Commercial development site in Queenstown for $200 million

A 99-year lease at the corner of Commonwealth Avenue and Margaret Drive is on the market for $200 million. Ownership of the site began on 1 January 1975 and the 32,305 sq ft vacant land was the site of the former Queenstown Cinema. Cushman & Wakefield (C&W) is the marketing agent for the sale.

Located 300m from Queenstown MRT Station, the site has received written permission to be developed into a six-storey commercial building comprising shops, restaurants, community facilities and a cineplex with basement car parks. The gross approved area (GFA) is 96,914 sqft and no development charge is payable. The current asking price translates to $2,063 psf above the approved GFA.

(Image: Cushman & Wakefield)

“The immediate vicinity of the subject site is undergoing massive rejuvenation with several new condominium developments such as Stirling Residences, Margaret Ville, Commonwealth Towers and Queens Peak, as well as new public housing developments including SkyOasis @ Dawson, Skyresidence @ Dawson, Skyville @ Dawson. and Skypac @ Dawson,” says Shaun Poh, executive director of capital markets at C&W.

The site for sale is the only commercial site available on the market in the area, and when completed, it would cater for more than 17,000 households around new and existing residential developments in the area, he adds.

The auction ends on January 8, 2019.

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