Thursday, September 24, 2009

The Meyer Place up for collective sale

THE Meyer Place condominium off Meyer Road has been put up for collective sale.

Property consultants Cushman & Wakefield, which is marketing the site, said it should fetch at least $65 million. That would give the 28 owners a sale price of $2.2 million to $3.3 million each, depending on the size of their unit.

Based on a maximum allowable plot ratio of 2.1, this price works out to $1,100 per sq ft (psf) per plot ratio.

These prices translate to a premium of about 50 per cent above the value of the units if the owners were to sell them individually on the open market now, said Ms Christina Sim, Cushman & Wakefield's director, investment, capital markets.

The fairly small 28,167 sq ft freehold site near Katong Park also has a two-storey conservation building that contains four flats that must remain in any development of the land.

Ms Sim described Meyer Road as the 'Nassim Road' of the East Coast and one that typically sets benchmark prices for the whole of District 15.

She added that the new project Silversea in Amber Road has crossed the $1,700 psf mark. Deals at this project were done at a median price of $1,386 psf last month.

New condominiums in the area include The Seafront on Meyer and The View @ Meyer.

Cushman & Wakefield said in a statement yesterday that it expects 'nothing less than a sterling reception' for the 'bite-sized' site although a market observer told The Straits Times that the owners seem to be asking for high prices.

The tender exercise closes on Oct 28.

Separately, Aspial Corporation has bought two properties in Lorong Melayu for $5.588 million, or about $408 psf per plot ratio, including development charges. The freehold properties in the Kembangan area have a total land area of about 1,000 sq m and a maximum gross floor area of 1,401 sq m.

It intends to develop a residential project on the site. The sale was done through Aspial's subsidiary, World Class Property (Telok Kurau).

Source, Straits Times 24 Sep 2009

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