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URA launches Margaret Drive site for sale
URA launches Margaret Drive site for sale under its GLS (Government Land Sales) programme today on 30th May 2024.
The prime Margaret Drive site, covering 102,497 square feet on a 99-year leasehold, has just hit the market, generating buzz among developers and investors. Positioned near Queenstown MRT Station and reputable schools, this site promises a vibrant lifestyle with easy connectivity. Nearby Sterling Residences have seen a 23.8% rise in resale prices, boosting interest in this new offering. Anticipated bids are between $1,150 to $1,250 per square foot, reflecting strong demand from HDB upgraders and investors. With million-dollar HDB resale transactions nearby, the Margaret Drive site is poised for significant interest and competitive bids. Discover more about this exciting opportunity.
| Location | Margaret Drive (https://www.ura.gov.sg/maps/?service=GLSRELEASE&site=1043) |
| Site Area (1) | 9,522.3 m2 |
| Land Use Zoning / Allowable Development | Residential Development |
| Maximum Gross Floor Area | 39,994 m2 |
| Maximum Building Height (2) | 164 m SHD |
| Project Completion Period (3) | 60 months |
| Lease Period | 99 years |
Location and Site Details
The residential site at Margaret Drive, recently launched for sale under the GLS programme, spans an expansive 102,497 square feet under a 99-year leasehold.
Located within walking distance of Queenstown MRT Station, the site boasts superb connectivity and access to nearby amenities, making it a prime choice for future residents. Schools like Queenstown Primary and Secondary School are in close proximity, adding to the appeal for families. Potential architectural designs for the development can seamlessly integrate with the surrounding landscape, creating harmonious living spaces.
Imagine lush greenery and modern structures blending effortlessly, fostering a sense of community and belonging. With its strategic location and thoughtful design prospects, this site promises a vibrant, connected lifestyle for its future inhabitants.
Market Insights
Given its strategic location and appealing features, the Margaret Drive site is poised to attract significant interest, especially considering the recent market trends and property valuations in the Queenstown area.
The surrounding HDB estates have witnessed million-dollar resale transactions, reflecting robust demand and an upward trajectory in price trends. The median price of 4-room and larger HDB flats in Queenstown stands at $908,000, underscoring the area’s attractiveness to upgraders. Recent developments like Sterling Residences have seen a 23.8% increase in median resale prices since 2018.
URA launches Margaret Drive site for sale : Development Potential
North-facing units on the upper floors of the Margaret Drive site are anticipated to offer unblocked views, enhancing their appeal to potential buyers. This feature, combined with the site’s proximity to Queenstown MRT Station and reputable schools, is expected to create a strong demand pool.
The site’s strategic location and desirable attributes suggest significant upgraders potential from nearby HDB estates, where million-dollar resale transactions have been reported. Bid predictions for this prime site range between $1,150 to $1,250 psf ppr, translating to an absolute price between $494 million and $537 million. These factors collectively position the Margaret Drive site as an attractive investment, promising a vibrant residential project that will cater to discerning homebuyers seeking community and exclusivity.
Property Market Trends
Recent trends in the property market indicate a robust appreciation in median resale prices, as evidenced by a 23.8% increase for Sterling Residences since its launch. This surge reflects current pricing trends and a thorough demand analysis, pointing towards significant investment opportunities. With nearby HDB estates experiencing million-dollar transactions, the potential for a lucrative return is palpable. The demand for properties in this prime location underscores a broader trend of rising prices and strong market fundamentals, ensuring a promising outlook for future developments.
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