Meyer Park in Marine Parade up for collective sale at $420 mil
/ EdgeProp Singapore |
The collective sale tender for Meyer Park will close on Sept 9 at 3pm (Picture: Edmund Tie)
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SINGAPORE (EDGEPROP) - Meyer Park, a freehold condominium development at 81 and 83 Meyer Road in District 15’s Marine Parade area, is up for collective sale via tender with a reserve price of $420 million.
Map and overview of Meyer Park (Source: EdgeProp LandLens tool)
According to exclusive marketing agent Edmund Tie & Co, the land rate works out to around $1,720 psf per plot ratio. This includes a development charge of approximately $78.2 million, which takes into account the 7% bonus floor area.
According to Edmund Tie, the development has achieved the requisite 80% of owners’ consent for a collective sale – the first time it has done so, despite four collective sale attempts made in the past.
Meyer Park is a 60-unit seafront condo that was completed in the early 1980s. It sits on a land area of 96,672 sq ft, with an 88m frontage facing the sea. 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.
Meyer Park (Picture: Edmund Tie)
The development is located next to the site of Meyer Mansion, the 200-unit freehold condo by GuocoLand that was launched in September 2019. To date, 165 (83%) units have been sold at Meyer Mansion at an average price of $2,673 psf, based on data compiled by EdgeProp LandLens and EdgeProp Research tools.
The site is also 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 currently 4,742 units of apartments and condos within a 1km radius of Meyer Park.
Surrounding properties within a 1km radius of Meyer Park (Source: EdgeProp LandLens tool)
Swee Shou Fern, head of investment advisory at Edmund Tie, says the new development at the site can accommodate up to 251 new residences. “[The development] will enjoy panoramic sea views to its south and an unobstructed view over the two-storey bungalow enclave in Mountbatten to its north,” she adds.
Meyer Park is within walking distance of the upcoming Katong Park MRT Station on the Thomson-East Coast Line, which is expected to open in 2024. Other amenities in the vicinity include malls such as Parkway Parade, i12 Katong, Kinex and Kallang Wave Mall; while recreational facilities are available at nearby East Coast Park.
The collective sale tender for Meyer Park will close on Sept 9 at 3pm.
Check out the latest listings near Meyer Park, Marine Parade, Meyer Mansion, Liv @ MB, Coastline Residences, MeyerHouse, Nyon, One Meyer, Katong Park MRT Station
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