Meyer Park launched for collective sale at S$420m reserve price
Meyer Park launched for collective sale at S$420m reserve price. At 81 and 83 Meyer Road, a FREEHOLD oceanfront residential plot has been put up for collective sale with a S$420 million reserve price. After accounting for a development charge of S$78.2 million, which includes a 7% bonus floor area, this equates to a land rate of around S$1,720 per square foot per plot ratio (psf ppr).
The District 15 site, which is zoned “residential” and has a plot ratio of 2.8%, has a land area of roughly 96,672 square feet (sq ft) and an 88-meter frontage on the sea. After accounting for a 7% bonus floor area, the total permitted gross floor area is approximately 289,628 square feet. Currently occupying the site is Meyer Park, a condominium development with 60 apartments that was constructed there. In the 1980s, it was finished.
URA records show that in July 2020, a high-floor condo apartment of 1,808 square feet sold for S$2.565 million, or S$1,418 per square foot. In March of the same year, a larger 2,659 square foot unit on a lower floor sold for S$3.6 million, or S$1,354 per square foot, while a similar-sized home on a higher floor sold for S$4.075 million, or S$1,533 per square foot, in August 2019.
Meanwhile, since Meyer Mansion, a GuocoLand condo development adjacent, went on the market in September 2019, its units have sold for between S$2,403 and S$3,293 per square foot. The temporary occupation permit (TOP) for the residential development at 79 Meyer Road is anticipated to be issued in 2024. Exclusive marketing agent Edmund Tie said in a news release on Monday (July 25) that despite four prior attempts to go en bloc, this is the first time Meyer Park has achieved the necessary 80% owner consent to a collective sale.
The proposed development, according to Swee Shou Fern, head of investment advising at Edmund Tie, has room for up to 251 apartments with unobstructed views of a Mountbatten bungalow community to the north and stunning sea views to the south. The area is particularly advantageous for tranquil city-fringe living with a variety of amenities around. Potential homeowners will consider each of these factors individually and collectively, according to Swee. Developers wishing to add to their land bank will be drawn to the building due to its unique location in the highly sought-after Meyer Road region and its suitable size for a mid-sized luxury high-rise construction, she said.
The area around the site has a variety of amenities, including heritage shophouses that house both retail and F&B (food and beverage) businesses as well as malls like Parkway Parade and i12 Katong. Schools in the area include, but are not limited to, Victoria Junior College, Dunman High School, and Tao Nan Primary School.
On September 9 at 3 p.m., the sale tender for 81 and 83 Meyer Road will expire.
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