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5 Land sites sold for
New Upcoming Condo re-developments

Former sites of
- Casa Meyfort
- Katong Park Towers
- Amber Park
- Nanak Mansions and
- Albracca

Short walking distance to Upcoming
Katong Park MRT Station and
Tanjong Katong MRT Station,
Thomson East-Coast Line

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More Information and Updates!

PROJECT DETAILS

 
 

Five land parcel sites which are all walking distance to the upcoming Katong Park MRT Station serving the Thomson East-Coast Line (TEL), located at the Eastern Region of Singapore, were sold for New and Upcoming Condo developments in the last quarterd of 2017 and 2018, through collective sales.


The five land sites namely,
- Albracca,
- Nanak Mansions,
- Amber Park.
- Casa Meyfort and
- Katong Park Towers
are
 located along Meyer Road and are allocated to be developed into private residential condominiums.


Bukit Sembawang submitted the top bid of S$345 million for the site of Katong Park TowersThe sale price works out to a land rate of $1,280 psf per plot ratio up to the development baseline, taking into account an estimated $60 million for topping up the lease.


Sustained Land submitted the top bid of $69.1 million for the site of Albracca, which translates to a land rate of about $1,409 per square foot per plot ratio, inclusive of development charges.


Guocoland submitted the top bid of S$319.88 million for the site of Casa Meyfort, which translates to


UOL submitted the top bid of S$201.08 million for the site of Nanak Mansions, which translates to a price of S$1,429 per square per plot ratio, inclusive of development charges.


CDL Developments submittted the top bid of S$906.7 million for the site of Amber Park, which has a large land site of more than 200,000 sqft. The new site translates to a price of S$1,515 per square foot per plot ratio, inclusive of development charges.


New Condo Launch at Katong Park MRT- Connectivity
Residents of new and upcoming condos in Meyer Road can be served by the both Katong Park and Tanjong Katong MRT Station (Thomson East-Coast Line) which will start operating in 2023. 
 As of now, the current nearest Datoka Circle Line MRT station is just a short drive away from new condos at Meyer Road. Set in the prime location, a 5 minutes’ drive will get future residents of new condos at Meyer Road to the downtown Financial District and Marina Bay New Downtown. New Condo at Meyer Road residents can also take an 6 minutes’ drive down to the Orchard Shopping Belt for a weekend shopping spree. The nearby East Coast Parkway (ECP), Kallang Paya Lebar Expressway (KPE) and the Pan Island Expressway (PIE) makes island wide traveling a breeze.

 

New Condo Launch at Katong Park MRT- Amenities
In terms of accessing to dining, shopping and entertainment facilities, future residents of new condos at Meyer Road can take a 5 minutes’ drive down to Katong Shopping Centre, The Odeon Katong, Paramount Shopping Complex, Roxy Square, Parkway Parade, I12 Katong and Leisure Park Kallang where useful amenities such as food courts, supermarkets, retail outlets, F&B outlets and departmental stores are located which will bring everyday conveniences in terms of their daily shopping and dining needs.

 

New Condo Launch at Katong Park MRT- Education
Local school such as Tanjong Katong Primary School, Kong Hwa School, Chung Cheng High School (Main), Dunman High School, Northlight School, Tanjong Katong Girls’ School, Broadrick Secondary School and Tanjong Katong Secondary School are also located within 2 km away from new condos at Meyer Road.


There is an increasing convergence of views among developers that the down cycle, which lasted over four years, has turned a corner, and that it’s time to be back. 


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Project  New Condo at Meyer Road at former site of Amber Park
Developer  CDL Developments
Location  Meyer Road
District  15
Tenure  Freehold
Site Area  19,850 square metres/ 213,670 square feet
GFA:
Plot Ratio  2.8
Expected TOP:
Total Units  Approximately 800 residential apartments
Total Carpark
Development  Private condominium comprising of communal facilities
Unit Type:
Architect
Eligibility SC, SPR and Foreigners can buy

Project  New Condo at former site of Casa Meyfort
Developer  Guocoland
Location  Meyer Road
District  15
Tenure  Freehold
Site Area  79,919 square metres/  85,249 square feet
GFA:  22,175 square metres/238,697 square feet
Plot Ratio  2.8
Expected TOP:
Total Units  Approximatley residential apartments
Total Carpark
Development  Private Condominium comprising of communal facilities
Unit Type:
Architect
Eligibility SC/ SC, SC/SPR and Foreigner can buy
 
 
Project  New Condo at Meyer Road at former site of Katong Park Towers
Developer  Bukit Sembawang Estate
Location
District  15
Tenure  99 years leasehold
Site Area  13,076 square metres/ 140,758 square feet
GFA:  2.1
Plot Ratio
Expected TOP:
Total Units  Approximately residential apartments
Total Carpark
Development  Private condominium comprising of communal facilities
Unit Type:
Architect
Eligibility SC, SPR and Foreigners can buy
 
Project  New Condo at Meyer Road at former site of Albracca
Developer  Sustained Land
Location  Meyer Road
District  15
Tenure  Freehold
Site Area  2,173 square metres/23,400 square feet
GFA:  4,564 square metres/49,130 square feet
Plot Ratio  2.1
Expected TOP:
Total Units  Approximately 65 residential apartments
Total Carpark
Development  Private condominium comprising of communal facilities
Unit Type:
Architect
Eligibility SC, SPR and Foreigners can buy
 
Project  New Condo at Meyer Road at former site of Nanak Mansions
Developer  UOL
Location  Meyer Road
District  15
Tenure  Freehold
Site Area  10,185 square metres/ 109,631 square feet
GFA:
Plot Ratio  1.4
Expected TOP:
Total Units  Approximately 203 residential apartments
Total Carpark
Development  Private condominium comprising of communal facilities
Unit Type:
Architect
Eligibility SC, SPR and Foreigners can buy

LOCATION and AMENITIES

Amenities Nearby New Condo at Meyer Road

Category Important Amenities in the vicinity of Meyer Road Approximate Distance
Train Stations Dakota (CC8)
Tanjong Katong (TE25) Thomson East Coast Line Due 2023
Katong Park (TE24) Thomson East Coast Line Due 2023
km
km
km
Bus Stop CP B1 (Bus: 401) km
Supermarkets Fairprice (Esso Mountbatten)
Cold Storage (Parkway Parade)
Giant (82 Marine Parade Central)
Sheng Siong (301 Geylang Road)
km
km
km
km
Shopping Malls Katong Shopping Centre
The Odeon Katong
Paramount Shopping Complex
Roxy Square
Parkway Parade
I12 Katong
Leisure Park Kallang
km
km
km
km
km
km
km
Education Institutions Preschool
Montessori For Children (Broadrick Campus)
Schoolhouse By The Bay
PCF Mountbatten Blk 14
PCF Mountbatten Blk 51
Saint Hilda’s Church Kindergarten
Kinderland Preschool (Marine Parade)
Tung Ling Kindergarten
White Lodge Kindergarten (East Coast)
Holy Family Kindergarten
Chen Li Kindergarten
km
km
km
km
km
km
km
km
km
km
Primary
Tanjong Katong Primary School
Kong Hwa School
km
km
Secondary
Chung Cheng High School (Main)
Dunman High School
Northlight School
Tanjong Katong Girls’ School
Broadrick Secondary School
Tanjong Katong Secondary School
km
km
km
km
km
km
Junior College
Dunman High School km
Tertiary
Singapore Management University km
International
Canadian International School (Tanjong Katong Campus)
Chatsworth International School (East Campus)
km
km
Food Centre Jalan Batu Block 4A Market & Food Centre
Old Airport Road Block 51 Market & Food Centre
Kallang Estate Fresh Market & Food Centre
84 Marine Parade Central Market & Food Centre
Dunman Food Centre
km
km
km
km
km
Lifestyle East Coast Park
Chinese Swimming Club
Singapore Swimming Club
The Eurasian Association
Kallang Cricket Ground
Kallang Netball Centre
Kallang Squash & Tennis Centre
km
km
km
km
km
km
km

FACILITIES SITE and FLOOR PLANS E-BROCHURE

The Facilities and Site Plan of New Condo in Meyer Road are currently seeking approval from relevant authorities.

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CASA MEYFORT EN BLOC SOLD TO GUOCOLAND

GuocoLand subsidiary First Meyer Development won the tender for the en bloc sale of Casa Meyfort and bought the property for $319.88m. The owners previously attempted an en bloc sale on December 2017 at a reserve price of $340m.

The development was completed in the 1990s and comprises 76 apartment units. It has a land area of approximately 7,919.9 sqm or 85,249 sqft. Under Master Plan 2014, the site is zoned for residential use with a gross plot ratio (GPR) of 2.8.

Casa Meyfort is located within 600 metres to the upcoming Katong Park MRT station along the Thomson-East Coast Line (TEL). It is near major roads and expressways such as Fort Road, Mountbatten Road, and Tanjong Katong Road. The project is a 10 minutes’ drive to the Central Business District (CBD) and a short walking distance to East Coast Park.

KATONG PARK TOWERS SOLD TO BUKIT SEMBAWANG FOR S$345 MILLION

1) Katong Park Towers in District 15 has been sold to a subsidiary of Bukit Sembawang Estates for $345 million, about 20 percent above the reserve price of $288 million, said Cushman & Wakefield who brokered the deal.

Located at 114A Arthur Road, the site is close to East Coast Park and the future Katong Park MRT station on the Thomson-East Coast Line.

In a statement, Cushman & Wakefield said a total of 10 bids were submitted during the tender exercise, and all were above the reserve price.

However, the sale is still subject to approval from the Strata Titles Board.

Completed in 1988, the 99-year leasehold development comprises 111 apartments, five penthouses and two commercial units. It sits on a land area of 140,758 sq ft.

The sale price works out to a land rate of $1,280 psf per plot ratio up to the development baseline, taking into account an estimated $60 million for topping up the lease.

The owners will receive proceeds ranging from $2.25 million to $3.23 million for the typical units, while the penthouses could fetch between $4.95 million and $12.08 million.

“These premiums are fairly substantial compared to units which were sold individually in the open market,” said Christina Sim, director of capital markets at Cushman & Wakefield.

According to the 2014 Master Plan, the site is zoned for residential use with a plot ratio of 2.1 and a maximum building height of up to 24 storeys.

“We see good potential in this site because it is well-connected to the future Katong Park MRT station,” said Ng Chee Seng, CEO of Bukit Sembawang Estates.

“With Katong’s rich heritage and rejuvenation initiatives under the Kallang Masterplan, we are confident that this will be another quality development added to our portfolio.”

Soruce: Property Guru

CDL WON TOP BID FOR FORMER CONDO SITE OF AMBER PARK, AMBER GARDENS SHORT DISTANCE TO TANJONG KATONG MRT STATION

2) SINGAPORE - Amber Park, a 200-unit development in Amber Gardens, has been sold in Singapore's latest collective sale to two units linked to City Developments (CDL) for S$906.7 million.

This makes it a record amount garnered in a freehold collective sale in Singapore to date, said marketing agent JLL.

The winning bid also smashes the asking price of S$768 million.

The units involved in the sale were CDL's wholly-owned subsidiary Cityzens Development, and joint-venture partner Hong Realty. Hong Realty is the private real estate arm of the Hong Leong Group, and holds a 20 per cent stake in the project.

Under the 2014 Master Plan, the 213,670 sq ft Amber Park site is zoned for residential use, with a gross plot ratio of 2.8. It may be redeveloped to accommodate a high-rise apartment development of around 24 to 26 storeys, depending on the technical height controls imposed by the relevant authorities.

Mr Tan Hong Boon, regional director at JLL, said in a statement on Wednesday (Oct 4) that the tender was "keenly contested" and attracted eight bids.

The successful sale price of S$906.7 million reflects a land rate of about S$1,515 per sq ft per plot ratio, based on the allowable gross plot ratio of 2.8. Development charges are not payable for the proposed redevelopment.

This is the fourth time that the property was offered for sale collectively.

"There are not many sites of similar size that are available for redevelopment in the Amber Road location, as most of the larger projects have been sold en bloc and redeveloped over the years. Amber Park could possibly be one of the last collective sale sites with a land area above 200,000 sqft in this precinct," noted Mr Tan.

"At this sale price, the owners would expect to receive gross sale proceeds of between S$4.3 million and S$8.3 million each."

Separately, CDL said it is very familiar with the District 15 locale, having developed the existing 200-unit Amber Park itself, which was completed in 1986.

CDL and Hong Realty plan to redevelop the site into a luxury condominium development comprising four 25-storey blocks with close to 800 units and a basement carpark, subject to approval. Most apartments will have a North-South facing orientation, with many units commanding sea views.

CDL chief executive-designate Sherman Kwek noted that the Amber Park tender win marks one of the group's "most significant investment deals in the Singapore residential market in recent years"

"CDL was the original developer for Amber Park in the 1980s and we are honoured to be able to redevelop the site into yet another iconic landmark. In addition to its strong locational attributes, a distinct advantage of this site is its freehold status, something that is increasingly rare in Singapore," said Mr Kwek.

Source: Straits Times 4th October 2017

UOL GROUP WON TOP BID FOR LAND PARCEL AT NANAK MANSIONS ALONG MEYER ROAD THROUGH COLLECTIVE SALES, TANJONG KATONG

3) UOL has announced its third land acquisition since 2016 with the en-bloc purchase of Nanak Mansions on Meyer Road for S$201m (S$1,429 psf ppr including estimated development charge). The acquisition was made via a 50:50 joint venture with Kheng Leong.

The price is only marginally above (1.3%) the price for The Albraca (first en-bloc sale at Meyer Road) and only S$1m more than the reported asking price. The relatively smaller freehold land site could potentially accommodate close to 204 new units. The estimated breakeven price is close to S$2,000psf, which is above the recent average transacted prices at Meyer Road of S$1,600psf to S$1,700psf.

Nanak Mansions, located at 92-128 Meyer Road, occupies an area of about 10,185 square metres. The freehold site, with a gross plot ratio of 1.4 based on 2014 Master Plan, is earmarked for residential development.

The bid from UOL's associate, Secure Venture Development (No.1) Pte Ltd, was accepted on Thursday by all the subsidiary proprietors of the units in the development.

Secure Venture Development (No. 1) will pay up 10 per cent of the consideration, including the S$1 million tender fee paid on bid submission, within seven business days from the acceptance of the offer. The other 90 per cent of the purchase consideration will be paid up on legal completion of the deal.

Secure Venture Development (No.1) is a 50:50 joint-venture (JV) company between UOL Venture Investments Pte Ltd and Kheng Leong Co (Pte) Ltd.

The JV company will re-develop the freehold site acquired and also acquire a private road of about 910 square metres next to the property, if the subsidiary proprietors of Nanak Mansions and their associates exercise a put option.

Kheng Leong Co is considered an associate of several members of the Wee family behind UOL, including UOL's chairman Wee Cho Yaw, controlling shareholder Wee Ee Cheong, and directors and substantial shareholders Wee Ee-chao and Wee Ee Lim.

LAND PARCEL OF FORMER SITE OF ALBRACCA CONDO ALONG MEYER ROAD SOLD TO SUSTAINED LAND THROUGH COLLECTIVE SALES

4) SINGAPORE — The Albracca, a 10-storey residential development along Meyer Road, has been successfully sold in its first attempt at a collective sale to Sustained Land for S$69.1 million, sole marketing agent JLL said on Thursday (July 20).

The launch last month of the tender exercise for the 11-unit strata-titled development located at a prominent corner of Meyer Road and Meyer Place came shortly after four collective sales were successfully concluded in May, surpassing the total number of en bloc deals completed in 2016.

“The Albracca’s tender response was strong with over a dozen bids received from developers of all sizes – from large to boutique developers, contractors and a fund manager,” said Mr Karamjit Singh, Senior Consultant at JLL.

“Clearly, there is an increasing convergence of views among developers that the down cycle, which lasted over four years, has turned a corner, and that it’s time to be back. Sentiments in the residential market have also been buoyed by the strength of the stock market this year, which tends to run ahead of property markets. As for en bloc sellers, this also comes as a relief as many have been waiting for such an opportunity for years,” he added.

The price of S$69.1 million, which topped the owners’ guide price from S$62 million to S$65 million, works out to about S$1,409 per sq ft per plot ratio inclusive of development charges, JLL said.

The Meyer Road area has always appealed to well-heeled and high-income homebuyers as it is considered as arguably the most prime location outside the Core Central Region, with a strong following among both local and expatriate communities, JLL said.

“The appeal of The Albracca along Meyer Road was strong with multiple boxes ticked in its favour. It has an MRT station being built on its doorstep. The high-rise development that may be built on site should be able to enjoy unblocked views across Katong Park and the sea. It is located in a much sought-after Meyer Road precinct, which is close to the CBD, amenities and the airport,” said Mr Singh.

Under the 2014 Master Plan, the 23,400 sq ft Meyer Road site is zoned ‘Residential’ with an allowable gross plot ratio of 2.1. The Albracca may be redeveloped to accommodate a high-rise apartment development of about 18 to 24 storeys, depending on the technical height controls imposed by some government departments. Subject to design and approval from the Urban Redevelopment Authority (URA), a developer may potentially configure the allowable gross floor area (GFA) of 49,130 sq ft into a maximum of 65 apartments with an average size of about 750 sq ft, JLL said.

Source: Today On Line

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