Guocoland Hong Leong Jv Submits Top 1154 Psf Ppr Margaret Drive Gls Site
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A winning bid of $497 million or $1,154 per square foot plot ratio (ppr) was submitted by a consortium consisting of GuocoLand, Hong Leong Holdings’ Intrepid Investments, and Hong Leong Group’s Hong Realty for a government land sale (GLS) site on Margaret Drive. This 102,498 square foot, 99-year leasehold plot has the potential to be developed into a 460-unit private condominium.
The tender for the site closed on August 1, with only two bids received. The winning bid by GuocoLand and Hong Leong’s various entities is approximately 5% higher than the other bid of $473.55 million ($1,100 psf ppr) submitted by a joint venture between property developer Sing Holdings and investment holding company Cedar Investments, whose main shareholders are from the Lee family of Sing Holdings.
The residential site, located in Queenstown, was launched for sale in May under the Confirmed List of the 1H2024 GLS programme. It is conveniently situated within walking distance of the Queenstown MRT station on the East-West Line and is also next to Queenstown Primary School.
The GLS site is also adjacent to SkyOasis @ Dawson, where a five-room flat of 1,195 square feet sold for a record-breaking price of $1.73 million ($1,444 psf) in June.
The last time a GLS site was launched along Margaret Drive was eight years ago. In December 2016, 14 bids were received, with the site eventually won by MCL Land with a bid of $238.4 million ($998 psf ppr). MCL Land then launched a new condo on the site, the 309-unit Margaret Ville, in June 2018 at an average price of $1,880 psf. The project was fully sold and completed in 2021. According to URA caveats dated 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 was for a two-bedroom unit on the 33rd floor of the 40-storey tower, which sold for $1.85 million, or $2,232 psf.
Mohan Sandrasegeran, head of research and data analytics at SRI, believes that the Margaret Drive GLS site may benefit from the new facilities at the future Tanglin Halt HDB estate when it is redeveloped. The estate is expected to include a new hawker centre, market, and polyclinic under one roof, as well as 5,500 new homes.
He predicts that the new launch prices for the land parcel will be in the range of $2,500 psf to $2,600 psf. For more information on the latest transactions at Margaret Drive, visit EP Buddy.