MCL Land's S$238.4m bid emerged top among 14 bids for Margaret Drive site

MCL Land has emerged the top bidder for the residential land parcel at Margaret Drive with a bid price of S$238.39 million, pitting against 13 other bidders.

This translates to S$997.85 per square foot per plot ratio (psf ppr) based on the maximum gross floor area of the site, which is big enough for 275 homes.

The 99-year leasehold site is nestled within an established residential enclave near the Commonwealth MRT station. It was a Reserve List site under the government land sales (GLS) programme that was triggered for tender after a developer committed to bid at least S$185.76 million for it.

The top bid from MCL Land is about 8 per cent higher than the second-highest bid from Allgreen Properties, which tabled a S$220.9 million bid for the site.

Other developers that took part in the tender included UOL, Tuan Sing Holdings, Golden Development (a member of Far East Organization) with Sekisui House, Frasers Centrepoint Limited and SP Setia International.