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Thread: Meyer Park launched for collective sale at S$420m reserve price

  1. #1
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    Default Meyer Park launched for collective sale at S$420m reserve price

    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.

  2. #2
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    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.

  3. #3
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    35% so far

  4. #4
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    You will need a protracted housing downturn to convince the owners to sign. Right now, many are still hoping for a rebound.

  5. #5
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    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.

  6. #6
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    43% now

  7. #7
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    47% now. Still a long way to get 80%.

  8. #8
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    56% at the moment. 24% more to go before anything can be done.

  9. #9
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    Quote Originally Posted by PropVestor View Post
    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.

  10. #10
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    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.

  11. #11
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    59% ... ...

  12. #12
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    61% now.

  13. #13
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    Signatures have stopped. Case close. This is the 3rd failed attempt.

  14. #14
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    Revived. Sales committee looking for lawyers and marketing agent.

  15. #15
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    Knight Frank appointed. CSC formed. First day of signature started 3rd Dec.

  16. #16
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    50% achieved in 2 weeks

  17. #17
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    Casa Meyfort up for collective sale with reserve price of $340 million

    http://www.straitstimes.com/business...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.

  18. #18
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    4 more signatories to bring in 80%. Think the fence sitters are waiting for January 17th 2018 to make a decision.

  19. #19
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    71% today!

  20. #20
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    Has there been no offers for this site ?

    Quote Originally Posted by PropVestor View Post
    Casa Meyfort up for collective sale with reserve price of $340 million

    http://www.straitstimes.com/business...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.

  21. #21
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    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

  22. #22
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    Quote Originally Posted by PropVestor View Post
    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.

  23. #23
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    Quote Originally Posted by PropVestor View Post
    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.......

  24. #24
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    Goodbye Casa Meyfort. Congrats to the owners. Bye neighbour.
    https://www.propertyguru.com.sg/prop...for-s319-88mil

  25. #25
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    Quote Originally Posted by PropVestor View Post
    Goodbye Casa Meyfort. Congrats to the owners. Bye neighbour.
    https://www.propertyguru.com.sg/prop...for-s319-88mil
    Ouch what a disappointment for the doomsayers

  26. #26
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    Quote Originally Posted by PropVestor View Post
    Goodbye Casa Meyfort. Congrats to the owners. Bye neighbour.
    https://www.propertyguru.com.sg/prop...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

  27. #27
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    This is under old rule 15% ABSD rt?

  28. #28
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    If Iím not wrong. Itís transacted before the last CM. GLL no matter what can weather this. They are no small fry. Now letís see if our needle move beyond 73%. Hmmm.

  29. #29
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    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.

  30. #30
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    Default Re: Meyer [email protected] Road collecting signatures

    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.

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