The freehold residence site located at 5 Meyer Place has been offered for sale in the public tender process with the target cost of $25 million according to a press release issued by the sole market agent Singapore Realtors Inc (SRI).
The site is currently home to one-storey land property with a land area of around 10,154 square feet. The property is designated for “residential” usage under the 2018 Master Plan with an allowable plot ratio of 2.1. The total floor area is 22,817 square feet which includes additional balconies.
As per SRI, an upcoming residential development located on this site could yield 19 units of dwellings in accordance with the latest URA guidelines. The project is subject to approval from the relevant authorities.
The suggested price of $25 million equates to a land value of around $1,770 psf for each plot ratio. “The land rate includes of bonus balcony area and land betterment charges due in addition to baseline confirmation” SRI adds.
Bruce Lye, managing partner Bruce Lye, managing partner at SRI Bruce Lye, SRI’s managing partner, says that the site has excellent locality advantages, such as the forthcoming Katong Park MRT Station is right on the other side of the street, and it is walking distance of East Coast Park.
The property is situated on Meyer Place which has two road frontages that face Meyer as well as Fort Road. Other amenities in the vicinity are Singapore Swimming Club, Singapore Sports Club and shopping centers like Leisure Park Kallang mall, Kallang Wave Mall and Parkway Parade. The CBD as well as Singapore Changi Airport are a 15-minute drive via the East Coast Park Expressway.
Lye expects the site will be appealing to land-based housing developers and developers, as well as the potential of redevelopment of several homes that are landed, or selling to one family to use to be used by the family for their own needs.
“The recently concluded sale of the common sales site in the vicinity of Meyer Road, coupled with the benchmark of new house costs in District 15 is a sign of confidence from both developers and consumers in the area and the need for new homes in the area.” remarks Low Choon Sin, managing partner of SRI Capital Market.
The public tender process to bid on the 5 Meyer Place will close on May 15 at 3pm.