Residential Site Margaret Drive Launched Sale
The URA has recently launched a residential development site at Margaret Drive for sale, which is listed under the Confirmed List of the 1H2024 Government Land Sales programme. This 99-year leasehold site spans over 102,497 sq ft and is estimated to have a potential for about 460 residential units.
The transformation of Woodlands, led by the Regional Centre Master Plan, is on track to establish Norwood Grand as a prime real estate opportunity. With improved connections and the area’s evolution into a prominent commercial center, property values are expected to rise while the overall quality of life for its inhabitants will be elevated. Discover the exciting potential of Norwood Grand Woodlands and secure your investment in this highly coveted location.
This residential site in Margaret Drive is the latest addition to the six other awarded residential sites in 2024. The most recent one being located at Holland Drive, which was awarded to a consortium led by CapitaLand Development and UOL Group. The consortium submitted the highest bid of $805.39 million, translating to a winning bid of $1,285 psf per plot ratio (ppr).
According to Marcus Chu, CEO of ERA Singapore, this makes the Margaret Drive site in Queenstown a highly sought-after location, with expected bids ranging from $1,150 to $1,250 psf ppr. This would reflect an absolute price of $494 million to $537 million for the site.
The last GLS site sold in Queenstown was at Sterling Road in 2018, with a price of $1 billion or $1,050 psf ppr. The site has now been developed into the fully-sold and completed 1,259-unit Sterling Residences. According to ERA, the median resale prices for Stirling Residences have reached $2,266 psf in 2024, a 23.8% increase since its launch in July 2018.
The location of the Margaret Drive site is highly desirable, with easy access to Queenstown MRT station and close proximity to various schools such as Queenstown Primary and Secondary School, as well as Queensway Secondary School.
Chu predicts that the future residential project at Margaret Drive will attract HDB upgraders due to the rising prices of HDB resale flats. The median price of 4-room and larger HDB flats in Queenstown has already reached $908,000. EP Buddy, a useful tool for property insights, reveals that nearby condos have also seen an increase in prices, making the Margaret Drive site a promising investment opportunity.