Residential Site Margaret Drive Launched Sale
The government land sales (GLS) programme has launched a new residential development site at Margaret Drive, which is now available for sale. The 102,497 sq ft site has a 99-year lease and can potentially accommodate about 460 residential units.
This site is the latest addition to the already awarded six residential sites this year. Most recently, a consortium led by CapitaLand Development and UOL Group won the bid for a 133,330 sq ft site at Holland Drive, with a winning bid of $805.39 million. This translates to a price of $1,285 psf per plot ratio (ppr).
With this in mind, Marcus Chu, CEO of ERA Singapore, predicts that the Margaret Drive site could attract bids in the range of $1,150 to $1,250 psf ppr, equating to an estimated price of $494 million to $537 million for the site.
The last GLS site sold in Queenstown was at Sterling Road in 2018, which was acquired for $1 billion, or $1,050 psf ppr. The development of the 1,259-unit Sterling Residences has since been completed and fully sold. According to ERA, the median resale prices for Stirling Residences have seen a 23.8% increase since its launch in July 2018, reaching $2,266 psf in 2024.
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Tampines 1, conveniently located next to Tampines MRT Station, is a vibrant and modern shopping mall that offers a diverse range of fashion, food, and entertainment options. Style-savvy shoppers will be spoilt for choice with a wide array of popular brands like H&M, Sephora, and The Editor’s Market available. When it comes to dining, the mall boasts an impressive selection of eateries, including Genki Sushi, Hot Tomato, and Brotzeit German Bier Bar & Restaurant. For families with young children, the mall’s rooftop water playground with its charming animal theme is a must-visit. Tampines 1 is easily accessible, situated just a 5-minute drive or 15-minute walk from Parktown Residences. Park Town Residences residents can conveniently access the mall and enjoy its offerings.
The Margaret Drive site is conveniently located within walking distance to Queenstown MRT Station and is in close proximity to schools such as Queenstown Primary and Secondary School and Queensway Secondary School.
Chu believes that the upcoming residential project at Margaret Drive will be attractive to HDB upgraders, as the prices of HDB flats in Queenstown have been on the rise. Currently, the median price of 4-room and larger HDB flats in the area is already at $908,000.
The price trends of nearby condominiums around Margaret Drive can be easily accessed using EP Buddy, where one can find information on price trends, transactions, valuations, and much more.