Margaret Drive residential site on Reserve List triggered for sale

A 0.48ha Reserve List parcel at Margaret Drive that could host 275 homes is triggered for sale after a developer committed to bid at a price of not less than S$185.76 million.

The Urban Redevelopment Authority said on Thursday it has accepted the application to put up the site for sale by public tender.

Reserve List sites under the Government Land Sales programme are released for sale when the minimum price committed by a developer is acceptable to the government.

The 99-year-leasehold site has an estimated maximum gross floor area of 22,195 square metres.

A public tender will be launched in about one to two weeks. The tender period for the land parcel will be about four weeks.