Meyer Park, A Rare Freehold Seafront Residential Site in D15 Launched for Collective Sale

Meyer Park, A Rare Freehold Seafront Residential Site in District 15 Launched for Collective Sale

Singapore, 25 July 2022 – Edmund Tie & Company (EDMUND TIE) is pleased to offer a prime freehold seafront residential site at 81 and 83 Meyer Road in District 15 for collective sale. As the exclusive marketing agent, EDMUND TIE will conduct the sale via tender which will close on 9 September 2022 at 3pm.

The site is currently occupied by Meyer Park, a condominium development that was completed in the early 1980s, and accommodates 60 apartment units with sizes ranging from 168 sq m to 258 sq m.

This is the first time that EDMUND TIE is appointed to handle the collective sale of Meyer Park, and we are proud to share that this is also the first time that the development has achieved the requisite 80% owners’ consent to a collective sale, despite four attempts in the past.

Regular in shape featuring an ideal North-South orientation, the site has a land area of approximately 8,981 sq m (96,672 sq ft), with an 88-metre frontage facing the sea. Under the Master Plan 2019, it is zoned for “Residential” use with a plot ratio of 2.8. Including a 7% bonus floor area, the maximum allowable gross floor area works out to some 26,907 sq m (289,628 sq ft).

The reserve price is S$420 million. Including a development charge of approximately S$78.2 million which takes into account the 7% bonus floor area, the land rate works out to approximately S$1,720 per sq ft per plot ratio.

Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “Meyer Park offers a rare opportunity to acquire a freehold seafront site along Meyer Road, which is often referred to as the ‘Nassim of the East Coast’. 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.”

In recent months, Singapore’s city fringe residential market has witnessed healthy buying demand. The strong take-up rate in recent new project launches with compelling location attributes, such as LIV@MB which sold over 75% of its 298 units over the first weekend of its launch, reflects the resolute appeal of the East Coast location and buyers’ continued confidence in Singapore’s residential market.

According to URA, the price index for non-landed homes in the city-fringe or Rest of Central Region rose by 6% quarter-on-quarter in Q2 2022.

Ms Swee adds, “Located in an affluent and established residential precinct, the new development can accommodate up to 251 well-placed residences, which will enjoy panoramic sea view to its South and an unobstructed view over the two-storey 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 homebuyers’ consideration list.”

Amenities in the vicinity include malls such as Parkway Parade, i12 Katong, Kinex and Kallang Wave Mall, as well as rows of heritage shophouses along Katong housing local cuisines, chic cafes, and boutique lifestyle stores. Outdoor recreational facilities are available at East Coast Park which comprises East Coast Lagoon Food Village, Parkland Green and Coastal Playgrove.

Nearby reputable educational institutions include Tao Nan Primary School, Kong Hwa School, CHIJ Katong (Primary), Tanjong Katong Primary School, Dunman High School, Chung Cheng High School, Victoria Junior College, among others.

Access to other parts of the island is available via the East-Coast Parkway, which seamlessly connects to other expressways including Marina Coastal Expressway, Pan Island Expressway, Kallang-Paya Lebar Expressway, and Ayer Rajah Expressway. Katong Park MRT station on the Thomson-East Coast Line, which is expected to be operational in 2024, is a short stroll away.

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