A residential plot at Margaret Drive in Queenstown will be put up for tender, after a developer committed to a minimum bid of $186 million. The minimum bid price for the 99-year leasehold parcel is equivalent to $777.54 psf ppr. The site is on the Reserve List of the 2H2016 Government Land Sales Programme.
The 51,772 sq ft site has a maximum permissible gross floor area of 238,905 sq ft, which could potentially yield approximately 275 housing units.
Nicholas Mak, head of research and consultancy at SLP International Property Consultants, expects the tender to draw about seven to 12 bids with top bid ranging from $205 million to $218 million ($858 to $912 psf ppr).
Location plan