The bids for both sites at Margaret Drive and Jalan Loyang Besar (EC) are within expectations. Both the first and second bids at both sites are very close. This reflects the market value developers placed on the sites.
The Margaret Drive site attracted a top bid of $1,154 psf ppr from Intrepid Investments Pte. Ltd., Hong Realty (Private) Limited and GuocoLand (Singapore) Pte. Ltd. It is 5% higher than the second bidder.
The last GLS site sold within the vicinity of Queenstown MRT station that was at Stirling Road in 2017 for $1,051 psf ppr.
This is probably the last plot of land that is within a short 5 mins’ walk to Queenstown MRT station. There are plenty of amenities in the area such as Margaret Drive Hawker Centre, Mei Ling Food Centre, Queenstown Sports Centre, Queenstown Stadium and Swimming Pool. Queenstown Primary School is right at the doorstep of the site.
Units on the mid to high floors could potentially have unblocked views as far as the Central Water Catchment.
The Jalan Loyang Besar (EC) site saw 4 bidders and a top bid of $729 psf ppr. The top bid is 3.4% higher than the second bidder.
The strong bid shows developers’ confidence in EC projects and their willingness to secure EC sites to bolster their land bank.
It has been more than 10 years since a parcel of land was sold for EC development in Pasir Ris. There could be potential pent-up upgrading demand for EC as the most recent project to reach the 5-year MOP is Pasir Ris One in 2020. Units on the higher floors will have unblocked sea views. This site is one of the rare few EC sites to have sea views.
The site is a short walk to Pasir Ris MRT interchange station. There are plenty of amenities such as Whitesands, Pasir Ris Mall, Pasir Ris sports centre and hawker centre. For leisure, Downtown East and Pasir Ris Park are nearby. Parents with children will find that there are 2 primary schools within 1km of the site.
