The eastern region may be losing an old guard but gaining a new kid on the block in a few years’ time.
Freehold residential site in Meyer Road up for en bloc
Casa Meyfort, a 76-unit private condominium built in the 1990s stands on a land area of 85, 249 sq ft. With a gross plot ratio of 2.8, it is zoned for residential use under the Government’s 2014 Masterplan. The freehold residential site boasts a prime location with a view of the Central Business District (CBD), the sea and the Mountbatten Road landed housing estate.
Site up for tender with reserve price of $340 million
Views aside, the site also has a couple of other positive factors on its side. One plus point is its proximity to transport. The upcoming Katong Park MRT station of the Thomson-East Coast Line is just 600m away.
Another is heritage and nostalgia. Meyer Road has undergone many changes in the past decade and new developments are bringing the buzz back to this iconic area in the east. A freehold residential site on this road is few and far in between. Thus property players expect developers to show fairly keen interest in the site.
The site is up for tender with a reserve price of $340 million. With a development charge of $46 million, the land rate comes up to approximately $1,616 psf ppr. Should the sale come through, each owner is expected to receive an average of $4.5 million.