[UPDATE] UOL-Singland JV wins Meyer Park en bloc deal for $392.18 million

By The Edge Singapore
/ EdgeProp Singapore |
Sited at 81 and 83 Meyer Road, the development, with 60 units now, sits on a freehold land of 96,672 sq ft (Photo: Edmund Tie)
Join our  Telegram  channel and follow our  Facebook  for the latest update.
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.”
Meyer Park landlens - EDGEPROP SINGAPORE
Meyer Park is located next to the upcoming 200-unit Meyer Mansion, which is a redevelopment of the former Casa Meyfort which GuocoLand had acquired en bloc for $319.88 million in July 2018 (Source: EdgeProp Landlens)
"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.
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.

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Our Site

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

View More