A freehold residential development at 5 Meyer Place has been put up for sale via Public Tender exercise with a guide price of $25 million, exclusive marketing agent SRI Pte. Ltd. announced on Tuesday (11th April 2023).
Existing is a single-storey landed house with a land area of approximately 10,154 sq ft and is zoned for ‘Residential’ under the 2019 Master Plan with allowable plot ratio of 2.1. The maximum permissible gross floor area is approximately 22,817 sq ft, inclusive of bonus balcony. Subject to relevant authorities’ approval, a new residential development could potentially yield 19 new dwelling units based on the latest URA guidelines.
The property comes with prominent dual road frontages facing both Meyer Place and Fort Road with upcoming Katong Park MRT station (TE24) located across the street and East Coast Park located approximately 400 metres away.
Prominently located along Meyer Place, off Meyer Road and Fort Road. The property enjoys a wide arrange of amenities such as sports activities at Singapore Swimming Club and Singapore Sports Hub as well as shopping options at nearby Leisure Park Kallang Mall, Kallang Wave Mall, and Parkway Parade. Central Business District and Singapore Changi Airport is only an approximately 15-minutes’ short drive away via East Coast Park Expressway (“ECP”). The site is well connected to the rest of the island via Marine Coastal Expressway and Pan-Island Expressway.
The guide price of $25 million works out to a land rate of about $1,770 per square foot per plot ratio, the land rate is inclusive of bonus balcony, with land betterment charge payable and subject to baseline verification.
Bruce Lye, Managing Partner at SRI said: “The site comes with excellent locality attributes as it is conveniently located across upcoming Katong Park MRT station (TE24) which is targeted to be operational by next year and within walking distance to East Coast Park. The site can also be appealing to landed housing developers with the possibility for multiple landed houses redevelopment or sale to a single family for their own use. In addition, as this is a single-owner sale, there is certainty to the transaction and timeline.”
Mr. Low Choon Sin, Managing Partner of SRI Capital Market said: “With the recent sale of a collective sale site along Meyer Road coupled with the benchmark of new homes’ price in District 15, it demonstrates the confidence from both developers as well as consumers on the locality and the demand of new homes in the area. The Meyer enclave, which is bounded by Meyer Road and Mountbatten Road provides limited redevelopment opportunities into high-rise condominiums as landed houses are the predominant usage within the enclave.