Margaret Drive Land Government Land sale.

A distinguished consortium consisting of GuocoLand, Intrepid Investments (a division of Hong Leong Holdings), and Hong Realty (a segment of the Hong Leong Group) has successfully acquired the Government Land Sale (GLS) site at Margaret Drive with a leading bid of $497 million. This equates to roughly $1,154 per square foot per plot ratio (psf ppr). The 99-year leasehold parcel, situated in the center of Queenstown, covers an area of 102,498 square feet and has a plot ratio of 4.2.

It is designated for residential development and is anticipated to yield approximately 462 private condominium units. The site received only two bids at the conclusion of the tender on August 1, 2024, reflecting a more cautious market sentiment amid ongoing macroeconomic uncertainties. Despite the subdued competition, the winning bid was approximately 5% higher than the second bid, which was made by a joint venture between Sing Holdings and Cedar Investments at $473.55 million, or $1,100 psf ppr.

This demonstrates the confidence that GuocoLand and Hong Leong have in the long-term value of the location and its potential for robust residential demand. The tender was part of the 1H2024 GLS Confirmed List, and the site was launched for sale in May 2024. Its strategic location and development potential drew interest from experienced developers, although ultimately, only two parties submitted bids.