Meyer Park sold to UOL-Singapore Land Group JV for S$392.18 million in third en bloc attempt

THIRD time’s the charm for Meyer Park, which has been sold for S$392.18 million, a notch higher than its guide price of S$390 million.

The freehold sea-fronting residential property was sold to United Venture Development (No 6), an 80/20 joint-venture (JV) company between UOL Group and Singapore Land Group.

Depending on the apartment size, each unit stands to receive approximately S$5.25 million to S$7.26 million from the collective sale, according to sole marketing agent Edmund Tie.

“The tender award demonstrates that sites with strategic location and exceptional attributes, coupled with a reasonable asking price, will garner strong interest from developers who are understandably becoming selective in their site acquisitions,” said Swee Shou Fern, head of investment advisory at Edmund Tie.

Calling the acquisition a “timely replenishment”, UOL group chief executive Liam Wee Sin said: “Given its freehold tenure and exclusive locale, we see the opportunity to develop this site into a luxury development with about 230 to 250 units in a high-rise block to capitalise on the unblocked views.”

Located at 81 and 83 Meyer Road, Meyer Park sits on a land area of approximately 8,981.1 square metres (sq m) with 60 apartment units.

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Including a land betterment charge of about S$90.9 million, the land rate works out to approximately S$1,668 per square foot per plot ratio, which factors in a 7 per cent bonus floor area.

This is Meyer Park’s third attempt at a collective sale, having first launched one on Jul 25 last year with a reserve price of S$420 million. It was relaunched with the same reserve price on Oct 13 with the tender again closing on Nov 2 without a deal.

The development is connected to several expressways, including the Marina Coastal Expressway and Pan Island Expressway, with the nearby Katong Park MRT station on the Thomson-East Coast Line slated to be operational next year.

It is also near to prominent schools such as Tao Nan Primary School, Kong Hwa School, Dunman High School and Victoria Junior College.

Under Master Plan 2019, the site is zoned for Residential use at plot ratio 2.8 and can be redeveloped to a maximum gross floor area of 25,147.08 sq m.