Meyer Park Condo En Bloc Sold to a Joint Venture of UOL and Singapore Land Group for S$392.18 million.

Meyer Park Condo En Bloc Sold to a Joint Venture of UOL and Singapore Land Group for S$392.18 million.

The Second Collective Sale Site That Sold in 2023 After Bagnall Court Was Acquired First

Meyer Park condo, a freehold development in district 15, has been sold en bloc for S$392.18 million, which is a little more than its original reserve price of S$390 million.

According to exclusive marketing agent Edmund Tie’s statement on Thursday evening (Feb. 9), the freehold site was sold to United Venture Development (No. 6), an 80/20 joint venture (JV) between Singapore Land Group and UOL Group.

Each apartment’s owner will earn between S$5.25 million and S$7.26 million from the collective sale, depending on the unit size.

Based on the sale price, the land rate equals roughly S$1,668 psf ppr after taking into account a land betterment charge of about S$90.9 million and a bonus floor area of 7%.

“The tender award demonstrates that sites with strategic location and exceptional attributes, coupled with a reasonable asking price, will garner strong interest from developers who are understandably becoming selective in their site acquisitions,” says Swee Shou Fern, head of investment advisory at Edmund Tie.

Meyer Park Condo Sale Site Information

Meyer Park Condo, which has 60 apartments, is situated at 81 and 83 Meyer Road in the popular district 15, has a land area of around 8,981.1 square meters.

The land is classified for residential use under Master Plan 2019 with a plot ratio of 2.8, and it may be rebuilt to a maximum gross floor area of 25,147.08 sq m.

The neighbourhood’s features include malls like i12 Katong, Katong Shopping Centre, Katong V and Parkway Parade as well as old shophouses that hold both retail and food & beverage establishments.

The Katong Park MRT station on the Thomson-East Coast Line will be close to the enbloc site and connect to several expressways, including the Marina Coastal Expressway and the Pan Island Expressway.

Popular education institutions including Dunman High School, Kong Hwa School, Tao Nan Primary, and Victoria Junior College are also close by.

Meyer Park Condo En Bloc All Details

  • Status: SOLD

  • Tenure: Freehold

  • Land Size: 96,672 sq ft

  • Gross Floor Area: 289,628 sq ft

  • Total Units: 60

  • Gross Plot Ratio: 2.8

  • Nearest MRT: Katong Park (2024)

  • Address: 81 and 83 Meyer Road

  • District: 15

  • Marketing Agent: Edmund Tie

  • Reserve Price: S$390 million

  • Sale Price: S$392.18 million

  • Date of Sale: February 2023

  • Buyer: (JV) UOL & Singapore Land Group

  • New Development: TBA