Meyer Park up for collective sale at $420m

Meyer Park, a freehold seafront condominium development at 81 and 83 Meyer Road in Marine Parade, has been launched for collective sale at a reserve price of $420 million.

This works out to a land rate of about $1,720 per sq ft per plot ratio (psf ppr) after taking into consideration a development charge of $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 ft with an 88m frontage facing the sea. Its maximum allowable gross floor area spans about 289,628 sq ft after factoring in the bonus floor area of 7 per cent.

Meyer Park was completed in the 1980s and houses 60 apartment units. A new development can accommodate up to 251 units, said Ms Swee Shou Fern, head of investment advisory at exclusive marketing agent Edmund Tie.

Data from the Urban Redevelopment Authority showed that a high-floor 1,808 sq ft unit at the condominium was sold for $2.565 million in July 2020, amounting to a psf price of $1,418.

A bigger low-floor 2,659 sq ft unit went for $3.6 million, or $1,354 psf, in March the same year - while another unit of the same size but on a higher floor was transacted for $4.075 million, or $1,533 psf, in August 2019.

Meanwhile, since GuocoLand's nearby condo project Meyer Mansion was launched for sale in September 2019, its units have transacted in the range of $2,403 psf to $3,293 psf. The residential development at 79 Meyer Road remains under construction, and is estimated to obtain TOP (temporary occupation permit) in 2024.

Edmund Tie said this marks the first time Meyer Park has obtained the requisite 80 per cent owners' consent to a collective sale, after four previous attempts.

Ms Swee said a new development can 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 home buyers' consideration list," she said.

"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," Ms Swee added.

Amenities in the site's vicinity include malls like Parkway Parade and i12 Katong, as well as heritage shophouses housing both retail and food and beverage businesses.

Nearby schools include Tao Nan Primary School, Dunman High School and Victoria Junior College, among others.

The sale tender for 81 and 83 Meyer Road will close on Sept 9 at 3pm.

THE BUSINESS TIMES