Freehold condo Meyer Park is up for its fifth collective sale at a guide price of S$420 million.
The development sits on a site area of around 96,670 sqft (8,981 sqm) with a gross plot ratio of 2.8. This translates to an achievable gross floor area (GFA) of approximately 270,676 sq ft after factoring in a bonus floor area of 7%.
After combining its reserve price of S$420 million plus the development charge of S$78.2 million, the land rate works out to around S$1,720 per square feet per plot ratio (psf per).
According to exclusive marketing agent Edmund Tie, this is the first time 80% of the condo’s residents have consented to a collective sale. It had previously tried to get the residents’ consent four times in the past.
Meyer Park
Completed in 1985, Meyer Park is located at 81 and 83 Meyer Road. It sits in District 15 of East Coast/ Marine Parade, just outside the Central Business District (CBD).
The freehold condo currently has 60 pretty sizeable residential units spanning between 1,808 sqft to 2,777 sqft. If redeveloped, the new development has the potential to house 251 units, more than four times its current offerings.
Meyer Park hasn’t seen a lot of transaction action. Only four units exchanged hands between 2018 to 2020, with two transactions in 2020.
If the collective sale goes through, the two buyers who purchased units in 2020 will need to pay a Seller’s Stamp Duty (SSD) of 8% as they would’ve had to sell their homes within two years.
SSD applies to owners selling their flat within the first three years of purchase.
• Selling within one year of purchase – 12% SSD
• Selling within two years of purchase – 8% SSD
• Selling within three years of purchase – 4% SSD
An average transaction price of S$3,082,500 works out to an SSD of a whopping S$246,600. Ouch.
The owner who purchased the unit for S$4,075,000 in 2019 is also subjected to a 4% SSD charge to the tune of S$163,000.
What’s attractive about Meyer Park?
Million-dollar views
With an 88-metre sea-facing frontage and a maximum building height control of 36 storeys, residents of the new development can look forward to serene sea views to the south or panoramic views of Mountbatten’s bungalow enclave to the north.
Connectivity
Meyer Park’s location is ideal for those who want to live close to the city but still enjoy the tranquillity of the East Coast.
Raffles Place is a 10-minute drive via the Marina Coastal Expressway (MCE), while the shopping belt of Orchard Road is 16 minutes away via Nicoll Highway.
Katong Park MRT is an 8-minute walk away. Slated to be completed in 2024, the MRT station is part of the Thomson-East Coast Line, one of the most extensive lines in Singapore. Future residents can get to Gardens by the Bay in three stops or Orchard Road in 11 stops.
Amenities near Meyer Park
Two main malls – Parkway Parade and i12 Katong – currently serve the residents of Meyer Park.
Parkway Parade is a 7-minute drive or a 20-minute bus ride away. The 7-storey mall has a total of 270 stores. Daily amenities and groceries can be found at FairPrice Xtra, Cold Storage or Marks & Spencer. There are 56 food and restaurant options to choose from, as well as a Cathay Cineplexes on the top floor for movie lovers.
i12 Katong is slightly further away, being a 9-minute drive or 22-minute bus ride out. Compared to Parkway Parade, this mall has fewer offerings, with only 160 stores. The mall underwent a major renovation and only re-opened on June 23 2022, so some stores are still empty.
And, of course, East Coast Park is just a 9-minute walk away via Meyer Road. The green space is over 185 hectares with a service coastline spanning 15 km.
Families can enjoy a barbecue or picnic on its sandy beaches under lazy coconut palms on the weekends or dine at one of the many restaurants or cafes along the beach.
Schools near Meyer Park
Parents will be delighted to know that there are many popular schools within the vicinity of the new condo development.
- Kong Hwa School (497m)
- Tanjong Katong Primary School (900m)
- Tanjong Katong Secondary School (903m)
- Broadrick Secondary School (926m)
- Tanjong Katong Girls’ School (1,053m)
- Chung Cheng High School (Main) (1,715m)
- Dunman High School (1,986m)
The tender for Meyer Park closes on September 9 at 3 pm.
Do you think the Meyer Park collective sale will be successful? Let us know in the comments section below.
If you found this article helpful, check out What determines the value of an en-bloc property? and 7 reasons why a collective sale tender fails.
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