EDGEPROP (SINGAPORE) - The freehold residential site of Meyer Park has been relaunched for collective sale at a reserve price of $420 million, according to a press release from Edmund Tie on Oct 13. Edmund Tie is the sole marketing agent for the property.

Located at 81 and 83 Meyer Road, the 60-unit seafront condominium sits on a land area of 96,672 sq ft facing the north-south direction. It has a 88m seafront frontage to the south and unobstructed views overlooking the landed housing enclave to the North.

Under the URA Master Plan 2019, it is zoned for residential use with a plot ratio of 2.8. Including the 7% bonus floor area, the maximum allowable gross floor area works out to some 289,628 sq ft.

The reserve price of $420 million includes an estimated Land Betterment Charge of $90.9 million, translating to a land rate of $1,764 psf per plot ratio.

The site could accommodate up to 251 residential units, according to Swee Shou Fern, the head of investment advisory at Edmund TIe.

Situated on the city-fringe, it is within walking distance to Parkway Parade, i12 Katong, East Coast Park and the upcoming Katong Park MRT Station (on the Thomson-East Coast Line), expected to be operational in 2024.

The site is located within close proximity to Bukit Sembawang Estates’ Liv@MB, which was launched in May and saw 75% of its 298 units sold during launch weekend at an average selling price of $2,387 psf.

Other launches within a 1km radius in the past three years include the 144-unit Coastline Residences, the 56-unit MeyerHouse, the 92-unit Nyon and the 66-unit One Meyer. In total, there are 5,040 units of apartments and condos within a 1km radius of Meyer Park.

The tender will close on Nov 2 at 3pm.