Meyer Park relaunched for en bloc sale at unchanged S$420m reserve price

Oct 14, 2022

FREEHOLD sea-fronting Meyer Park has been relaunched for collective sale at the same reserve price of S$420 million after the previous attempt closed on Sep 9 without a sale.

The land betterment charge for the 96,672 square foot (sq ft) site at 81 and 83 Meyer Road is now about S$90.9 million, which works out to a land rate of around S$1,764 per sq ft per plot ratio (psf ppr), including a 7 per cent bonus floor area. This compares with a land rate of about S$1,720 psf ppr in its Jul 25 launch, when the development charge was a lower S$78.2 million.

Under Master Plan 2019, the site is zoned for residential use with a plot ratio of 2.8. Including the bonus floor area, the maximum allowable gross floor area works out to some 289,628 sq ft.

Sole marketing agent Edmund Tie said in a press release on Thursday (Oct 13) that Meyer Park offers developers a coveted freehold seafront residential site in prime District 15 with unobstructed views of two-storey landed homes to its north, and sea views across its 88 m frontage to its south.

In its July launch, the agent had said that was the first time the condominium obtained the requisite 80 per cent owners’ consent to a collective sale, despite four attempts in the past to go en bloc.

Swee Shou Fern, head of investment advisory at Edmund Tie, said the site can be redeveloped into a mid-sized luxury high-rise condominium development accommodating up to 251 residences.

“The acquisition of the site will allow the successful bidder ample time to prepare and submit their development application to the authorities, and lock in the current definition of gross floor area before Jun 1, 2023,” she added.

From that date, there will be a harmonisation of floor area definitions by the Urban Redevelopment Authority, the Singapore Land Authority, the Building and Construction Authority and the Singapore Civil Defence Force. While the objective is to improve productivity for the built environment profession, the changes will result in a reduction in saleable area for condominium projects.

Meyer Park was completed in the 1980s, and houses 60 apartments. Amenities in its vicinity include malls such as Parkway Parade and i12 Katong, as well as heritage shophouses housing both retail and food and beverage businesses. Nearby schools range from Tao Nan Primary School to Dunman High School and Victoria Junior College, among others.

The Katong Park MRT Station on the Thomson East Coast Line, which is expected to be operational in 2024, is a short distance away.

The tender for Meyer Park will close on Nov 2 at 3 pm.

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