Singapore, 10 February 2023 – Edmund Tie & Company (EDMUND TIE), as the sole marketing agent, is pleased to announce the award of tender for the collective sale of Meyer Park to United Venture Development (No. 6) Pte. Ltd., an 80/20 joint venture company between UOL Group Limited and Singapore Land Group Limited, at S$392.18 million.
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.
The collective sale of Meyer Park is subject to the approval by the Strata Titled Board.
Located at 81 and 83 Meyer Road, Meyer Park sits on a land area of approximately 8,981.1 sq m (96,672 sq ft), featuring an ideal North-South orientation. The development was completed in 1985 and currently comprises 60 apartment units. Depending on the apartment size, each unit stands to receive approximately S$5.25 million to S$7.26 million from the collective sale.
Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “We are delighted to have achieved this favourable outcome for the owners at Meyer Park, as well as for United Venture Development (No. 6) Pte. Ltd. to be awarded. 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.”
Ms Swee adds, “Projects with the coveted address along the prestigious Meyer Road have always been highly sought after by homebuyers due to its prime location, and this is evidenced by the fully or almost-fully sold status of new freehold projects in the immediate vicinity including Meyerhouse, Meyer Mansion, One Meyer, Amber Park, Coastline Residences and Nyon.”
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 (270,681 sq ft)
Overlooking a two-storey landed housing estate stretching to Paya Lebar to its North and sweeping seaview across its 88-metre frontage to the South, Meyer Park enjoys superb connectivity to other parts of Singapore via the East Coast Parkway, which seamlessly connect to a network of expressways including Marina Coastal Expressway (MCE), Pan Island Expressway (PIE), Kallang-Paya Lebar Expressway (KPE) and Ayer Rajah Expressway (AYE). The Katong Park MRT station on the Thomson-East Coast Line, which is expected to be operational in 2024, is a short stroll away.
Prominent educational institutions include Tao Nan Primary School, Kong Hwa School, CHIJ Katong (Primary), Tanjong Katong Primary School, Dunman High School, Chung Cheng High School, and Victoria Junior College. A wide selection of amenities and lifestyle options are also available at the nearby Parkway Parade.
For further information contact:
Swee Shou Fern (Ms)
DID: +65 6393 2523
Media please contact:
Seah Li Ching
DID: +65 6393 2369