Guocoland Hong Leong Jv Submits Top 1154 Psf Ppr Margaret Drive Gls Site
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A joint consortium comprised of GuocoLand, Hong Leong Holdings’ Intrepid Investments, and Hong Leong Group’s Hong Realty has emerged as the top bidder for a government land sale (GLS) site on Margaret Drive, submitting a bid of $497 million or $1,154 per square foot per plot ratio (psf ppr). This 99-year leasehold site, spanning 102,498 square feet, offers the potential for development into a private condominium with 460 units.
With only two bids received at the close of the tender on August 1st, the bid from GuocoLand and Hong Leong’s entities stands approximately 5% higher than the other offer of $473.55 million ($1,100 psf ppr) from a joint venture between Singapore-listed property developer Sing Holdings and Cedar Investments.
Located in the Queenstown area, this residential site was launched for sale in May under the Confirmed List of the 1H2024 GLS programme. It enjoys close proximity to the Queenstown MRT station on the East-West Line and is also situated next to Queenstown Primary School.
The GLS site is adjacent to SkyOasis @ Dawson, where a premium five-room flat of 1,195 square feet was sold in June for a record-breaking price of $1.73 million ($1,444 psf). The Margaret Drive area last saw a GLS site launch eight years ago, with a total of 14 bids received at the tender in December 2016. MCL Land ultimately secured the site with a bid of $238.4 million ($998 psf ppr).
Subsequently, MCL Land launched the new condominium on the site – Margaret Ville – in June 2018 at an average price of $1,880 psf. The project recorded full sales and was completed in 2021. According to URA caveats as of August 1st, the development has seen a total of eight transactions this year, with an average price of $2,139 psf. The most recent transaction on June 21st involved a 829 square foot two-bedroom unit on the 33rd floor of the 40-storey tower, which was sold for $1.85 million, or $2,232 psf.
Mohan Sandrasegeran, head of research and data analytics at SRI, projects that the Margaret Drive GLS site could benefit from new amenities at the upcoming redeveloped Tanglin Halt HDB estate. This project is expected to feature a new hawker centre, market, and polyclinic under one roof, in addition to 5,500 new homes.
Sandrasegeran also anticipates that new launch prices for the land parcel could range between $2,500 psf and $2,600 psf. For more information on the latest transactions at Margaret Drive, visit EP Buddy.