It was sold to UOL Group-Singapore Land Group’s joint venture.
United Venture Development (No. 6), an 80/20 joint venture company of UOL Group and Singapore Land Group, won the tender for the collective sale of Meyer Park. The property got sold for $392.18m.
The property’s collective sale is subject to approval by the Strata Titled Board.
“Including a land betterment charge of about $90.9m, the land rate works out to approximately $1,668 per square foot per plot ratio, which factors in a 7% bonus floor area,” said Edmund Tie & Company (EDMUND TIE), the property’s sole marketing agent.
Given that the building has 60 apartment units, each unit likely received approximately $5.25m to $7.26m from the collective sale.
Meyer Park is located at 81 and 83 Meyer Road. It sits on a land area of approximately 8,981.1 sq m (96,672 sq ft).
Under Master Plan 2019, the site is zoned for ‘Residential’ use at a plot ratio of 2.8 and can be redeveloped to a maximum gross floor area of 25,147.08 sq m (270,681 sq ft).