Meyer Park collective sale tender will end on Sept 9

Meyer Park, an undeveloped condominium project with freehold rights located at 81 and Meyer Road in District 15’s Marine Parade area, is being offered for sale as a collective tender, with a reserve value at $420 million.

Lentor Hills Residences condominium is located in one of the most attractive areas exclusively set for residential.

According to the exclusive marketing agent Edmund Tie & Co, the land value amounts to approximately $1,720 in relation to the plot’s ratio. This is inclusive of a development cost of around $78.2 million, taking into consideration that 7% extra floor space.

As per Edmund Tie, the development has gotten the required 80% of owners’ agreement to a collective sale. It is the first time in history that it did so despite the four collective sale attempts before.

Meyer Park is an oceanfront condominium that was constructed in the 1980s. It’s situated on an that covers 96,672 square feet and features an 88-meter frontage to the sea. According to the URA Master Plan for 2019, it’s designated for residential use and has an area ratio of 2.8. In addition to seven% bonus floor, the total allowable gross floor area amounts to 289,628 square feet.

The development is near it. It is on the site for Meyer Mansion, the freehold condo with 200 units developed by GuocoLand that went live in September of 2019. Up to date there have been more than 165 (83%) units have been sold at Meyer Mansion at an average price of $2,673 per sq ft Based on the data collected using the EdgeProp LandLens and EdgeProp LandLens and EdgeProp Research tools.

The site is located in close the vicinity of Bukit Sembawang Estates’ Liv@MB that was officially launched in May. The site witnessed 75% of its 298 units being sold on the launch weekend, at an average of $2,387 per square foot. The other developments within a one-kilometer radius over the last 3 years have included the 144 unit Coastline Residences and the MeyerHouse, which has 56 units MeyerHouse The Nyon, a 92-unit Nyon as well as the One Meyer. One Meyer. There are at present 474 units of condos and apartments within a radius of 1km from Meyer Park.

Swee Shou Fern director of the investment advisory department for Edmund Tie, says the new development on the site could accommodate up to 251 new homes. “[The developments] are going to be able to enjoy stunning sea views to the south as well as an unobstructed view of the two-storey bungalow in Mountbatten in the north.” She adds.

Meyer Park is within walking distance from the new Katong Park MRT Station on the Thomson-East Coast Line, which is scheduled to be completed in 2024. The area also has other amenities that include malls like Parkway Parade, i12 Katong, Kinex and Kallang Wave Mall and recreation facilities are offered in the adjacent East Coast Park.

The tender for the collective sale of Meyer Park will close on September 9 at 3pm.