Old will soon make way for the new. The quiet and soon-to-be-not-so-little enclave of Meyers-Amber road in the Eastern suburbs has sent yet another development off into the en bloc market.
Meyers-Amber area will soon see new developments
The sale of the freehold residential site of Nanak Mansions makes it the 4th site in the vicinity to be sold en bloc this year. UOL’s 50%-owned associate, Secure Venture Development (No.1) won the bid with $201.1 million. They have plans to develop the 10,185 sq ft site into a 5-storey project with a maximum gross floor are of 153,482 sq ft. This works out to be approximately $1,429 psf per plot ratio. In July this year, The 23,400 sq ft The Albracca was sold for $69.1 million. The final psf ppr price comes up for be about the same at $1,409.
Location and potential for maximising floor area pluses for developers
Nanak Mansions is owned by an Indian family whose members have all given consent for the property to be sold en bloc. Currently, all the 36 maisonette units are tenanted. It is a classic example of a worthy purchase as the property consists of low-rise apartments and was built almost 40 years ago in the 1980s. The potential for a grand turnaround is likely to happen in the next 4 to 5 years.
The site commands a high price for its prime location. It is 400m away from the Tanjong Katong MRT station on the upcoming Thomson-East Coast MRT line. The exclusive nature of the Meyers road corner of the East Coast also makes it prime fodder for luxury developments. Subsidiaries of the land owner also have ownership of the private roads near the property, about 910 sq m in Jalan Nuri. Should they exercise their put option, Secure Venture may very well also acquire the road land.