5 Meyer Place (Photo: SRI)
SINGAPORE (EDGEPROP) - A freehold residential site at 5 Meyer Place has been put up for sale via a public tender exercise with a guide price of $25 million, according to an April 12 press release by exclusive marketing agent Singapore Realtors Inc (SRI).
The site, which currently houses a single-storey landed property, has a land area of approximately 10,154 sq ft. The land is zoned for “residential” use under the 2019 Master Plan with an allowable plot ratio of 2.1. The maximum gross floor area is approximately 22,817 sq ft, inclusive of bonus balcony space.
Map and overview of 5 Meyer Place (Source: EdgeProp LandLens)
According to SRI, a new residential development on the site could potentially yield 19 dwelling units based on the latest URA guidelines. This is subject to approval from relevant authorities.
The guide price of $25 million works out to a land rate of about $1,770 psf per plot ratio. “The land rate is inclusive of bonus balcony [area], with land betterment charge payable and subject to baseline verification,” SRI adds.
Bruce Lye, managing partner at SRI, says the site comes with excellent locality attributes as the upcoming Katong Park MRT Station is conveniently located across the street, and it is within walking distance to East Coast Park.
The property is located along Meyer Place, with dual road frontages facing Meyer and Fort Road. Other amenities nearby include Singapore Swimming Club, Singapore Sports Club, and shopping complexes such as Leisure Park Kallang mall, Kallang Wave Mall and Parkway Parade. The CBD and Singapore Changi Airport are a 15-minute drive away via the East Coast Park Expressway.
Recent transaction of a property on Meyer Place (Source: EdgeProp Research tool)
Lye anticipates the site to appeal to landed housing developers, with the possibility for redevelopment of multiple landed houses, or sale to a single family for their own use.
“The recent sale of a collective sale site along Meyer Road, coupled with the benchmark of new home prices in District 15, demonstrates the confidence from both developers as well as consumers on the locality and the demand for new homes in the area,” comments Low Choon Sin, managing partner of SRI Capital Market.
The public tender exercise for 5 Meyer Place will close on May 15 at 3pm.
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