Meyer Park at Marine Parade: A Premium Seafront Property Set for Collective Sale at $420 Million

A Rare Opportunity in the Desirable District 15

Meyer Park, an exclusive freehold seafront condominium at 81 and 83 Meyer Road in Marine Parade, has been introduced for collective sale at a reserve price of $420 million. This remarkable opportunity allows developers to invest in the highly sought-after Meyer Road precinct, known for its luxury high-rise developments and stunning panoramic sea views.

Land Rate and Development Potential

The reserve price translates to a land rate of approximately $1,720 per square feet per plot ratio (psf ppr) after considering a development charge of $78.2 million. This charge includes a 7% bonus floor area. The site is zoned “residential” with a plot ratio of 2.8%, encompassing a land area of approximately 96,672 sq ft and an 88m frontage facing the sea. The maximum allowable gross floor area is about 289,628 sq ft, factoring in the bonus floor area of 7%.

Redevelopment Possibilities and Current Status

Built-in 1980s, Meyer Park currently houses 60 apartment units. According to Ms. Swee Shou Fern, Head of Investment Advisory at Edmund Tie, the exclusive marketing agent for this property, the new development can accommodate up to 251 units. The site boasts expansive, uninterrupted sea views to the south and a clear, open vista over a Mountbatten bungalow enclave to the north. The combination of these factors will undoubtedly appeal to prospective home buyers.

Comparing Prices with Nearby Properties

Recent transactions at Meyer Park include a high-floor 1,808 sq ft unit that sold for $2.565 million in July 2020, amounting to a psf price of $1,418. In March the same year, a larger low-floor 2,659 sq ft unit was transacted for $3.6 million, or $1,354 psf. Another unit of the same size but on a higher floor went for $4.075 million, or $1,533 psf, in August 2019.

In comparison, units at GuocoLand’s Meyer Mansion project, located near 79 Meyer Road, have been transacted at prices ranging from $2,403 to $3,293 psf since its launch in September 2019. The residential development is still under construction, with an estimated temporary occupation permit (TOP) expected in 2024.

A Prime Location with an Abundance of Amenities

Meyer Park’s strategic location offers residents a perfect blend of tranquil city-fringe living and a robust network of amenities. Nearby malls include Parkway Parade and i12 Katong, while heritage shophouses provide a unique selection of retail and food and beverage businesses. Schools in the vicinity include Tao Nan Primary School, Dunman High School, and Victoria Junior College, among others.

The Collective Sale Tender

This marks the first time Meyer Park has obtained the required 80% owners’ consent for a collective sale, despite four previous attempts. The sale tender for 81 and 83 Meyer Road is set to close on September 9 at 3 pm. Developers seeking to replenish their land banks will appreciate this site’s exclusive location and palatable size, which is ideal for a mid-sized luxury high-rise development.

Upcoming New Condominium in District 15 – East Coast

Grand Dunman is the upcoming Dakota new launch condo leasehold residential development located in District 15 at 409 Dunman Road, Singapore. The project comprises a mix of apartment units, with sizes ranging from 1 to 4 bedrooms. Residents can enjoy an array of lifestyle amenities, including a swimming pool, gymnasium, and BBQ area. Grand Dunman is well-connected, with Dakota MRT Station and Paya Lebar MRT Interchange nearby, and offers easy access to major expressways. Shopping malls, reputable schools, and East Coast Park are within close proximity, making Grand Dunman an ideal choice for modern living. Register now for an early show flat preview today: https://thegranddunman.sg/view-showflat/