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Thread: Meyer Park sold to UOL-Singapore Land Group JV for S$392.18 million in third en bloc

  1. #31
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    Nov 2015
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    Default Re: Meyer Park@Meyer Road collecting signatures

    https://www.businesstimes.com.sg/rea...-reserve-price

    I guess the proof is in the pudding come sept 9th 2022.

  2. #32
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    Default Re: Meyer Park@Meyer Road collecting signatures

    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/rea...-reserve-price

  3. #33
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    Default Re: Meyer Park launched for collective sale at S$420m reserve price

    https://www.straitstimes.com/busines...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.

  4. #34
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    Default Re: Meyer Park launched for collective sale at S$420m reserve price

    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.  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

  5. #35
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    Default Meyer Park sold to UOL-Singapore Land Group JV for S$392.18 million in third en bloc

    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/com...n-bloc-attempt

  6. #36
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    Default Re: Meyer Park launched for collective sale at S$420m reserve price

    Finally the wait is over. Started this thread back in 2015 and finally found a buyer. Hopefully STB approves the sale.

  7. #37
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    Feb 2023
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    Default Re: Meyer Park launched for collective sale at S$420m reserve price

    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.

  8. #38
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    Default Re: Meyer Park launched for collective sale at S$420m reserve price

    Quote Originally Posted by alexsmith12 View Post
    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.
    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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