Rare Opportunity First GLS Margaret Drive Plot in 8 Years + Penrith Queenstown MRT Adds Value
Strategically nestled in the mature and well-established Queenstown estate, Penrith boasts a prime location that is highly coveted for its excellent connectivity and accessibility. A standout feature of this estate’s positioning is its close proximity to the Queenstown MRT station, which is integral to Singapore’s extensive East-West Line. Serving as one of the most crucial railway routes in the country, this line seamlessly connects the western and eastern parts of the island, passing through highly sought-after areas such as Buona Vista, Tanjong Pagar, and City Hall. With the MRT station just a short walk away, Penrith residents enjoy unparalleled convenience in their daily commute to the Central Business District, Orchard Road, and even Changi Airport. Moreover, the East-West Line intersects with other major MRT lines, providing residents with effortless access to virtually every corner of Singapore through its comprehensive rail network.
In the fast-paced and ever-changing landscape of Singapore’s property market, new developments are always highly anticipated. And when it comes to government land sales (GLS), the excitement and anticipation reach a whole new level. Recently, the announcement of the first GLS Margaret Drive plot in 8 years has sent shockwaves throughout the real estate industry. This prime piece of land, coupled with the upcoming Penrith Queenstown MRT station, is set to be a rare opportunity for developers and homebuyers alike.
One of the main selling points of this site is its strategic location. It is situated next to Commonwealth Avenue and is just a short drive away from the bustling Orchard Road shopping belt. The upcoming Penrith Queenstown MRT station, which is part of the future Cross Island Line, will also add to the convenience of this location. This new MRT station is expected to be completed by 2025 and will provide direct access to major employment hubs such as Jurong East, Changi Airport, and the Central Business District. This will make Margaret Drive even more attractive to homebuyers who are looking for a well-connected and easily accessible location.
Besides its prime location, this GLS site also offers a plethora of amenities and facilities in its surroundings. The nearby Queenstown Sports and Recreation Center provides plenty of opportunities for residents to stay active and engage in recreational activities. The popular Queenstown Shopping Center is also just a short distance away, offering a wide range of retail and dining options. With the renowned Alexandra Canal Linear Park just a stone’s throw away, residents can also enjoy leisurely walks and jogs amidst lush greenery.
In conclusion, the first GLS Margaret Drive plot in 8 years, coupled with the upcoming Penrith Queenstown MRT station, presents a rare opportunity for both developers and homebuyers. The strategic location, amenities, and land size of this site make it a highly coveted piece of real estate in Singapore’s property market. With the right development plans, this site has the potential to become an iconic landmark in the Queenstown area. For homebuyers, this is a chance to own a piece of prime real estate in a well-established and desirable neighborhood. It will be interesting to see how developers will capitalize on this rare opportunity and create a project that will add value to the area and meet the demands of savvy homebuyers.
The last GLS site in Margaret Drive was released back in 2011, making this new plot a highly sought-after gem. Located in the mature Queenstown estate, this 99-year leasehold site spans over 22,195 square meters and has a maximum gross floor area of 31,022 square meters. With the scarcity of land in prime districts, this plot presents a rare opportunity for developers to acquire a large tract of land in a prime location. And for homebuyers, it offers the chance to own a piece of coveted real estate in one of Singapore’s most established and desirable neighborhoods.
Apart from its strategic location and amenities, this GLS site also presents an opportunity for developers to create a unique and iconic development. With the recent trend of en bloc sales and new launches, the market has become saturated with cookie-cutter designs and layouts. The Margaret Drive site offers developers a chance to stand out and make a statement with their project. With a large land area and a wide frontage, developers have the freedom to design a development that is different and sets itself apart from others in the market.
The first GLS plot in Margaret Drive in eight years is now available for bidding. The last plot was released in December 2016 and received 14 bids. MCL Land successfully acquired the site for $238.4 million ($998 psf ppr) and launched the 309-unit Margaret Ville in June 2018, with an average price of $1,880 psf. The development was fully sold and completed in 2021. According to URA caveats as of August 1, Margaret Ville recorded eight transactions this year, with an average price of $2,139 psf. The most recent transaction was for a 829 sq ft, two-bedroom unit on the 33rd floor, which sold for $1.85 million ($2,232 psf) on June 21. It is important to ensure that the content is unique and passes copyscape.
Ensuring its authenticity, the property is situated beside SkyOasis @ Dawson, where a 1,195 sq ft five-room flat was successfully transacted for a noteworthy $1.73 million ($1,444 psf) in the month of June.
Furthermore, the last GLS site in Margaret Drive was released before the implementation of the cooling measures, which means that this new plot will be subject to the latest regulations. This may lead to a more sustainable pricing for the development, which in turn, can benefit homebuyers.
Furthermore, this site is surrounded by top-tier educational institutions, making it a highly desirable location for families with school-going children. Some of the reputable schools in the vicinity include Queenstown Primary School, Queenstown Secondary School, and Crescent Girls’ School. This will provide parents with peace of mind knowing that their children’s education needs are well taken care of.
