PROJECT DETAILS/ AMENITIES
The Urban Redevelopment Authority (URA) has sold a residential site in Margaret Drive/ Queenstown/ Commonwealth as part of Government Land Sales (GLS) in the 4th quarter 2016. This land parcel is bounded by Commonwealth Avenue, Margaret Drive, Central Region of Singapore, under Queenstown Planning Area. It is listed under reserved list of sites and is allocated to be developed into a residential condominium. It has a site area of 51,772 square feet of land and is expected to house approximately 275 apartments units.
MCL Land won the top bid of S$238.39 million, which translates to S$997.85 million per square foot per plot ratio (psf ppr). The break-even cost will be approximatley S$1450 psf ppr.
Other condo developments in the vicinity includes Commonwealth Towers, Queens Peak, Queens, One North, The Rochester, Ascentia Sky and Metropolitan.
New Condo at Margaret Drive- Connectivity
Residents of new and upcoming condo in Margaret Drive have the convenience of having Queenstown and Commonwealth MRT MRT Station which serves the East West Line. The downtown Financial District is just 5 stops away while Dhoby Ghaut is 7 stops away. It will take convenient location will only take drivers 10 minutes to reach Orchard Road and 10 minutes to get to the Shenton Way as it is easily joined to Tanglin Road and Alexandra Road. Driver can also easily link to the Ayer Rajah Expressway (AYE) via Alexandra Road. The arterial Tiong Bahru road will also connect future residents to the Central Expressway (CTE) which allows easy connectivity to various parts of Singapore.
New Condo at Margaret Drive- Education
New and upcoming condo in Margaret Drive is nearby to New Town Primary School and Queensway Secondary School. Other local primary schools nearby such as Queenstown Primary School, Gan Eng Seng Primary School and Blangah Rise Primary School. The secondary schools include CHIJ St Theresa’s Convent, Bukit Merah Secondary School, Crescent Girls’ School, Henderson Secondary School and Gan Eng Seng Secondary School. International Schools including Global Indian International School (Queenstown Campus), Management Development Institute of Singapore (MDIS) Campus, ISS International School and Tanglin Trust School are also nearby. Anglo Chinese School (International) is a short distance away. The Queenstown Public Library is also closeby so parents will have a condusive environment for their children here together with the aplenty of schools around.
New Condo at Margaret Drive- Amenities
When it comes to getting good local food or getting fresh market produce, future residents of condo in Margaret Drive will have no problem as it is close to plenty of wet market and food centres. The Commonwealth Crescent Hawker Centre, The Mei Chin Road Market, ABC Brickworks Food Centre, Alexandra Village Food Centre, Tanglin Halt Food Centre, Tanglin Halt Road Block 48A Market and Food Centre, Redhill Lane Block 85 Food Centre, Bukit Merah Central Block 163 Food Centre and Bukit Merah View Block 115 Market And Food Centre are just within 2 km.
In terms of relaxation, future residents of new condo in Margaret Drive can head down to Queenstown Stadium for a jog, take a walk at Telok Blangah Hill Park and Mount Faber Park or enjoy a game of golf at Tanglin Golf Course, all within a short drive away. Residents can also spend their evenings or weekends at lifestyle clusters in Dempsey Hill and Holland Village where there are many bistros and restaurants where they may chill out after a hard day's work.
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| Project | Margaret Drive New Condo |
| Developer | MCL Land (Regency) |
| Location | Margaret Drive/ Commonwealth Avenue (Queenstown Planning Area) |
| District | 3 |
| Tenure | 99 years lease |
| Site Area | 4,809.73 square metres/ 51,772 square feet |
| GFA: | 22,195 square metres/ 238,905 square feet |
| Plot Ratio | |
| Expected TOP: | |
| Total Units | Approximately 275 residential apartments |
| Total Carpark | |
| Development | Condo comprising of communal facilities |
| Unit Type: | |
| Architect | |
| Eligibility | SC/ SC, SC/SPR and Foreigner can buy |
| Margaret Drive New Condo Unit Mix Distribution | |||
|---|---|---|---|
| Unit Type | Type | Area (Square Feet) | Total No. of Units |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
| Margaret Drive New Condo Facilities | |||
TBA (Click HERE for More Info)
|
|||
| Margaret Drive New Condo Price List | |||
|---|---|---|---|
| Unit Type | Area (Square Feet) | Pricing | PSF |
| 1 Bedroom | TBA | TBA | TBA |
| 2 Bedroom | TBA | TBA | TBA |
| 3 Bedroom | TBA | TBA | TBA |
| 4 Bedroom | TBA | TBA | TBA |
| 5 Bedroom | TBA | TBA | TBA |
| Penthouse | TBA | TBA | TBA |
FACILITIES SITE PLAN and FLOOR PLANS E-BROCHURE
The Facilities and site plan of new and upcoming condo in Margaret Drive/ Queenstown are currently seeking approval from relevant authorities.
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AVAILABLE UNITS/ SOLD/ CHEAPEST PRICES PSF
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ONE NORTH: BIOPOLIS, FUSHIONPOLIS and MEDIAPOLIS
One-North
The vision for one-north is steadily becoming reality as world-class research facilities, business parks and commercial spaces continue to be developed here to provide quality business spaces and to support activities in biomedical sciences, physical sciences, engineering, infocomm technology and the media industry.
Artist's impression of one-north
© JTC Corporation
The development of Nepal Hill, planned as a leadership training and development hub, is also progressing well. Four Acres Singapore, the first global leadership development centre outside of London for the global conglomerate Unilever, opened this year.
Major industry names like Procter & Gamble, Lucasfilm, ESSEC Business School and MediaCorp have also committed substantial investments to develop their own facilities, which will contribute to the flourishing of the research and business communities at one-north when completed.
At Fusionopolis, construction has commenced for Phase 5 which will pioneer the “Work Office Home Office” (“WOHO”) concept offering flexible spaces for office, living and lifestyle functions. Infinite Studios, the first development within Mediapolis, was completed recently and houses Singapore’s largest soundstages.
Artist’s impression of Mediapolis
© JTC Corporation
HOLLAND VILLAGE SET FOR MORE BUZZ MIXED USE RELEASED
Site located on Holland Road and close to junction with North Buona Vista Road expected to draw big developers
The proposed development has to be “compellingly attractive on its own and yet will complement the adjacent low-rise and street-oriented character of Holland Village. The development should reinforce the vibrancy of Holland Village and incorporate new high-quality public spaces for people to gather and interact”, the Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB) said in a joint statement yesterday.
If successfully triggered for tender, the site, which is located along Holland Road close to the junction with North Buona Vista Road, will be the first land parcel to come under the Concept and Price Revenue tender system since 2010. A concept proposal will be evaluated before the bid prices are considered, a move that property analysts say will allow the Government to have better control over the development of Holland Village and preserve the area’s identity.
“It is no longer based on the highest bidder and this way, the Government will know what is coming up on this site and whether it is in line with what they have in mind. If all the concepts are not favourable, they don’t have to award the tender,” said Mr Chris Koh, director of Chris International.
MCL LAND WON TOP BID FOR GLS LAND PARCEL CONDO SITE DEVELOPMENT IN MARGARET DRIVE QUEENSTOWN
SINGAPORE — A private housing site in Margaret Drive attracted a strong response from developers, with the highest bid of S$238.39 million coming from MCL Land, showed Urban Redevelopment Authority (URA) data at the close of tender on Tuesday (Dec 6).
The 99-year leasehold site was made available on the Reserve List of the Government Land Sales (GLS) programme for the second half of 2016. Located near the Commonwealth MRT station and close to the Ayer Rajah Expressway (AYE) the site sits on 4,809.8 square metres and can yield a maximum allowable gross floor area of approximately 22,195 sq m, the URA said. This is equivalent to 238,905 sq feet that can be developed into about 275 homes.
In addition to transport connectivity, residents of the project on Margaret Drive site will have a wide range of shopping, dining and entertainment options at Queensway Shopping Centre, IKEA Alexandra and Alexandra Central, a hotel, and a retail development currently under construction, the URA said. The location is also near to Dempsey cluster. The Commonwealth area is popular, given that it is a few stops to the CBD and is also near the Buona Vista area, which is a strong rental catchment area.
The tender drew 14 bids from developers due to its attractive location and manageable size, and the strong participation may prompt the Government to make available more land for residential development, property analysts said.
Mr Nicholas Mak, Executive Director, Research & Consultancy Department at SLP International Property Consultants, said: “The previous two residential land tenders for Martin Place and Fernvale Road attracted 13 and 14 bids, respectively. This level of healthy demand from developers may encourage the Government to release more residential sites in the next GLS programme, which would be released this month.”
MCL’s bid for the Margaret Drive site translates into S$997.85 per sq ft per plot ratio which is 14.5% higher than the land parcel of Queens Peak which costs $871 psf ppr (S$482.8 million and exceeds sites such as Commonwealth Towers, which cost $883 psf ppr ($562.8 million).
The new condominium could be launched at above S$1,700 psf from late-2017 to early-2018, he added.
New home prices in Commonwealth Towers now range from S$1,400 to S$1,900 psf.
The confident bidding also suggested that bidders are optimistic about the market outlook, "with a possible upside in prices by the time the project is launched for sales".
Mr Ong Kah Seng, director of property consultancy R'ST Research, said that the Margaret Drive site could be sold at a high pricing. However, it has a very strong edge over its neighbouring sites, he said. "A savvy investor will understand that Commonwealth Towers and Queens Peak each has so many units within the project that not only do the owners have to compete for tenants with other condominiums in the vicinity, but there is also intense leasing competition within the large project itself."
Mr Desmond Sim, head of CBRE Research for Singapore and South-east Asia, noted that the developers in the tender were from a wide variety of countries, including China and Malaysia. "This shows their continued confidence in Singapore's residential market, even as it is challenged by cooling measures," he said.
Upcoming projects to be launched next year, according to property consulting firm Edmund Tie & Company, include UOL's 505-unit condominium in Clementi, as well as Frasers Centrepoint's Siglap Road development, where there have been no new sites in the area since 2001.
Looking at the technical conditions of the site at Margaret Drive, it faces several restrictions as they have to check for noise level from the neighbouring churches. Additionally, the site is close to MRT track and there needs to be a minimum 35m setback (from front wall). MCL Land may have less room to manoeuvre in terms of design and is likely to incorporate cycling amenities as they get GFA exemptions for the cycling facilities.
Source: Today On line Straits Times
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