRT stations.
Originally included in the reserved List for the 2nd half of the 2016 Government Land Sales (GLS) Programme, the Margaret Drive site was up for sale from an unnamed developer with a $185.758 million committed minimum bid which spark up the tender. The lowest bid that the site has received was from the CEL Real Estate Development with an amount of $193.88 million.
The top two bidders for Margaret Drive site were MCL Land (Regency) and Allgreen Properties, with a bid of $238.39 million and $220.9 million respectively. URA said that the award of the tender will be decided after further evaluation of the bids.