GuocoLand has acquired Casa Meyfort, a freehold condo located on Meyer Road in an en bloc sale for S$319.88 million.
The developer exercised its option to buy the site below its original S$340m reserve price.
Under the deal the developer would pay S$1,580 psf ppr (per square foot per plot ratio) and also have to bear an additional S$57.2 million as development charges for the site.
Market watchers believe this would be one of the last private residential properties to undergo collective sale before the new cooling measures in the form of ABSD (Additional Buyer’s Stamp Duty) that was announced on July 6 comes into effect.
Realty experts believe that the developers have decided to exercise their pre-July 6 option in spite of the cooling measures as the site presents them many incentives.
Freehold sites on Meyer Road are rare and also this one is of manageable size for the developer. GuocoLand would have had to bear additional costs in terms of ABSD with a fresh bid and hence they have decided to go ahead with this deal.
Casa Meyfort has 85,249 sq ft (7,919 sq m) in terms of land area and includes 76 apartments which were completed in early 1990s.
As per Urban Redevelopment Authority’s 2014 Master Plan the site has been zoned residential and has 2.8 Gross Plot Ratio.
Interestingly the site’s tender was launched back in December 2017 at S$340 million reserve price with Edmund Tie & Co being hired as the marketing agent and closed in January this year without attracting any bids.
It was launched again in April with the same amount as the asking price and the reserve price being kept undisclosed and closed on 21st May.
A spokesperson for GuocoLand said that the company would use bank borrowings and its own capital to fund the Casa Meyfort acquisition and future redevelopment at the site.
Related News: Casa Meyfort En Bloc Sale 2018
No.1 reason. Superior Location
The freehold condo is right in front of East Coast Park, one of the best attractions in the area which is also few mins walk away.
There won’t be any new development build in front of them thus they have unblocked view over large area.
The future residents will have amazing view of the sea, Singapore’s Central Business District, Marina Bay as well as housing estate in Mountbatten Road.
Connectivity to this site is expected to receive a major boost with the Katong Park MRT Station only 600 meters away. It is part of the upcoming Thomson-East Coast Line. This is at the same time will push up the property price a bit.
There are many good schools that is right in front of the upcoming Marine Terrace MRT such as Saint Patrick’s, Ngee Ann Primary, Victoria Junior College and CHIJ Katong Convent. This will attract home buyers with families easily of course.
Much awaited Jewel @ Changi is set to be completed by 2019 which is short drive away from the freehold site. Apart from that, Central Business District, Singapore Sports Hub and Marina Bay can be reach in few mins.
As everyone loves to live near seaside and with plenty of amenities around, the new project will be home hunter top list.