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Casa Meyfort up for collective sale with reserve price of S$340 million

CASA Meyfort, a freehold residential site located in Meyer Road, is up for collective sale by tender.

Built in the 1990s, Casa Meyfort comprises 76 apartments on a land area occupying 85,249 sq ft.

As the condominium fronts Meyer Road, the site has a good view of the Central Business District, the sea, as well as the Mountbatten Road landed housing estate.

Under the Government's 2014 Master Plan, the site is zoned for residential use with a gross plot ratio of 2.8.

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It is located within 600 metres of the upcoming Katong Park MRT Station on the Thomson-East Coast Line.

"Casa Meyfort is a rarely available freehold residential site along the iconic Meyer Road," said Edmund Tie & Co (SEA) director of investment advisory Tan Chun Ming.

"It's the perfect opportunity for the developer to create an upscale residential product, and may potentially set a new benchmark for the entire Meyer Road."

The owners have set a reserve price of S$340 million, which reflects a land rate of S$1,616 per sq ft per plot ratio (psf ppr).

The price tag includes a development charge of about S$46 million.

The land rate price may even be as low as S$1,540 psf ppr, based on an additional 10 per cent gross floor area for the balcony area and an additional development charge of about S$19 million.

The tender closes on Jan 17.