The Urban Redevelopment Authority (URA) has awarded the tender for a residential site at Margaret Drive in Queenstown to MCL Land (Regency), following the developer submitted the highest bid of $238.39 million for the 0.48ha scheme.
The price translates to about $998 psf on the gross floor area.
The property parcel brought strong interest when it was found for sale last month, receiving a total of 14 bids during the bid exercise, which closed on 6 December.
Nearby conveniences include shopping, dining and entertainment options at IKEA Alexandra, Queensway Shopping Centre and Alexandra Central, as well as the Commonwealth MRT station. Many schools are also located in the vicinity.
The 99-year leasehold site is likely to generate about 275 condominium units.
With The Clement Canopy launching soon at Clementi Ave 1, we will likely to great demand for this plot tendered by MCL. Not forgetting the highlights of the 2017, Grandeur Park Residences by CEL, it will be on all eyes for the east.