Singapore, 13 October 2022 – Edmund Tie & Company (EDMUND TIE), as the sole marketing agent, is relaunching Meyer Park for sale, offering developers a coveted freehold seafront residential site in prime District 15.
Located at 81 & 83 Meyer Road, Meyer Park sits on a land area of approximately 8,981 sq m (96,672
sq ft), featuring an ideal North-South orientation. The site enjoys unobstructed views, overlooking a two-storey landed housing estate to its North and panoramic seaview across its 88-metre frontage to its South.
Under the Master Plan 2019, the site 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 Katong Park MRT Station on the Thomson East Coast Line, which is expected to be operational in 2024, is a short stroll away.
The reserve price for the property is S$420 million. Including an estimated Land Betterment Charge of about S$90.9 million, the land rate works out to approximately S$1,764 per sq ft per plot ratio.
The tender for Meyer Park will close on 2 November 2022.
Ms Swee Shou Fern (徐晓芬), Head of Investment Advisory at EDMUND TIE, says, “Meyer Park offers developers the opportunity to replenish their landbank with a freehold seafront site along the prestigious Meyer Road – often referred to as the Nassim of the East. The site can be redeveloped to a mid-sized luxury high-rise condominium development accommodating up to 251 well placed residences.”
“The acquisition of the site will allow the successful bidder ample time to prepare and submit their development application to the authorities, and lock in the current definition of gross floor area before 1 June 2023,” adds Ms Swee.
Prices of non-landed homes in Rest of Central Region (RCR), where Meyer Park is located, has seen steady growth of 29.8% between Q1 2020 and Q3 2022 (URA flash estimate), compared with 10.1% in Core Central Region and 25.8% in Outside Central Region. The resolute appeal of the coveted East Coast location is also reflected in this year’s new project launches such as LIV@MB and Sky Eden@Bedok that achieved over 75% of its units sold at their launches.
The subject property enjoys the advantage of tranquil city-fringe living with a robust network of amenities nearby, such as Parkway Parade, i12 Katong, East Coast Park, as well as rows of heritage shophouses along Katong housing local cuisine restaurants, chic cafes, and boutique lifestyle stores.
For further information contact:
Swee Shou Fern (Ms)
DID: +65 6393 2523
Media please contact:
Seah Li Ching (Ms)
DID: +65 6393 2369