PROJECT DETAILS
Four 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.
- Albracca,
(New Launch- One Meyer )
- Nanak Mansions
(New launch- Meyerhouse )
- Casa Meyfort
(New Launch- Meyer Mansion ) and
- Katong Park Towers
are located along Meyer Road and are allocated to be developed into private residential condominiums.
Guocoland submitted the top bid of S$319.88 million for the site of Casa Meyfort, which translates to a land rate of Including an estimated development charge of $57.2 million, the price works out to about $1,580 per sq ft per plot ratio. Meyer Mansion
Bukit Sembawang submitted the top bid of S$345 million for the site of Katong Park Towers. 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.
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. The Albracca will be redeveloped into One Meyer. It has the lowest land bid price at S$1409 psf ppr. and it is at the door-step of Katong Park MRT Station. It consists of 2 bedrooms and 3 bedrooms. One Meyer
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. Meyerhouse consists of 3 bedrooms, 4 Bedrooms and Penthouses. Meyerhouse
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 former site of Casa Meyfort- Meyer Mansion |
| 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 | 200 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 | 114A, Arthur Road |
| 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- One Meyer |
| 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 | 66 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- Meyerhouse |
| 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 |
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CASA MEYFORT EN BLOC SOLD TO GUOCOLAND
1) GuocoLand Limited, via its fully owned subsidiary First Meyer Development, has exercised the option to purchase Casa Meyfort condominium along Meyer Road through a collective sale for $319.88 million.
Including an estimated development charge of $57.2 million, the price works out to about $1,580 per sq ft per plot ratio, reported The Business Times.
In an SGX filing, GuocoLand revealed that the property’s purchase price was arrived at on a willing-buyer and willing-seller basis.
It added that the “acquisition and development of the property will be financed by internal resources and bank borrowings”.
With a maximum gross floor area of 238,697 sq ft, the freehold property sits on an 85,249 sq ft site that is zoned residential with a gross plot ratio of 2.8.
KATONG PARK TOWERS SOLD TO BUKIT SEMBAWANG FOR S$345 MILLION
2) 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
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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