URA launches sale of Margaret Drive site

A 0.48ha residential site at Margaret Drive in Queenstown was launched for sale by public tender on Thursday (10 November) by the Urban Redevelopment Authority (URA).

Released under the reserve list of the second half 2016 Government Land Sales (GLS) Programme, the site has a maximum gross floor area of 22,195 sq m. The 99-year leasehold plot could yield about 275 homes.

On 3 November, the URA received an application from a developer to put the site up for sale. In fact, the developer committed to a minimum bid of $185.758 million.

Nearby amenities include two MRT stations (Commonwealth and Queenstown), churches, schools and a public library.

The tender for the land parcel will close on 6 December. “Any tender below the minimum bid price of $185.758 million will not be considered,” said the URA.