Property News · November 11, 2016

URA launches sale of Margaret Drive site


A developer committed to a minimum bid of about $185.76 million for the 0.48ha site in Queenstown. Source: URA
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 site could yield around 275 homes.
On 3 November, the URA received an application from a developer to put the site up for public tender. In fact, the developer committed to a minimum bid of $185.758 million for the site.
Nearby amenities include two MRT stations (Commonwealth and Queenstown), churches, schools and a public library.
The tender for the site will close on 6 December, said the URA. “Any tender below the minimum bid price of $185.758 million will not be considered,” it noted.
Source: URA
 
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Source : proppertyguru.com.sg/Property Market
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