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 8,981 square metres (sq m) with an 88-metre frontage facing the sea. Its maximum allowable gross floor area spans some 26,907 sq m after factoring in a bonus floor area of 7 per cent.
The site is presently occupied by condominium development Meyer Park, which was completed in the 1980s and houses 60 apartment units ranging from 168 sq m to 258 sq m.
URA data showed a high-floor 168 sq m unit at the condominium was sold for some S$2.6 million in July 2020, amounting to a per-square-metre price of S$15,268. A low-floor unit 247 sq m unit went for S$3.6 million, or S$14,575 per sq m, in March the same year - while another unit of the same size but on a higher floor was transacted for S$4.1 million, or S$16,498 per sq m, in August 2019.
Since GuocoLand’s nearby condominium project Meyer Mansion was launched for sale in September 2019 its units have transacted at a per sq m range of S$25,861 to S$35,449. The residential development at 79 Meyer Road remains under construction, and is estimated to obtain TOP (temporary occupation permit) in 2024.
In a press statement on Monday (Jul 25), exclusive marketing agent Edmund Tie said this marks the first time Meyer Park has obtained the requisite 80 per cent owners’ consent to a collective sale, despite 4 attempts in the past to go en bloc.
Swee Shou Fern, head of investment advisory at Edmund Tie, said the new development can accommodate up to 251 residences that offer panoramic sea views to its south, and an unobstructed view over a bungalow enclave in Mountbatten to its north.
“The site also enjoys the advantage of tranquil city-fringe living with a robust network of amenities nearby. All these factors combined will rank high in prospective homebuyers’ consideration list,” said Swee.
“Developers seeking to replenish their landbank will appreciate its exclusive location in the well sought-after Meyer Road precinct, and its palatable size for a mid-sized luxury high-rise development,” she added.
Amenities in the site’s vicinity include malls such as Parkway Parade and i12 Katong, as well as heritage shophouses housing both retail and F&B (food and beverage) businesses. Nearby schools range from Tao Nan Primary School to Dunman High School and Victoria Junior College, among others.
The sale tender for 81 and 83 Meyer Road will close on Sep 9 at 3pm.