View Full Version : Meyer Park sold to UOL-Singapore Land Group JV for S$392.18 million in third en bloc
PropVestor
26-11-15, 13:01
The owners are collecting signatures at the moment. Will know soon if they can gather 80%. If successful, it will be out in the market 2017 thereabouts. Still a long way to go.
PropVestor
26-11-15, 15:07
Timeline to coincide with the major developments around the area especially URA MasterPlan and Thomson-East Coast Line. Lets start with the latter since it is closer in timeline.
2023 proposed Amber and Katong Park MRT stations to be completed.
Meyer Park seeking signatures and tender is successful (2016-2017)
Developer buys Meyer Park and redevelops the land for new Freehold apartments (2018-2022/23)
This will coincide with the new lines. Meyer Park sits between the 2 stations. They are about 500m from Meyer Park.
URA MasterPlan schematic analysis: future land use of reclaimed land opposite Meyer Road-Meyer Park may block sea view. Meyer Road may be landlocked which loses its appeal of a seaside condo area. See yellow highlights.
https://www.ura.gov.sg/maps/?service=MP2014_DL
This big piece of reclaimed land has been sitting there for the last few decades which is awaiting government instructions. It will not be soon as recent years, more reclamation has taken place at 24-7 nearer to Bay East-Barrage area. New reclaimed land needs quite a few years to settle before it can be used. Need to wait for next masterplan (2019) for further details, if any.
This massive piece of land is slated to be an extension of future downtown central core area BUT it also means Meyer Road will be landlocked in the next ~15-20 years time. One upside will also be more central to future developments that is close to downtown.
PropVestor
12-01-16, 17:59
35% so far
You will need a protracted housing downturn to convince the owners to sign. Right now, many are still hoping for a rebound.
PropVestor
14-01-16, 16:40
The thing with en bloc is about 'future proofing with current prices' mindset. Thats why it is challenging to achieve.
I do have a friend who experienced it twice. Lucky him.
PropVestor
01-02-16, 14:25
43% now
PropVestor
10-03-16, 15:54
47% now. Still a long way to get 80%.
PropVestor
17-06-16, 17:10
56% at the moment. 24% more to go before anything can be done.
PropVestor
03-08-16, 15:37
56% at the moment. 24% more to go before anything can be done.
The % has not changed. Looks like those who wanted to vote has already done so. Looks like he is going to stay there for a few more years. I was told at the peak of en-bloc fever, those units close to 3,000 sq feet can fetch beyond $6mil. The Eclipse has passed.
PropVestor
17-08-16, 12:54
Knight Frank has been called in to revise the psf price upwards so as to convince more to sign. Still a rather wide chasm to cross.
The mark stays at 56% at the time of this post. One thing is certain, the clock is ticking.
PropVestor
02-09-16, 13:55
59% ... ...
PropVestor
06-10-16, 13:00
61% now.
PropVestor
05-12-16, 15:30
Signatures have stopped. Case close. This is the 3rd failed attempt.
PropVestor
09-11-17, 12:47
Revived. Sales committee looking for lawyers and marketing agent.
PropVestor
04-12-17, 10:46
Knight Frank appointed. CSC formed. First day of signature started 3rd Dec.
PropVestor
13-12-17, 16:59
50% achieved in 2 weeks
PropVestor
19-12-17, 22:17
Casa Meyfort up for collective sale with reserve price of $340 million
http://www.straitstimes.com/business/property/casa-meyfort-up-for-collective-sale-with-reserve-price-of-340-million
This is going to be closely watched by Meyer Park. I hope new levels are achieved due to higher plot ratio than Nanak Mansions.
PropVestor
30-12-17, 19:51
4 more signatories to bring in 80%. Think the fence sitters are waiting for January 17th 2018 to make a decision.
PropVestor
28-02-18, 12:13
71% today!
Has there been no offers for this site ?
Casa Meyfort up for collective sale with reserve price of $340 million
http://www.straitstimes.com/business/property/casa-meyfort-up-for-collective-sale-with-reserve-price-of-340-million
This is going to be closely watched by Meyer Park. I hope new levels are achieved due to higher plot ratio than Nanak Mansions.
PropVestor
28-03-18, 09:29
Casa Meyfort has no offers according to KF. There are a couple of issues.
1) Land size is small but psf is high
2) Developers might be waiting for nearby plot to buy at one go as they can build a larger development
Casa Meyfort has no offers according to KF. There are a couple of issues.
1) Land size is small but psf is high
2) Developers might be waiting for nearby plot to buy at one go as they can build a larger development
Thanks for the info. Indeed they have choices around the area.
PropVestor
10-04-18, 23:50
Casa Meyfort has no offers according to KF. There are a couple of issues.
1) Land size is small but psf is high
2) Developers might be waiting for nearby plot to buy at one go as they can build a larger development
The show continues. Same target price. Take a guess at the reserved price.
Take a cue from amber 45 where it starts $2,300psf.......
PropVestor
11-07-18, 16:03
Goodbye Casa Meyfort. Congrats to the owners. Bye neighbour.
https://www.propertyguru.com.sg/property-management-news/2018/7/173162/guocoland-acquires-casa-meyfort-for-s319-88mil
Goodbye Casa Meyfort. Congrats to the owners. Bye neighbour.
https://www.propertyguru.com.sg/property-management-news/2018/7/173162/guocoland-acquires-casa-meyfort-for-s319-88mil
Ouch what a disappointment for the doomsayers
Goodbye Casa Meyfort. Congrats to the owners. Bye neighbour.
https://www.propertyguru.com.sg/property-management-news/2018/7/173162/guocoland-acquires-casa-meyfort-for-s319-88mil
320mio + 57mio development fee + 5% developer stamp duty * 320mio + opportunity cost of 25% refundable deposit estimated to be ~40mio (2.5% per annum for 5 years not accounting for compounding) = ~433 mio all in
divided by gross floor area of 238,697, you are looking at 1815 psf before cost of actually building the condo.
can we safe to assume the launch price will be in the region of [1815 + 600 (for construction)]*120% (20% profit margin) = 2900 psf?
That's scary
This is under old rule 15% ABSD rt?
PropVestor
11-07-18, 22:18
If I’m not wrong. It’s transacted before the last CM. GLL no matter what can weather this. They are no small fry. Now let’s see if our needle move beyond 73%. Hmmm.
PropVestor
11-07-18, 22:27
Meyer Road is going to see records broken again. My 2 cents guess is a single block with $2,700psf+ for top floor smaller units. It is after all unblocked sea with city views. FH.
PropVestor
06-07-22, 15:03
80% signatures achieved for Meyer Park. Waiting to launch tender.
Some nearby developments are doing the same, the old 35+ year old apartments are awaking from slumber.
PropVestor
25-07-22, 21:46
https://www.businesstimes.com.sg/real-estate/meyer-park-launched-for-collective-sale-at-s420m-reserve-price
I guess the proof is in the pudding come sept 9th 2022.
Meyer Park launched for collective sale at S$420m reserve price
Jul 25, 2022
A FREEHOLD seafront residential site at 81 and 83 Meyer Road has been launched for collective sale at a reserve price of S$420 million.
This works out to a land rate of about S$1,720 per square feet per plot ratio (psf ppr) after factoring in a development charge of S$78.2 million, which factors in a 7 per cent bonus floor area.
Zoned “residential” with a plot ratio of 2.8 per cent, the District 15 site has a land area of about 96,672 sq feet (sq ft) with an 88-metre frontage facing the sea. Its maximum allowable gross floor area spans some 289,628 sq ft after factoring in a bonus floor area of 7 per cent.
The site is presently occupied by condominium development Meyer Park, which was completed in the 1980s and houses 60 apartment units.
URA data showed a high-floor 1,808 sq ft unit at the condominium was sold for S$2.565 million in July 2020, amounting to a psf price of S$1,418. A bigger low-floor 2,659 sq ft unit went for S$3.6 million, or S$1,354 psf, in March the same year - while another unit of the same size but on a higher floor was transacted for S$4.075 million, or S$1,533 psf, in August 2019.
Meanwhile, since GuocoLand’s nearby condo project Meyer Mansion was launched for sale in September 2019, its units have transacted in the range of S$2,403 to S$3,293 psf. The residential development at 79 Meyer Road remains under construction, and is estimated to obtain TOP (temporary occupation permit) in 2024.
In a press statement on Monday (Jul 25), exclusive marketing agent Edmund Tie said this marks the first time Meyer Park has obtained the requisite 80 per cent owners’ consent to a collective sale, despite 4 attempts in the past to go en bloc.
Swee Shou Fern, head of investment advisory at Edmund Tie, said the new development can accommodate up to 251 residences that offer panoramic sea views to its south, and an unobstructed view over a bungalow enclave in Mountbatten to its north.
“The site also enjoys the advantage of tranquil city-fringe living with a robust network of amenities nearby. All these factors combined will rank high in prospective homebuyers’ consideration list,” said Swee.
“Developers seeking to replenish their landbank will appreciate its exclusive location in the well sought-after Meyer Road precinct, and its palatable size for a mid-sized luxury high-rise development,” she added.
Amenities in the site’s vicinity include malls such as Parkway Parade and i12 Katong, as well as heritage shophouses housing both retail and F&B (food and beverage) businesses. Nearby schools range from Tao Nan Primary School to Dunman High School and Victoria Junior College, among others.
The sale tender for 81 and 83 Meyer Road will close on Sep 9 at 3 pm.
https://www.businesstimes.com.sg/real-estate/meyer-park-launched-for-collective-sale-at-s420m-reserve-price
PropVestor
14-10-22, 11:05
https://www.straitstimes.com/business/property/freehold-meyer-park-relaunches-collective-sale-tender-at-420-million
No bid the first time round so got to do it the second time. Still on the market.
Caveat now is LBC is locked in to the calculation. GFA calculation to be revised in June 2023.
Thomas Brown
07-02-23, 19:51
320 million + 57 million for development fees + 5% for developer stamp duty * 320 million + estimated opportunity cost of a 25% refundable deposit of 40 million (2.5% annually for five years without taking compounding into account) = 433 million. (https://laptopswiki.com/how-long-to-charge-a-laptop-battery/) You are looking at 1815 psf before the cost of actually building the condo when the gross floor area of 238,697 is divided. Can we safely assume that [1815 + 600 (for building)] will be the launch price? 2900 psf *120% (20% profit margin)
That scares me
New Reporter
10-02-23, 09:54
Meyer Park sold to UOL-Singapore Land Group JV for S$392.18 million in third en bloc attempt
Feb 10, 2023
THIRD time’s the charm for Meyer Park, which has been sold for S$392.18 million, a notch higher than its guide price of S$390 million.
The freehold sea-fronting residential property was sold to United Venture Development (No 6), an 80/20 joint-venture (JV) company between UOL Group and Singapore Land Group.
Depending on the apartment size, each unit stands to receive approximately S$5.25 million to S$7.26 million from the collective sale, according to sole marketing agent Edmund Tie.
Located at 81 and 83 Meyer Road, Meyer Park sits on a land area of approximately 8,981.1 square metres (sq m) with 60 apartment units.
Including a land betterment charge of about S$90.9 million, the land rate works out to approximately S$1,668 per square foot per plot ratio, which factors in a 7 per cent bonus floor area.
“The tender award demonstrates that sites with strategic location and exceptional attributes, coupled with a reasonable asking price, will garner strong interest from developers who are understandably becoming selective in their site acquisitions,” said Swee Shou Fern, head of investment advisory at Edmund Tie.
This is Meyer Park’s third attempt at a collective sale, having first launched one on Jul 25 last year with a reserve price of S$420 million. It was relaunched with the same reserve price on Oct 13 with the tender again closing on Nov 2 without a deal.
The development is connected to several expressways, including the Marina Coastal Expressway and Pan Island Expressway, with the nearby Katong Park MRT station on the Thomson-East Coast Line slated to be operational next year.
It is also near to prominent schools such as Tao Nan Primary School, Kong Hwa School, Dunman High School and Victoria Junior College.
Under Master Plan 2019, the site is zoned for Residential use at plot ratio 2.8 and can be redeveloped to a maximum gross floor area of 25,147.08 sq m.
https://www.businesstimes.com.sg/companies-markets/meyer-park-sold-uol-singapore-land-group-jv-s39218-million-third-en-bloc-attempt
PropVestor
10-02-23, 22:47
Finally the wait is over. Started this thread back in 2015 and finally found a buyer. Hopefully STB approves the sale.
alexsmith12
12-02-23, 05:02
En bloc has a problem with the idea of "future proofing with current costs." Because of this, achieving it is difficult.
I do know someone who went through it twice. He is lucky. (https://laptopswiki.com/best-laptop-for-deep-learning/)
PropVestor
13-02-23, 15:28
En bloc has a problem with the idea of "future proofing with current costs." Because of this, achieving it is difficult.
I do know someone who went through it twice. He is lucky. (https://laptopswiki.com/best-laptop-for-deep-learning/)
From what I gathered, there are those investors who buy en bloc potential properties only. He is not as 'lucky' as you think he is. There are already 3 in MP that I know who are of this nature and have success in multiple projects (more than 2). Achieving it is of course not easy.
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