Casa Meyfort up for collective sale with reserve price of $340 mil

/ EdgeProp
December 19, 2017 9:00 PM SGT
Updated, Dec 21, 11:55 p.m., to add ET&Co's comment that this is the first collective sale attempt for Casa Meyfort.
Casa Meyfort at Meyer Road was launched for collective sale on Dec 19, with a reserve price of $340 million, according to marketing agent Edmund Tie & Company (ET&Co). The reserve price works out to be a land rate of $1,616 psf per plot ratio (ppr), including estimated development charges of $46 million.
With an additional 10% gross floor area (GFA) that comes with the inclusion of balconies – which increases the development charge by an estimated $19 million – the land cost translates to $1,540 psf ppr, says ET&Co.
Located within the Katong-East Coast district, the 76-unit Casa Meyfort sits on a site measuring about 85,249 sq ft. Under the 2014 Master Plan, the site is zoned ‘residential’ with a gross plot ratio of 2.8.
Exterior shot of Casa Meyfort
(Credit: ET&Co)
Built in 1992, Casa Meyfort is located near the future Katong Park MRT station on the Thomson-East Coast Line. The development also sits within a 1km radius of Dunman High School.
According to ET&Co, a redevelopment on the site could offer unblocked views of the CBD as well as the landed residential enclave at Mountbatten Road.
Within a 400m radius from Casa Meyfort is the 36-unit Nanak Mansions, a collective sale site which was bought by UOL Group and Kheng Leong Company in September for $201.08 million, or $1,429 psf ppr including development charges.
This is Casa Meyfort's first collective sale attempt, says ET&Co. The tender will close on Jan 17, 2018.