GuocoLand-Hong Leong JV Submits Top Bid for Margaret Drive GLS Site
When you’re considering prime properties like Marina View Residences, it’s essential to stay updated on significant developments in Singapore’s real estate market. Recently, a consortium made up of GuocoLand, Hong Leong Holdings’ Intrepid Investments, and Hong Leong Group’s Hong Realty submitted the top bid for a government land sale (GLS) site on Margaret Drive. Their bid was a substantial $497 million, translating to $1,154 per square foot per plot ratio (psf ppr), positioning them to potentially develop a new 460-unit private condominium on this prime piece of land.
What’s particularly notable about this tender is the limited competition; only two bids were received when the tender closed on August 1st. GuocoLand and Hong Leong’s bid was approximately 5% higher than the competing offer from a joint venture between Sing Holdings and Cedar Investments, who put forward a bid of $473.55 million ($1,100 psf ppr).
This site on Margaret Drive, situated in the heart of Queenstown, offers a coveted location. It’s within walking distance to the Queenstown MRT station, making it incredibly convenient for residents to access the East-West Line. The site is also next to Queenstown Primary School, which adds to its appeal for families.
The area has already proven its worth in the property market. Just nearby, a premium five-room flat at SkyOasis @ Dawson, measuring 1,195 square feet, recently set a record when it sold for $1.73 million ($1,444 psf) in June.
Interestingly, this isn’t the first time a GLS site has been offered on Margaret Drive. The last one was eight years ago in 2016, where MCL Land emerged victorious with a bid of $238.4 million ($998 psf ppr). MCL Land later developed this site into Margaret Ville, a 309-unit condo that launched in June 2018 at an average price of $1,880 psf. The development was completely sold out and completed in 2021. According to URA caveats, Margaret Ville has seen eight transactions this year, averaging around $2,139 psf. The most recent sale was a 33rd-floor, 829-square-foot two-bedroom unit that changed hands for $1.85 million ($2,232 psf) on June 21st.
MCL Land continues to be active in the market, with upcoming condominium projects planned for Pine Grove Parcel B and Clementi Avenue 1. These new developments are expected to draw significant interest, given MCL Land’s track record of successful launches like Margaret Ville.
Looking forward, the Margaret Drive GLS site is expected to benefit from the redevelopment of the Tanglin Halt HDB estate, which will bring new amenities like a hawker centre, market, and polyclinic, along with 5,500 new homes. Mohan Sandrasegeran, head of research and data analytics at SRI, anticipates that the launch prices for new developments on this site will range between $2,500 psf and $2,600 psf.
For those interested in upcoming developments or investing in properties like Marina View Residences, keeping an eye on these evolving market trends is crucial. The competitive bids and strong market activity underscore the ongoing demand for prime residential sites in Singapore.
