The Collective Sale for Meyer Park tender is a 60-unit seafront condo
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Meyer Park, the freehold condominium development located situated between 81 and 83 Meyer Road in District 15’s Marine Parade area, is available for sale by collective tender with a reserve at $420 million.
According to the exclusive advertising agent Edmund Tie & Co, the land price is approximately $1,720 in relation to the plot’s ratio. This includes a development fee of around $78.2 million, taking into consideration that 7% extra floor space.
Based on Edmund Tie, the development has received the required 80% of owners’ agreement for a collective sale . This is the first time that it did so despite the multiple attempts at a collective sale previously.
Meyer Park is an oceanfront condo with 60 units that was constructed in the 1980s. It is situated on an that covers 96,672 square feet and features an 88-meter frontage to the sea. According to the URA Master Plan for 2019, it’s designated for residential use and has the plot ratio being 2.8. In addition to seven% extra floor space, the maximum permissible gross floor area amounts to approximately 289,628 sq feet.
The development is situated close to it. It is on the site that is Meyer Mansion, the freehold condo with 200 units developed by GuocoLand that went live in September of 2019. Up to date the time of writing, more than 165 (83%) units have been sold at Meyer Mansion at an average cost of $2,673 per square foot Based on the data collected using the EdgeProp LandLens and EdgeProp LandLens and EdgeProp Research tools.
The site is located in close the vicinity of Bukit Sembawang Estates’ Liv@MB Liv@MB, which went live in May. The site witnessed 75% of the 298 units sold over the launch weekend, at an average of $2,387 per sq ft. There have been other launches in a 1-km distance in the last 3 years have included the 144 unit Coastline Residences and the 55-unit MeyerHouse The Nyon, which is 92 units Nyon and the one-unit One Meyer. There are at present 4,742 condos and apartments within a 1-km radius within Meyer Park.
Swee Shou Fern the head of the investment advisory division of Edmund Tie, says the new development on the site could accommodate up to 251 new dwellings. “[The developments] are going to have breathtaking views of the sea to its south as well as unobstructed views of the two-storey bungalow enclave of Mountbatten towards its northern end,” the executive adds.
Meyer Park is within walking distance from the new Katong Park MRT Station on the Thomson-East Coast Line, which is scheduled to be completed in 2024. Other facilities in the vicinity include malls like Parkway Parade, i12 Katong, Kinex and Kallang Wave Mall and recreation facilities are offered in nearby East Coast Park.
The tender for the collective sale of Meyer Park will close on September 9 at 3pm.