SINGAPORE (EDGEPROP) - A joint venture between UOL Group and Singapore Land Group will be paying $392.18 million for Meyer Park under an en bloc deal. The price translates to a unit land rate of $1,668 psf per plot ratio, including a 7% bonus balcony area.

The sales committee accepted the offer by the joint venture on Feb 9.

Sited at 81 and 83 Meyer Road, the development, with 60 units now, sits on a freehold land of 96,672 sq ft and has a gross plot ratio of 2.8.

Both UOL and Singland are separately listed entities controlled by the Wee family which owns and runs United Overseas Bank.

UOL and Singland, via their respective subsidiaries, hold 80% and 20% in this joint venture.

“This acquisition is a timely replenishment, especially with the recent 100% sellout of our Meyer House development," said Liam Wee Sin, UOL group chief executive. "Given its freehold tenure and exclusive locale, we see the opportunity to develop this site into a luxury development with about 230 to 250 units in a high-rise block to capitalise on the unblocked views." The site is near the upcoming Katong Park MRT station, recreation facilities along East Coast Park and popular schools such as Tao Nan School, Dunman High School and Victoria Junior College, he adds. "Leveraging our experience in developing a luxury collection and the strong attributes of the site, we expect to see keen interest from both homebuyers and investors looking for a prime newly built high-rise residential development with freehold tenure, which is increasingly rare.”

"The joint venture with UOL will enable SingLand to mitigate risks and take on more projects to diversify its portfolio and tap on the expertise and network of its joint venture partner," says Singland in its separate announcement.

Meyer Park was relaunched for collective sale last month, with a reserve price of $390 million. Edmund Tie & Co is the marketing agent.

The site was previously launched for en bloc sale on July 25, 2022, and again on Oct 13, 2022, with a reserve price of $420 million. (See potential condos with en bloc calculator)

Including a 7% bonus floor area, the site has a max allowable gross floor area of 289,628 sq ft.

UOL shares closed Feb 9 at $6.93, down 0.14%; Singland last traded at $2.06.

Check out the latest listings near Meyer Park, Meyer Mansion, Meyer Road, Katong Park, Tao Nan School, Dunman High School, Victoria Junior College