Margaret Drive New launch by MCL Land , the Developer had emerged top in a fierce contest among 14 bidders for a residential land parcel at Margaret Drive.
The top bid of S$238.39 million translates to S$997.85 per square foot per plot ratio (psf ppr) based on the maximum gross floor area of the site near, it will be much easier to sell been compared with the $562.8 million paid for Commonwealth Towers and $483.2 million for Queens Peak.
The site, which could yield about 275 units, would also be easier to market than the 845 units in Commonwealth Towers and 736 units in Queens Peak.
Investor will understand that Commonwealth Towers and Queens Peak each has so many units within the project that not only do the owners have to compete for tenants with other condominiums in the vicinity, with intense leasing competition within the large project.
The land parcel attracted strong interest when it was launched for sale last month, receiving a total of 14 bids during the tender exercise, which closed on 6 December.
New launch Margaret Drive condo site
New launch @ Margaret Drive, a 99-year leasehold 22,195 sqm site, which had been on the Urban Redevelopment Authority reserve list, was triggered for sale after a developer committed to bid at least $185.758 million. As it is located between two MRT stations, Commonwealth and Queenstown.
Nearby amenities include the Commonwealth MRT station, as well as shopping, dining and entertainment options at Queensway Shopping Centre, IKEA Alexandra and Alexandra Central. Many schools are also located in the vicinity.
Margaret Drive Condo
Expected to yield about 275 condominium units.
The land parcel is located along Margaret Drive, within the Queenstown Planning Area. The site is located between two MRT stations, Commonwealth and Queenstown, which are about 500m away. Linked to the Ayer Rajah Expressway via Queensway and Alexandra Road.A short drive away to Shopping, dining, entertainment and recreational facilities located at Orchard Road, Sentosa and Dempsey. With renowned schools such as Crescent Girls’ School and Anglo-Chinese School (International) situated in the vicinity.