Meyer Park Condo En Bloc Sale 2022 – Freehold D15
The collective sale of the Meyer Park condo has been relaunched at the same reserve price of S$420 million. It is understood that the tender that closed on September 9 was without success.
The land betterment price for the 96,672 sq ft property at 81 and 83 Meyer Road is now around S$90.9 million, equating to a land rate of approximately S$1,764 psf ppr, inclusive of a 7% bonus floor area.
This compared to a land rate of around S$1,720 psf ppr at the project’s July 25 launch, when the development fee was S$78.2 million less.
The freehold site is designated for residential development with a plot ratio of 2.8 under the Master Plan 2019. Including the bonus floor area, the maximum gross floor area permitted is about 289,628 square feet.
According to a press release from the appointed marketing agent Edmund Tie on Thursday (Oct. 13), Meyer Park offers developers a sought-after freehold seafront residential site in prestigious District 15 with unhindered views of two-storey landed homes to the north and sea views across its 88 m frontage to the south.
The agency had said during the condominium’s July debut that despite four prior efforts to go en bloc, it was the first time the condominium had received the required 80% of owners’ permission for a collective sale.
According to Swee Shou Fern, head of investment consulting at Edmund Tie, the land might be transformed into a mid-sized, luxurious high-rise condominium development with up to 251 homes.
She added that the purchase of the property will provide the winning bidder plenty of time to prepare and submit their development application to the authorities and lock in the existing definition of gross floor area before June 1, 2023.
Nearby Amenities to Meyer Park Condo Freehold Site
Meyer Park, which has 60 apartments, was finished in the 1980s. The area’s amenities include historic shophouses that contain both retail and food and beverage establishments, as well as malls like Parkway Parade and i12 Katong.
Schools in the area include, but are not limited to, Victoria Junior College, Dunman High School, and Tao Nan Primary School.
It is not far from the Thomson East Coast Line’s Katong Park MRT Station, which is scheduled to open in 2024.
The public tender for Meyer Park site will close on November 2 at 3 p.m.