PROJECT DETAILS

Four land parcel sites which are all walking distance to the upcoming Katong Park and Tanjong Katong 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 3rd quarter of 2017, through collective sales.

The four land sites of former developments of, namely,
- Casa Meyfort
(New Launch- Meyer Mansion )
- Katong Park Towers,
- Nanak Mansions
(New launch- Meyerhouse) and
- Albracca
(New Launch- One Meyer )

are located along and near to Meyer Road and are allocated to be developed into private residential condominiums.

Guocoland submitted top bid of S$319.88 million for the site of Casa Meyfort, which translates to a price of S$1580 psf ppr. Meyer Mansion

Bukit Sembawang Estate submitted the top bid of S$345 million for the sales of Katong Park Towers, 99 years leasehold development, this translates to a land rate of S$1280 psf ppr.

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

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 redevloped into One Meyer (as above), which consists of 66 apartments. One Meyer

The site has the lowest land bid price for a freehold development. It has a wide angle of total unblock views and with a MRT Station directly at door-step. One Meyer consists of 2 bedrooms and 3 bedrooms.

 

New Condo Launch at Meyer Road- Connectivity
Residents of new and upcoming condos in Meyer Road can be served by the 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 traveling a breeze to many parts of Singapore.

 

New Condo Launch at Meyer Road- 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 Meyer Road- 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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LOCATION and AMENITIES

Amenities Nearby New Condo at Meyer Road

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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GUOCOLAND ACQUIRES CASA MEYFORT FOR S$319.88 MILLION

1) GUOCOLAND on  Tuesday announced that it has exercised the option to purchase a freehold condominium, Casa Meyfort along Meyer Road, through a collective sale for S$319.88 million.

The Business Times understands that this could be one of the last few collective sales for a private residential property to be hammered out before the newly tightened cooling measures kicked in on July 6.

The freehold residential property along Meyer Road spans some 7,919 square metres (85,249 square feet) in land area.  It was completed in the 1990s and comprises 76 apartment units.

Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned for residential use with a gross plot ratio of 2.8.

The tender for Casa Meyfort was launched last December at a reserve price of S$340 million and closed in January this year without the site being sold.

The en bloc sale was relaunched in April with S$340 million disclosed as the asking price.  The reserve price then was not disclosed.  That tender closed on May 21 based on a previous report.    

Edmund Tie & Co is the marketing agent for the collective sale.

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

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 EX SITE OF ALBRACCA CONDO ALONG MEYER ROAD SOLD THROUGH COLLECTIVE SALES SUSTAINED LAND

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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