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.
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.
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.
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.
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.
43% now
47% now. Still a long way to get 80%.
56% at the moment. 24% more to go before anything can be done.
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.
59% ... ...
61% now.
Signatures have stopped. Case close. This is the 3rd failed attempt.
Revived. Sales committee looking for lawyers and marketing agent.
Knight Frank appointed. CSC formed. First day of signature started 3rd Dec.
50% achieved in 2 weeks
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.
4 more signatories to bring in 80%. Think the fence sitters are waiting for January 17th 2018 to make a decision.
71% today!
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
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
This is under old rule 15% ABSD rt?
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.
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.
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.