Casa Meyfort is a 26-yr old condominium in District 15, which was put up for sale in December last year but didn’t manage to attract a buyer at its reserve price of S$340 million.
Since then, prices of private homes within the Outside Central Region (OCR) where the 20-storey development belongs have gone up by a whole 3.8%, the reason owners of the 76-unit property are hopeful developers will find their asking price attractive this time round.
The public tender has been re-launched and is set to close on May 21, 2018.
This OCR price hike, which Edmund Tie & Company (ET & C) cited in announcing the re-launch, is reflected in the quarterly estimates recently released by the Urban Redevelopment Authority (URA).
ET & C, the investment firm handling the tender for Casa Meyfort, noted that in the previous quarter, prices in the region had just risen by 0.8%.
The firm also said they had information indicating that the sale of condominiums and private apartments within District 15 has been on the rise, ever since the Amber Park condo within the district fetched in S$906.7 million in a collective sale within the last quarter of last year.
The Casa Meyfort site measures 85,249 sq ft, and its gross plot ratio (GPR) is 2.8. Although current prices appear attractive to property owners, interested developers will have to consider the risen development charge.
During the last tender launch, the charge was only S$46 million, but that figure has now risen by almost a quarter to S$57.2 million.
Hence the property land rate will have risen from S$1,616 per sq ft per plot ratio (psf ppr) to S$1,664 psf ppr based on the property asking price.
Located at 79 Meyer Road District 15, Casa Meyfort is another freehold property launch in this Hot Zone Singapore as there are several freehold sites have been sold. Besides having good connectivity, the site’s proximity to good schools is also alluring.
Tan Chun Ming, who is ET & Co’s senior director of investment advisory, says the new development will give residents are Breathtaking view of Singapore’s skyline, and a panoramic view of the surrounding areas.
He adds that even residents of lower floors will have a great view of the East Coast Park and the lush greenery around.
Below are the reasons why developers should take serious look at this potential freehold site:
The anticipated Katong Park MRT station which will be ready in 2023, is only 7 mins walk away from the Condo
Beside easy access to MRT Station, there are also several buses just outside the freehold site
It is also close to major roads and expressways, which include Fort Road, Tanjong Katong Road and Mountbatten Road. Also, the site is just 10 minutes’ drive to Singapore’s Central Business District (CBD)
One of the selling point is that this condo is very near to East Coast Park. It is always being every home buyer dream to live near seaside. Not only facing amazing sea views, they can also enjoy all sorts of fun activities.
There are many schools around such as Broadrick Secondary, Dunman High School, the Canadian International and Chung Cheng High
For Shopping and dining, Parkway Parade will be the nearest one. Many good restaurants, retail stores are found within. Cathay cinema is located at top floor.