The Freehold Meyer Park first launched for enbloc in July 2022 with a reserve price of $420m.
In their third and latest attempt, their collective sale has been relaunched at a lower price of $390m, which works out to approximately S$1,660 per sq ft per plot ratio.
And in Feb 2023, Meyer Park was successfully sold enbloc at $392.18 million, to United Venture Development (No 6), an 80/20 joint venture between UOL Group and Singapore Land Group.
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| LAND SIZE (SQM) | 8,981 |
| MASTER PLAN GFA (SQM) | 25,143 |
| MASTER PLAN PLOT RATIO | 2.8 |
| PROJECT NAME | MEYER PARK |
| STREET NAME | MEYER ROAD |
| PROPERTY TYPE | CONDOMINIUM |
| TENURE | FREEHOLD |
| DISTRICT / PLANNING AREA | D15 / MARINE PARADE |
| COMPLETION | 1985 |
| NUMBER OF UNITS | 60 UNITS |
10 Feb 2023
Third time’s the charm for Meyer Park, which has been sold for $392.18 million, a notch higher than its guide price of $390 million.
The freehold sea-fronting residential property was sold to United Venture Development (No 6), an 80/20 joint venture between UOL Group and Singapore Land Group.
Depending on the apartment size, each unit stands to receive approximately $5.25 million to $7.26 million from the collective sale, sole marketing agent Edmund Tie said on Thursday evening.
Located at 81 and 83 Meyer Road, Meyer Park sits on a land area of approximately 8,981.1 sq m, with 60 apartment units.
Including a land betterment charge of about $90.9 million, the land rate works out to approximately $1,668 per sq ft per plot ratio, which factors in a 7 per cent bonus floor area.
“The tender award demonstrates that sites with strategic location and exceptional attributes, coupled with a reasonable asking price, will garner strong interest from developers that are understandably becoming selective in their site acquisitions,” said Ms Swee Shou Fern, head of investment advisory at Edmund Tie.
17 Jan 2023
FREEHOLD sea-fronting Meyer Park has been relaunched for collective sale at a lower reserve price of S$390 million after its two previous attempts closed without a sale.
The District 15 condo was first launched on Jul 25 last year with a reserve price of S$420 million. It was relaunched at the same reserve price on Oct 13, with the tender again closing on Nov 2 without a deal.
Located at 81 & 83 Meyer Road, Meyer Park sits on a land area of approximately 96,672 square feet (sq ft). With an estimated land betterment charge of about S$90.9 million, the land rate at the current reserve price works out to approximately S$1,660 per sq ft per plot ratio (psf ppr), including a 7 per cent bonus floor area.
13 Oct 2022
FREEHOLD sea-fronting Meyer Park has been relaunched for collective sale at the same reserve price of S$420 million after the previous attempt closed on Sep 9 without a sale.
The land betterment charge for the 96,672 square foot (sq ft) site at 81 and 83 Meyer Road is now about S$90.9 million, which works out to a land rate of around S$1,764 per sq ft per plot ratio (psf ppr), including a 7 per cent bonus floor area. This compares with a land rate of about S$1,720 psf ppr in its Jul 25 launch, when the development charge was a lower S$78.2 million.
Under Master Plan 2019, the site is zoned for residential use with a plot ratio of 2.8. Including the bonus floor area, the maximum allowable gross floor area works out to some 289,628 sq ft.
25 Jul 2022
A FREEHOLD seafront residential site at 81 and 83 Meyer Road has been launched for collective sale at a reserve price of S$420 million.
This works out to a land rate of about S$1,720 per square feet per plot ratio (psf ppr) after factoring in a development charge of S$78.2 million, which factors in a 7 per cent bonus floor area.
Zoned "residential" with a plot ratio of 2.8 per cent, the District 15 site has a land area of about 96,672 sq feet (sq ft) with an 88-metre frontage facing the sea. Its maximum allowable gross floor area spans some 289,628 sq ft after factoring in a bonus floor area of 7 per cent.