High turnout of bidders for Margaret Drive site

The 22,195 sq-m site drew more bids than analysts expected.
The 22,195 sq-m site drew more bids than analysts expected.PHOTO: URA

SINGAPORE - A residential site in Margaret Drive, close to Commonwealth MRT station, drew a high turnout of 14 bidders on Tuesday.

The 22,195 sq-m site drew more bids than analysts expected, while the top bid, at S$998 per square foot per plot ratio, was also higher than expected.

The tender closed on Tuesday (Dec 6) with the top bid of S$238.39 million or S$997.85. per square foot per plot ratio (psf ppr) submitted by MCL Land (Regency), said the Urban Redevelopment Authority in a statement.

Mr Ong Teck Hui, the national director of research and consultancy at Jones Lang LaSalle Property Consultants, said that the smaller site, which is expected to generate around 300 units, would be easier to market than bigger sites.

"The reduced development risk would have been a major consideration amongst potential bidders, resulting in many bidding competitively in today's tender," he said.

The site was put up for tender after a developer committed to bid at least S$185.758 million for the 99-year leasehold plot, which had been on the Urban Redevelopment Authority's reserve list.

Under the reserve list system, a site will be put up for tender only if a developer's minimum bid price is acceptable to the Government.