MCL Land had acquired a 99-year leasehold site with a site area of 4,809.8 square metres. The land parcel is located along Margaret Drive, within the Queenstown Planning Area. The site is easily accessible from Commonwealth and Queenstown MRT Stations, which are about 500m away.
Residents of the upcoming Margaret Drive condo will enjoy easy accessibility to all parts of the island as the site is conveniently linked to the Ayer Rajah Expressway via Queensway and Alexandra Road. Shopping, dining, entertainment and recreational facilities located at Orchard Road, Sentosa and Dempsey are just a short drive away. Numerous renowned schools such as Crescent Girls’ School and Anglo-Chinese School (International) are situated in the vicinity.
The residential condo site in Margaret Drive drew bullish bids from 14 developers eager to replenish their land supply and had exceeded market expectations, with the super-aggressive one from MCL Land (Regency) winning the bid at $238.39 million, or $997.85 per sq ft per plot ratio (psf ppr). The 99-year leasehold site, which had been on the Urban Redevelopment Authority reserve list, was triggered for sale after a developer committed to bid at least $185.758 million. It is located between two MRT stations, Commonwealth and Queenstown.
The site, which could yield about 300 units, would also be easier to market than the 845 units in Commonwealth Towers and 736 units in Queens Peak and the reduced development risk would have been a major consideration among potential bidders, resulting in many bidding competitively in today's tender. The confident bidding also suggested that bidders are optimistic about the market outlook, with a possible upside in prices by the time the project is launched for sale.