Margaret Drive residential site draws two bids at tender close

The highest bid was $497m.

The residential site at Margaret Drive attracted bids from two developer groups as its tender closed on 1 August.

The Urban Redevelopment Authority (URA) launched the tender for the site on 30 May.

The consortium of Intrepid Investments, Hong Realty (Private) Limited, and GuocoLand (Singapore) offered $497m, or $12,426.86 per square metre (psm) of Gross Floor Area (GFA).

Sing Holdings Limited and Cedar Investments submitted the other bid, offering $473.55m or $11,840.53 psm of GFA.

URA will award the tender after bid evaluation.

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Urban Redevelopment Authority

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