New launch condo at Margaret Drive
Margaret Drive New Release Condo
Singapore – Through the Government Land Sales of December 2016, a piece of land sitting on Margaret Drive which is right next to Queensway Secondary School were being triggered for a tender exercise. Due to the attractiveness and highly sought-after district 03 locale in recent years, we were not the least surprised in witnessing an intense bidding war coming from 14 major property firms, just for this land parcel due to its palatable size and price.
This land parcel was awarded to MCL Land after a series of fierce bidding, and at the highest purchase price of $238.39 million. It was only a mere 7.9% higher than the second highest bidder, Allgreen Properties. It works out to be $998 per square foot per plot ratio for this new launch condo at Margaret drive. Signalling a balanced and stable market outlook by the cautious developers whom had took part in the tender exercise.
The actual site of this land parcel is strategically located between both Queenstown and Commonwealth MRT Train Stations. A few hundred meters of distance, a couple of minutes’ walk away to either one. The site on topic right now is a 99 years leasehold land, with a site area of about 51,772 square foot and a maximum permissible Gross Floor Area (GFA) of approximately 238,906 square foot. Based on market observers, it could yield as much as 320 apartment units in the development when launch.
Analyst had expected the breakeven point at about $1,500 per square foot, which makes it to be one of the more competitive price range around the same vicinity as compared to commonwealth towers and queens peak nearby. New launch condo projects in this area have been generally well received by the consumers and home buyers. If you’re one of the owner in Queens development, we’re pretty sure that it will put a smile on your face as the property prices have been increasing steadily in your neighbourhood for the past few years.
Going forward, there will be a lot more to offer in this region and district. Even with a higher price point, this up coming project possess immense qualities and have got what it takes to make up for the premium difference. In fact, our 5-room public housing board flat (resale hdb) at Strathmore ave (nearby) has broken record by transacting over $900,000 in 2017. If a public housing cost nearly a million dollar in the same community, how much would you pay for a private condominium then?
When the time comes, we will be updating more project insights for you, pertaining to this new launch condo at Margaret drive. Stay tuned!
While we are writing this before publishing, developer have made an announcement and named this solid residential development as Margaret Ville Condo. It will no doubt having a view to die for at 40-storey high as it will be overlooking Holland and Ridout Good Class Bungalows Areas.
Besides the luxurious and exclusive neighbour enclave right opposite, you will have greenery landscaping as well as the city skyline as a backdrop. Your visitors will be wowed!
Contact us for more details now!