Meyer Park launched for collective sale at S$420m reserve price

by Albert02

Meyer Park launched for collective sale at S$420m reserve price

Meyer Park launched for collective sale at S$420m reserve price. A FREEHOLD oceanfront home site at 81 and 83 Meyer Road has been listed for collective sale with a S$420 million reserve price. This translates to a land rate of about S$1,720 per square foot per plot ratio after accounting for a development fee of S$78.2 million, which includes a 7% bonus floor space (psf ppr).

The District 15 site has an 88-meter frontage on the sea, a land size of around 96,672 square feet (sq ft), a plot ratio of 2.8%, and is zoned “residential.” The overall permissible gross floor area is about 289,628 square feet after a 7% bonus floor area is taken into consideration.

Meyer Park, a condominium complex that was built on the property and has 60 apartments, is the building that is currently occupying it. It was finished in the 1980s. According to URA records, in July 2020, a high-floor 1,808 square foot condo apartment sold for S$2.565 million, or S$1,418 per square foot. A larger, lower-floor 2,659 sq ft unit sold for S$3.6 million, or S$1,354 psf, in March of the same year, while a similar-sized unit on a higher floor sold for S$4.075 million, or S$1,533 psf, in August 2019.

The units at Meyer Mansion, a GuocoLand condo building next door, have been selling for between S$2,403 and S$3,293 per square foot since it went on the market in September 2019. The residential construction at 79 Meyer Road is expected to receive a temporary occupation permit (TOP) in 2024. Despite four past attempts to go en bloc, exclusive marketing agent Edmund Tie stated in a news release on Monday (July 25) that this is the first time Meyer Park has obtained the required 80% owner permission to a collective sale.

According to Swee Shou Fern, head of investment advising at Edmund Tie, the proposed development can house up to 251 apartments with unhindered views of a Mountbatten bungalow neighborhood to the north and magnificent sea vistas to the south. The site also has the benefit of quiet city-fringe living with a wide range of amenities close by. All of these elements taken together will be given significant weight by potential homeowners, according to Swee. The reasonable size for a mid-sized luxury high-rise construction and its unique position in the highly sought-after Meyer Road sector will appeal to developers looking to add to their landbank, she continued.

Heritage shophouses that house both retail and F&B (food and beverage) enterprises as well as shopping centers like Parkway Parade and i12 Katong are among the amenities in the region surrounding the site. Victoria Junior College, Dunman High School, and Tao Nan Primary School are just a few of the local schools.

The sale tender for 81 and 83 Meyer Road will finish on September 9 at 3 p.m.

Click the image to read the full details of report.
Source: https://www.businesstimes.com.sg/real-estate/meyer-park-launched-for-collective-sale-at-s420m-reserve-price

 

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