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Meyer Park up for collective sale at S$420 million reserve price

·Finance Editor
·2-min read
The site is currently occupied by Meyer Park, a condominium development that was completed in the early 1980s.
Meyer Park launched for collective sale at S$420 million reserve price. (PHOTO: Edmund Tie)

SINGAPORE — Meyer Park, 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, its exclusive marketing agent Edmund Tie said in a statement.

The land rate works out to approximately S$1,720 per sq ft per plot ratio after including a development charge of approximately S$78.2 million which takes into account a seven per cent bonus floor area.

The site has a land area of about 8,981 sq m (96,672 sq ft), with an 88m frontage facing the sea. Under the Urban Redevelopment Authority (URA) Master Plan 2019, it is zoned for “Residential” use with a plot ratio of 2.8. Its maximum allowable gross floor area spans some 26,907 sq m after factoring in the bonus floor area.

Meyer Park was completed in the early 1980s and accommodates 60 apartment units ranging from 168 sq m to 258 sq m.

This is the first time that the development has achieved the requisite 80 per cent owners’ consent to a collective sale, despite four attempts in the past, Edmund Tie said.

"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," Swee Shou Fern, head of investment advisory at Edmund Tie, said.

A 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, Swee added.

Amenities in the site’s vicinity include malls such as Parkway Parade and i12 Katong, as well as heritage shophouses along Katong. Nearby schools range from Tao Nan Primary School to Dunman High School and Victoria Junior College, among others.

The sale tender will close on 9 September at 3pm.

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