On the 6 Dec 2023, as part of the 1H 2024 Government Land Sales (GLS) Programme, the Margaret Drive GLS Land Plot was announced as a new residential plot, and made available on the Confirmed List.
This land plot is located in a prime and very sought after location, next to Queenstown Primary School and very near to Queenstown MRT Station.
On the 6 Dec 2023, as part of the 1H 2024 Government Land Sales (GLS) Programme, the Margaret Drive GLS Land Plot was announced as a new residential plot, and made available on the Confirmed List.
This land plot is located in a prime and very sought after location, next to Queenstown Primary School and very near to Queenstown MRT Station.
Credit : The Business Times
7 Aug 2024
1. The Urban Redevelopment Authority (URA) has awarded the tenders for the four sites at Canberra Crescent, De Souza Avenue, Zion Road (Parcel B) and Margaret Drive to the respective highest tenderers, namely Peak Nature Pte Ltd and Huatland Development Pte. Ltd. for the site at Canberra Crescent; SL Capital (8) Pte Ltd for the site at De Souza Avenue; Valerian Residential Pte. Ltd. for the site at Zion Road (Parcel B); and Intrepid Investments Pte. Ltd., Hong Realty (Private) Limited and GuocoLand (Singapore) Pte. Ltd. for the site at Margaret Drive.
2. The sites at Canberra Crescent and De Souza Avenue were launched for tender on 16 April 2024, while the site at Zion Road (Parcel B) and Margaret Drive were launched on 13 May 2024 and 30 May 2024 respectively. The tenders for the sites at Canberra Crescent, De Souza Avenue and Zion Road (Parcel B) closed on 18 July 2024, while the tender for the site at Margaret Drive closed on 1 August 2024. All four sites were offered for sale on 99-year lease terms.
3. Details of the four awarded sites and the respective successful tenderers are provided below.
| LOCATION | ALLOWABLE DEVELOPMENT | SITE AREA | MAXIMUM PERMISSIBLE GROSS FLOOR AREA (GFA) | SUCCESSFUL TENDERER | TENDERED PRICE ($PSM of GFA) ($PSF of GFA) |
| Canberra Crescent | Residential | 20,435.8 m² | 32,698 m² | Peak Nature Pte Ltd and Huatland Development Pte. Ltd. | $279,000,800.00 ($8,532.66 psm ppr) ($792 psf ppr) |
| De Souza Avenue | Residential | 19,245.4 m² | 30,793 m² | SL Capital (8) Pte Ltd | $278,900,000.00 ($9,057.25 psm ppr) ($841 psf ppr) |
| Zion Road (Parcel B) | Residential | 9,285.9 m² | 52,002 m² | Valerian Residential Pte. Ltd. | $730,088,888.00 ($14,039.63 psm ppr) ($1,304 psf ppr) |
| Margaret Drive | Residential | 9,522.3 m² | 39,994 m² | Intrepid Investments Pte. Ltd., Hong Realty (Private) Limited and GuocoLand (Singapore) Pte. Ltd. | $497,000,000.00 ($12,426.86) ($1,154 psf ppr) |
1 Aug 2024
The Urban Redevelopment Authority (URA) closed the tender for the site at Margaret Drive today.
The site at Margaret Drive was launched for public tender on 30 May 2024.
This is not an announcement of tender award. A decision on the award of the tender will be made after the bids have been evaluated. This will be publicised at a later date.
The above 2 land bids translates to the following in psf ppr:
Hong Leong-GuocoLand joint venture tops bids for Margaret Drive site at S$1,154 psf ppr; a Qingjian-led group offers S$729 psf for an executive condo site in Pasir Ris
1 Aug 2024
BIDDING at two state land tenders that closed on Thursday (Aug 1) was fairly subdued, reflecting developers’ sentiment amid a sluggish home sales market and still-high financing costs.
The Margaret Drive plot drew a top bid from Hong Leong Group units and GuocoLand at S$497 million, or S$1,154 per square foot per plot ratio (psf ppr). It was around 5 per cent higher than Sing Holdings’ bid of S$473.6 million, or S$1,100 psf ppr.
Reference : Caution persists among developers in latest state land tenders, The Business Times
30 May 2024
The Urban Redevelopment Authority (URA) has released two residential sites at Margaret Drive and Media Circle for sale today under the Confirmed List of the first half 2024 (1H2024) Government Land Sales (GLS) Programme.
The site at Margaret Drive can potentially yield 460 residential units, while the site at Media Circle can potentially yield 520 long-stay Serviced Apartments1. These form part of the 5,450 residential units to be made available via the Confirmed List of the 1H2024 GLS programme. To cater to demand, the Government has increased the Confirmed List supply of private housing in the GLS programme to 5,450 units in 1H2024, from 4,090 units in 1H2023 and 5,160 units in 2H2023. This is the highest supply on the Confirmed List in a single GLS Programme since the 2H2013 GLS Programme.
The tender for the Margaret Drive site will close at 12 noon on 1 August 2024, together with an Executive Condominium site at Jalan Loyang Besar. The tender for the Media Circle site will close at 12 noon on 19 September 2024, together with a Commercial & Residential site at Tampines Street 94.
| Site Location (1) | Margaret Drive | Media Circle Plot 2 |
| Site Area | 9,522.3 m2 (2) | 5,764.3 m2 (2) |
| Allowable Development | Residential | Residential (for long-stay Serviced Apartments only) with Commercial at 1st storey |
| Maximum Gross Floor Area (GFA) | 39,994 m2 (3) | 24,211 m2 |
| Maximum Building Height (4) | 164 m SHD | 79 m SHD |
| Estimated Number of Housing Units (5) | 460 units | 520 units |
| Lease Period | 99 years | 60 years |
(1) Margaret Drive GLS, Media Circle Plot 2 GLS
(2) Final site area is subject to cadastral survey
(3) A minimum 500 m2 GFA for childcare centre
(4) Building height is based on Singapore Height Datum (SHD)
(5) Actual number of housing units provided by the developer may vary
30 May 2024
THE Urban Redevelopment Authority (URA) on Thursday (May 30) released two residential sites – one in Margaret Drive and the other in Media Circle – for sale under the first half of the 2024 government land sales (GLS) programme.
Developers are likely to remain conservative in bidding for these plots, as was the case in recent tender exercises, as the housing market slows further, say analysts.
The two land parcels launched for sale are on the confirmed list. Confirmed list sites are launched according to schedule regardless of demand; sites on the reserve list, on the other hand, are put up for tender only when a developer makes an offer acceptable to the government.
The 9,522.3-square-metre (sq m) plot on Margaret Drive in the Queenstown area is expected to yield 460 private residential homes. It has a maximum gross floor area (GFA) of 39,994 sq m, including a minimum 500 sq m for a childcare centre, and a 99-year lease.
Credit : The Business Times
6 Dec 2023
The Government today announced the GLS Programme for 1H2024, which comprises ten Confirmed List sites and nine Reserve List sites. These sites can yield about 8,910 private residential units, 107,750 sqm gross floor area (GFA) of commercial space and 530 hotel rooms.
The Confirmed List comprises nine private residential sites (including one EC site and one long-stay Serviced Apartments1 site) and one commercial & residential site, which can collectively yield about 5,450 private residential units (including 710 EC units and 515 long-stay Serviced Apartments) and 13,900 sqm GFA of commercial space.
| S/N | Location | Site Area (ha) | Proposed GPR | Est. No. of Residential Units(1) | Est Commercial Space | Est Launch Date | Agency |
|---|---|---|---|---|---|---|---|
| Confirmed List | |||||||
| Residential Sites | |||||||
| 1 | Holland Drive | 1.23 | 4.7 | 680 | 0 | Feb-24 | URA |
| 2 | River Valley Green (Parcel A)(2) | 0.93 | 3.5 | 380 | 0 | Mar-24 | URA |
| 3 | Canberra Crescent(2)(3) | 2.05 | 1.6 | 375 | 0 | Apr-24 | URA |
| 4 | De Souza Avenue(4) | 1.92 | 1.6 | 355 | 0 | Apr-24 | URA |
| 5 | Jalan Loyang Besar (EC)(2) | 2.84 | 2.5 | 710 | 0 | May-24 | HDB |
| 6 | Margaret Drive(2)(4) | 0.95 | 4.2 | 460 | 0 | May-24 | URA |
| 7 | Media Circle(2)(5) | 0.57 | 4.2 | 515 | 400 | May-24 | URA |
| 8 | Dairy Farm Walk(2) | 2.16 | 2.1 | 530 | 0 | Jun-24 | URA |
| 9 | Tengah Garden Avenue(2)(6) | 2.55 | 3 | 860 | 3,000 | Jun-24 | URA |
| Commercial and Residential Site | |||||||
| 10 | Tampines Street 94(2)(7) | 2.35 | 2.6 | 585 | 10,500 | Jun-24 | HDB |
| Total (Confirmed List) | 5,450 | 13,900 | |||||
(2) New sites introduced in 1H2024.
(4) Sites are imposed with a minimum 500 sqm GFA for childcare centre.