Artist’s impression of Margaret Ville, a new 99-year leasehold project in Margaret Drive. (Photo: MCL Land)
Two new private condominiums will open for preview today (19 May) amid a bullish property market.
The Garden Residences at Serangoon North View is being jointly developed by Keppel Land and Wing Tai Asia, while Margaret Ville in Margaret Drive is by MCL Land. Both are 99-year leasehold projects that are slated to launch in June.
Comprising 613 units, The Garden Residences is a nature-inspired development that will contain more than 100 species of plants.
Wing Tai Asia’s senior general manager of marketing, Stacey Ow Yeong, said “residents will have the best of nature and technology at their doorstep”.
There will be a range of one- to five-bedroom apartments from 452 sq ft to 1,981 sq ft spread across five 15-storey towers.
Property agents said indicative prices are in the range of $1,750 psf to $1,850 psf.
The developers submitted the top bid of $446.28 million or $965 psf per plot ratio (psf ppr) for the approximately 185,022 sq ft site last year, which saw aggressive bidding due to its proximity to Bidadari estate.
Nearby amenities include eateries at Serangoon Garden estate, Nex shopping mall, and several schools such as Rosyth School and Nanyang Junior College.
Meanwhile, Margaret Ville comprises one 40-storey tower of 309 one- to four-bedroom apartments from 463 sq ft to 1,184 sq ft. Around 62 percent of the units are one- and two-bedders.
The project will likely have an average price of about $1,900 psf.
The 51,722 sq ft site was sold to MCL Land for $238.39 million in December 2016. The purchase price works out to a land rate of about $998 psf ppr.
Located in Queenstown in District 3, the site is close to good class bungalows, schools and two MRT stations (Commonwealth and Queenstown).
In addition, residents will have unblocked views of the surrounding greenery, Bukit Timah Hill and the city centre.