SINGAPORE (EDGEPROP) - A consortium made up of GuocoLand, Hong Leong Holdings’ Intrepid Investments and Hong Leong Group’s Hong Realty submitted a top bid of $497 million or $1,154 psf per plot ratio (ppr) for a government land sale (GLS) site on Margaret Drive. The 102,498 sq ft, 99-year leasehold site could be developed into a 460-unit private condo.

Only two bids were received at the close of the tender on August 1.

The bid by GuocoLand and Hong Leong’s various entities is about 5% higher than the other bid of $473.55 million ($1,100 psf ppr) submitted by a joint venture between Singapore-listed property developer Sing Holdings and Cedar Investments, an investment holding company whose substantial shareholders are Sing Holdings' Lee family.

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Located in Queenstown, the Margaret Drive residential site was launched for sale in May under the Confirmed List of the 1H2024 GLS programme. It is within walking distance of the Queenstown MRT station on the East-West Line and next door to Queenstown Primary School.

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The GLS site is also adjacent to SkyOasis @ Dawson, where a premium five-room flat of 1,195 sq ft was sold in June at the record-breaking price of $1.73 million ($1,444 psf).

The last time a GLS site was launched along Margaret Drive was eight years ago. At the close of the tender in December 2016, 14 bids were received. MCL Land won the site with a bid of $238.4 million ($998 psf ppr).

MCL Land launched the new condo on the site, the 309-unit Margaret Ville, in June 2018 at an average price of $1,880 psf. It was completely sold and completed in 2021. Based on URA caveats as of Aug 1, Margaret Ville has seen eight transactions this year at an average price of $2,139 psf. The latest transaction on June 21 involved an 829 sq ft two-bedder on the 33rd floor of the 40-storey tower that changed hands for $1.85 million, or $2,232 psf.

Mohan Sandrasegeran, head of research and data analytics at SRI, says that the Margaret Drive GLS site may benefit from the new amenities at the future Tanglin Halt HDB estate when it is redeveloped. It is expected to have a new hawker centre, market and polyclinic under one roof, on top of 5,500 new homes.

He expects the new launch prices on the land parcel to be in the range between $2,500 psf and $2,600 psf.

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