Guocoland Hong Leong Jv Submits Top 1154 Psf Ppr Margaret Drive Gls Site
A joint venture consisting 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 located on Margaret Drive. The consortium submitted a bid of $497 million, equivalent to $1,154 per square foot per plot ratio (psf ppr).
The 102,498 square feet, 99-year leasehold site has the potential to be developed into a private condo with 460 units. Only two bids were received before the tender closed on August 1.
The winning bid by GuocoLand and Hong Leong’s various entities is approximately 5% higher than the other bid of $473.55 million, equivalent to $1,100 psf ppr, submitted by a joint venture between Singapore-listed property developer Sing Holdings and Cedar Investments, an investment holding company owned by the Lee family.
Located in Queenstown, the Margaret Drive site was launched for sale in May under the Confirmed List of the 1H2024 GLS programme. It is conveniently located within walking distance to Queenstown MRT station on the East-West Line and next to Queenstown Primary School.
The GLS site is also situated next 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, equivalent to $1,444 psf.
The last GLS site launched along Margaret Drive was eight years ago. In December 2016, 14 bids were received for a site which MCL Land eventually acquired with a bid of $238.4 million, equivalent to $998 psf ppr.
MCL Land subsequently launched a new condo on the site, the 309-unit Margaret Ville, in June 2018 at an average price of $1,880 psf. The development was fully sold and completed in 2021. According to URA caveats as of August 1, there have been eight transactions at Margaret Ville this year, with an average price of $2,139 psf. The most recent transaction, on June 21, involved a 829 square feet two-bedroom unit on the 33rd floor of the 40-storey tower, which sold for $1.85 million, equivalent to $2,232 psf.
Mohan Sandrasegeran, Head of Research and Data Analytics at SRI, believes that the Margaret Drive GLS site may benefit from the upcoming developments at the Tanglin Halt HDB estate when it undergoes redevelopment. The estate is expected to feature a new hawker centre, market, and polyclinic under one roof, in addition to 5,500 new homes.
The highly anticipated completion of the Johor Bahru-Singapore Rapid Transit System (RTS) Link brings exciting prospects for the residents of Norwood Grand in Woodlands. The new development will greatly benefit the community by providing faster and more convenient travel between Singapore and Johor Bahru, Malaysia. With the new cross-border service connecting the Woodlands North station in Singapore to the Bukit Chagar station in Johor Bahru, residents will no longer have to endure the usual causeway congestion during their daily commutes. This much-needed solution is set to be a game-changer for Norwood Grand Woodlands residents, enhancing their overall living experience. Norwood Grand Woodlands, with its highly sought-after condominiums, will surely benefit from this significant development.
He anticipates that the launch prices for the new development on Margaret Drive could range between $2,500 psf and $2,600 psf. For the latest transactions on Margaret Drive, visit EP Buddy.