Casa Meyfort in Meyer Road relaunches en bloc tender, asking S$340m

THE owners of the Casa Meyfort condominium in the Meyer Road neighbourhood are relaunching a public tender for a collective sale after the earlier December 2017 offering at a reserve price of S$340 million failed to draw a successful bid.

The owners have now set S$340 million as the asking price; the reserve price, which could be lower, was not disclosed. The applicable development charge, which is not included in the asking or reserve price, has increased to S$57.2 million from the previous S$46 million. Singapore levies a tax on developers for projects that require planning permission to increase the value of the land, such as rezoning to a higher value use or increasing the plot ratio.

The freehold development on Meyer Road near to East Coast Park was completed in the 1990s and comprises 76 apartment units on an 85,249 square foot site. Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned for residential use with a gross plot ratio of 2.8 times.

Including the increased development charge, the land rate at the asking price is S$1,664 per sq ft per plot ratio (psf ppr). The previous land rate was S$1,616 psf ppr.

"We are relaunching the collective sale tender as we see a great opportunity in this freehold site," said Tan Chun Ming, senior director for investment advisory at marketing agent Edmund Tie & Co.

The relaunched tender will close at 3pm on May 21.