Margaret Drive
AwardedResidential. URA sale site, built as Penrith.
S$497,000,000
S$12,426.86 psm GFA, about S$1,154 psf ppr (derived). Awarded 7 August 2024 to Intrepid Investments Pte. Ltd., parent: Hong Leong Holdings Limited, Hong Realty (Private) Limited, parent: Hong Leong Investment Holdings Pte. Ltd. and GuocoLand (Singapore) Pte. Ltd., parent: GuocoLand Limited
| Location | Allowable development | Site area | Maximum permissible GFA | Successful tenderer | Tendered price (S$ psm of GFA) |
|---|---|---|---|---|---|
| Margaret Drive | Residential | 9,522.3 m² | 39,994 m² | Intrepid Investments Pte. Ltd., parent: Hong Leong Holdings Limited, Hong Realty (Private) Limited, parent: Hong Leong Investment Holdings Pte. Ltd. and GuocoLand (Singapore) Pte. Ltd., parent: GuocoLand Limited | S$497,000,000(S$12,426.86) |
As listed at the close of 1 August 2024 (ura-pr24-39), with the outcome the award of 7 August 2024 gave each.
| Rank | Tenderer | Tendered price | S$ psm GFA | S$ psf ppr (derived) | Outcome |
|---|---|---|---|---|---|
| 1 | Intrepid Investments Pte. Ltd., parent: Hong Leong Holdings Limited, Hong Realty (Private) Limited, parent: Hong Leong Investment Holdings Pte. Ltd. and GuocoLand (Singapore) Pte. Ltd., parent: GuocoLand Limited | S$497,000,000 | S$12,426.86 | S$1,154 | Awarded |
| 2 | Sing Holdings Limited and Cedar Investments Pte. Ltd. | S$473,550,000 | S$11,840.53 | S$1,100 | Unsuccessful |
Press releases, latest first
Each card is one release on its own date, with its text folded beneath. The latest is first and open.
7 August 2024
AwardedTender award for URA sale sites at Canberra Crescent, De Souza Avenue, Zion Road (Parcel B) and Margaret Drive
Awarded to
Intrepid Investments Pte. Ltd., parent: Hong Leong Holdings Limited, Hong Realty (Private) Limited, parent: Hong Leong Investment Holdings Pte. Ltd. and GuocoLand (Singapore) Pte. Ltd., parent: GuocoLand Limited, S$497,000,000 (S$12,426.86 psm GFA, about S$1,154 psf ppr).
Read the press releaseHide the press releaseura-pr24-40
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1. The Urban Redevelopment Authority (URA) has awarded the tenders for the four sites at Canberra Crescent, De Souza Avenue, Zion Road (Parcel B) and Margaret Drive to the respective highest tenderers, namely Peak Nature Pte Ltd and Huatland Development Pte. Ltd. for the site at Canberra Crescent; SL Capital (8) Pte Ltd for the site at De Souza Avenue; Valerian Residential Pte. Ltd. for the site at Zion Road (Parcel B); and Intrepid Investments Pte. Ltd., Hong Realty (Private) Limited and GuocoLand (Singapore) Pte. Ltd. for the site at Margaret Drive.
2. The sites at Canberra Crescent and De Souza Avenue were launched for tender on 16 April 2024, while the site at Zion Road (Parcel B) and Margaret Drive were launched on 13 May 2024 and 30 May 2024 respectively. The tenders for the sites at Canberra Crescent, De Souza Avenue and Zion Road (Parcel B) closed on 18 July 2024, while the tender for the site at Margaret Drive closed on 1 August 2024. All four sites were offered for sale on 99-year lease terms.
3. Details of the four awarded sites and the respective successful tenderers are provided below:
Table caption
| LOCATION | ALLOWABLE DEVELOPMENT | SITE AREA | MAXIMUM PERMISSIBLE GROSS FLOOR AREA (GFA) | SUCCESSFUL TENDERER | TENDERED PRICE ($PSM of GFA) |
|---|---|---|---|---|---|
| Canberra Crescent | Residential | 20,435.8 m² | 32,698 m² | Peak Nature Pte Ltd and Huatland Development Pte. Ltd. | $279,000,800.00 ($8,532.66) |
| De Souza Avenue | Residential | 19,245.4 m² | 30,793 m² | SL Capital (8) Pte Ltd | $278,900,000.00 ($9,057.25) |
| Zion Road (Parcel B) | Residential | 9,285.9 m² | 52,002 m² | Valerian Residential Pte. Ltd. | $730,088,888.00 ($14,039.63) |
| Margaret Drive | Residential | 9,522.3 m² | 39,994 m² | Intrepid Investments Pte. Ltd., Hong Realty (Private) Limited and GuocoLand (Singapore) Pte. Ltd. | $497,000,000.00 ($12,426.86) |
1 August 2024
Tender closedTender closing for URA sale site at Margaret Drive
2 bids disclosed
Highest S$497,000,000 (S$12,426.86 psm GFA) from Intrepid Investments Pte. Ltd., parent: Hong Leong Holdings Limited, Hong Realty (Private) Limited, parent: Hong Leong Investment Holdings Pte. Ltd. and GuocoLand (Singapore) Pte. Ltd., parent: GuocoLand Limited
Read the press releaseHide the press releaseura-pr24-39
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1. The Urban Redevelopment Authority (URA) closed the tender for the site at Margaret Drive today.
2. The site at Margaret Drive was launched for public tender on 30 May 2024.
3. Please see Annex A for details of the site and tender bids received.
4. This is not an announcement of tender award. A decision on the award of the tender will be made after the bids have been evaluated. This will be publicised at a later date.
30 May 2024
Launched for tenderURA releases two sale sites at Margaret Drive and Media Circle
Read the press releaseHide the press releaseura-pr24-26
1. The Urban Redevelopment Authority (URA) has released two residential sites at Margaret Drive and Media Circle for sale today under the Confirmed List of the first half 2024 (1H2024) Government Land Sales (GLS) Programme.
2. The site at Margaret Drive can potentially yield 460 residential units, while the site at Media Circle can potentially yield 520 long-stay Serviced Apartments1. These form part of the 5,450 residential units to be made available via the Confirmed List of the 1H2024 GLS programme. To cater to demand, the Government has increased the Confirmed List supply of private housing in the GLS programme to 5,450 units in 1H2024, from 4,090 units in 1H2023 and 5,160 units in 2H2023. This is the highest supply on the Confirmed List in a single GLS Programme since the 2H2013 GLS Programme.
3. Details on the two land parcels can be found in Annex 1.
Other Details 4. The tender for the Margaret Drive site will close at 12 noon on 1 August 2024, together with an Executive Condominium site at Jalan Loyang Besar. The tender for the Media Circle site will close at 12 noon on 19 September 2024, together with a Commercial & Residential site at Tampines Street 94. More details on the two land parcels are available on the URA website at:
1 The Media Circle site will be launched for tender as a dedicated long-stay Serviced Apartments site, under the Serviced Apartments II (SA2) typology. More information on planning guidelines for SA2 developments is available via the circular issued by URA dated 4 December 2023 – “Guidelines for Serviced Apartments II (SA2)”.
Site facts
- Selling authority
- URA
- Allowable development
- Residential
- Tenure
- 99 years
- Programme list
- Confirmed List, launched for tender[ura-pr24-26/pr24-26a.pdf]
- Site area
- 9,522.3 sqm[ura-pr24-26/pr24-26a.pdf]
- Maximum GFA
- 39,994 sqm
- Minimum 500 sqm childcare centre
- Estimated housing units
- 460[ura-pr24-26/pr24-26a.pdf]
- Height control
- 164m SHD[ura-pr24-26/pr24-26a.pdf]
- Facts as stated on
- 30 May 2024
The market when bids closed
When bids closed on 1 August 2024, URA's latest quarterly figures were for 2Q2024, published 26 July 2024, 6 days earlier. The next release, 3Q2024, came on 25 October 2024. The table carries on through four releases after it.
| Private residential | 4Q2023Jan 2024 | 1Q2024Apr 2024 | On the day2Q2024Jul 2024 | 3Q2024Oct 2024 | 4Q2024Jan 2025 | 1Q2025Apr 2025 | 2Q2025Jul 2025 | Trend | Change2Q2024 to 2Q2025 |
|---|---|---|---|---|---|---|---|---|---|
| Prices | |||||||||
| Private home price index | 201.5 | 204.3 | 206.1 | 204.7 | 209.4 | 211.1 | 213.2 | +3.4% | |
| Non-landed, core central region | 148.1 | 153.1 | 152.6 | 150.9 | 154.8 | 156.0 | 160.7 | +5.3% | |
| Private rental index | 161.0 | 157.9 | 156.6 | 157.9 | 157.9 | 158.5 | 159.8 | +2.0% | |
| Sales | |||||||||
| New homes sold by developers | 1,092 | 1,164 | 725 | 1,160 | 3,420 | 3,375 | 1,212 | +67.2% | |
| Resales | 2,831 | 2,689 | 3,802 | 3,860 | 3,702 | 3,565 | 3,647 | −4.1% | |
| Sub-sales | 411 | 377 | 388 | 352 | 311 | 321 | 269 | −30.7% | |
| Units launched | 1,060 | 1,304 | 634 | 1,284 | 3,425 | 3,139 | 1,520 | +139.7% | |
| Supply | |||||||||
| Unsold, uncompleted, with planning approval | 16,929 | 19,936 | 19,940 | 19,405 | 18,125 | 18,498 | n/a | ||
| Pipeline with planning approval | 34,251 | 38,167 | 37,768 | 35,475 | 35,305 | 35,364 | 36,663 | −2.9% | |
| Vacancy rate | 8.1% | 6.8% | 6.1% | held | 6.6% | 6.5% | held | n/a | |
Each figure is the quarter's own value as URA printed it in that quarter's release, not as later revised. Select a figure to see the annex and page it comes from.
Held back: URA prints the number in more than one place and the table's labels do not settle which one it is, so the archive stores it but does not show it.
Sources
- Press releasePublished 30 May 2024
URA releases two sale sites at Margaret Drive and Media Circle
Urban Redevelopment Authority · Retrieved 18 September 2026
Source fact · Source-backedTechnical details
- SHA-256
- ab2156b51156acc75ec975a8f820035b29a888584272b0224401513843792a70
- Size
- 432,870 bytes
- Format
- text/html
- Retrieved at
- 2026-09-18 15:39:37 UTC
- Prevo reference
- ura-pr24-26
- AnnexPublished 30 May 2024
Annex 1 to URA releases two sale sites at Margaret Drive and Media Circle
Urban Redevelopment Authority · Retrieved 18 September 2026
Source fact · Source-backedTechnical details
- SHA-256
- 114482a3ea765a79385629f943b686b75120f447ffbf34eb6fe68809b11adcc9
- Size
- 36,567 bytes
- Format
- application/pdf
- Retrieved at
- 2026-09-18 15:39:37 UTC
- Prevo reference
- ura-pr24-26/pr24-26a.pdf
- Press releasePublished 1 August 2024
Tender closing for URA sale site at Margaret Drive
Urban Redevelopment Authority · Retrieved 18 September 2026
Source fact · Source-backedTechnical details
- SHA-256
- c5fb28d169aebeda6339c4c2e9caa7e654c9fba89f013474bf2f784315c44248
- Size
- 424,289 bytes
- Format
- text/html
- Retrieved at
- 2026-09-18 15:39:37 UTC
- Prevo reference
- ura-pr24-39
- AnnexPublished 1 August 2024
Annex A to Tender closing for URA sale site at Margaret Drive
Urban Redevelopment Authority · Retrieved 18 September 2026
Source fact · Source-backedTechnical details
- SHA-256
- 979edecca00cb96e51cd82ac98b1019ce4594008a3ed8fef933c5bea623b83ec
- Size
- 17,611 bytes
- Format
- application/pdf
- Retrieved at
- 2026-09-18 15:39:37 UTC
- Prevo reference
- ura-pr24-39/pr24-39a.pdf
- Press releasePublished 7 August 2024
Tender award for URA sale sites at Canberra Crescent, De Souza Avenue, Zion Road (Parcel B) and Margaret Drive
Urban Redevelopment Authority · Retrieved 18 September 2026
Source fact · Source-backedTechnical details
- SHA-256
- ff06e23b58f60c6c133ecf36169eda7b114eb3d14c7421467bf114c0879ebf03
- Size
- 481,745 bytes
- Format
- text/html
- Retrieved at
- 2026-09-18 15:39:38 UTC
- Prevo reference
- ura-pr24-40