A residential land sale site at Margaret Drive drew bullish bids from 14 developers.
A residential land sale site in Margaret Drive have drawn 14 developers aggressively bids to replenish their land supply.
Winning the top bids for the 22,195 sqm land is from MCL Land(Regency) with an offer of $238.39 million or $997.85 per sq ft per plot ratio (psf ppr). The second highest bid comes from Allgreen Properties with an offer of $220.9 million.
This 99-years leasehold site is located in between Commonwealth MRT and Queenstown MRT where another recent project Queens Peak is built. It was originally on the reserve list on Government Land Sales (GLS) program but was triggered for sale after a developer committed a minimum bid of $185.758 million that was acceptable to the government.
Margaret Drive plot is estimated to yield about 300 units given it small land size.