The Urban Redevelopment Authority (URA) has awarded the tender for a residential site at Margaret Drive in Queenstown to MCL Land (Regency), after the developer submitted the highest bid of $238.39 million for the 0.48ha plot. This plot of land is highly sought after due to the closeness to the train station. Over the same line by the north-south line, Sims Urban Oasis www.simsurbanoasis-guocoland.org is at a very attractive entry price.
The price translates to about $998 psf on the gross floor area.
The land parcel attracted strong interest when it was launched for sale last month, receiving a total of 14 bids during the tender exercise, which closed on 6 December.
Nearby amenities include the Commonwealth MRT station, as well as shopping, dining and entertainment options at Queensway Shopping Centre, IKEA Alexandra and Alexandra Central. Many schools are also located in the vicinity.
The 99-year leasehold site is expected to yield about 275 condominium units.