The Urban Redevelopment Authority (URA) has announced the launched last 10 November the sale by public tender of 0.48ha residential site located at Margaret Drive in Queenstown.

The 99-year leasehold plot was released under the reserve list of Government Land Sales (GLS) Programme for the second half of 2016 (2H2016). With a maximum gross floor area of 22,195 sq m, the site could yield approximately 275 homes.

The URA received the application last 3 November to put the site up for sale, and the developer of Margaret Drive site placed a $185.758 million minimum bid.

Margaret Drive residential site is located close Queens Peak residential development, and many amenities, including the two MRT stations such as Queenstown and Commonwealth. Schools, public library, churches and hospitals are also within the vicinity of site.

According to URA, any tender with below $185.758 million minimum price bid will not be considered. The tender for Margaret Drive site will close on 6 December.

Written by Siang Teck of Property Review. I can be contacted at [email protected]