Meyer Park relaunched for collective sale at lower price of $390 million
/ EdgeProp Singapore |
Meyer Park (Picture: Edmund Tie & Co)
SINGAPORE (EDGEPROP) - Meyer Park, a freehold condominium on Meyer Road in District 15, has been relaunched for collective sale with a reserve price of $390 million. 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)
Located at 81 & 83 Meyer Road, Meyer Park is a 60-unit seafront condo that was completed in the early 1980s. It sits on a land area of 96,672 sq ft that is zoned for residential use with a plot ratio of 2.8. Including a 7% bonus floor area, the site has a max allowable gross floor area of 289,628 sq ft. The site has a north-south orientation with unblocked views overlooking the sea to the south and a landed housing enclave to the north.
According to marketing agent Edmund Tie & Co, the lower reserve price works out to about $1,660 psf per plot ratio (psf ppr), including a land betterment charge estimated at around $90.9 million.
Within a 1km radius of Meyer Park, the most recent en bloc sale was La Ville, which sold for $152 million ($1,540 psf ppr) to ZACD Group in December 2021 (Source: EdgeProp LandLens)
Swee Shou Fern, Edmund Tie’s head of investment advisory, notes that the site will appeal to developers, given its “palatable size and quantum”. She also expected developers to be drawn to the site’s city-fringe location and its attributes.
“The successful buyer can consider developing luxurious seafront homes along the prestigious Meyer Road, often referred to as the ‘Nassim of the East’, given the site’s advantage of tranquil city-fringe living, while being in a prime location where there is easy access to a plethora of amenities,” Swee adds.
Meyer Park is located next to the site of Meyer Mansion, the 200-unit freehold condo by GuocoLand that was launched in September 2019. Meyer Mansion sits on the site of the former Casa Meyfort, which GuocoLand acquired en bloc in July 2018 for $319.88 million ($1,580 psf ppr).
The site is also close to Bukit Sembawang Estates’ Liv@MB, the 99-year leasehold property at the corner of Mountbatten Road and Arthur Road. The 298-unit project launched for sale last May and has since seen over 80% of units sold at an average price of around $2,400 psf.
Other launches within a 1km radius in the past three years include the 144-unit Coastline Residences, the 56-unit MeyerHouse, the 92-unit Nyon, and the 66-unit One Meyer (Source: EdgeProp LandLens)
Meyer Park is located within walking distance to the upcoming Tanjong Katong MRT Station on the Thomson East Coast Line, which is expected to be operational in 2024. It is also a short drive to amenities including Parkway Parade, i12 Katong and East Coast Park.
The tender for Meyer Park will close on Feb 8 at 3pm.
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