Meyer Park Condo En Bloc Sale Relaunched 2023 – Freehold D15
After two unsuccessful efforts to sell the Meyer Park condo in the popular district 15, it has been relaunched again for collective sale at a reduced reserve price of S$390 million.
The Meyer Road property was first put up for sale on July 25 of last year with a S$420 million reserve price.
On October 13, it was relaunched with the same reserve price, and the tender once again closed on November 2 without a deal.
Meyer Park condo is situated at 81 and 83 Meyer Road and has a total land area of around 96,672 square feet (sq ft).
The land rate at the present reserve price works out to around S$1,660 psf ppr, including a 7% bonus floor area, with an anticipated land betterment fee of about S$90.9 million.
The land rate was around S$1,764 psf ppr when the reserve price was set at S$420 million.
The en bloc site is designated as residential under the Urban Redevelopment Authority Master Plan 2019, with a plot ratio of 2.8.
The maximum permitted gross floor area is 289,628 square feet when the bonus floor area is taken into account.
In spite of being more cautious and choosier in the present market, developers are actively looking to refill their land banks, according to Swee Shou Fern at Edmund Tie.
As a result, developers will be drawn to sites with a palatable size and quantum, along with a strategic location and great site qualities, such as Meyer Park.
She went on to say that the winning bidder, who had earlier recommended a mid-sized high-rise condominium housing up to 251 units, may think about creating opulent seaside residences along Meyer Road.
Unobstructed vistas of two-story landed mansions can be seen to Meyer Park’s north, while views of the sea can be seen over its 88-meter frontage to the south.
The condo currently has 60 units and was finished in the 1980s. Nearby malls such as i12 Katong and Parkway Parade serve the area.
Other amenities close to the site include historic shophouses that contain both retail and food and beverage establishments.
Schools like Dunman High School, Victoria Junior College, and Tao Nan Primary School can be found in the vicinity.
The enbloc site is not far from the upcoming Katong Park MRT Station (Thomson East Coast Line), which is scheduled to open in 2024.
On February 8 at 3 p.m., the public tender for the Meyer Park condo will close.