GuocoLand bought the property.
GuocoLand subsidiary First Meyer Development won the tender for the en bloc sale of Casa Meyfort and bought the property for $319.88m. The owners previously attempted an en bloc sale on December 2017 at a reserve price of $340m.
The development was completed in the 1990s and comprises 76 apartment units. It has a land area of approximately 7,919.9 sqm or 85,249 sqft. Under Master Plan 2014, the site is zoned for residential use with a gross plot ratio (GPR) of 2.8.
Casa Meyfort is located within 600 metres to the upcoming Katong Park MRT station along the Thomson-East Coast Line (TEL). It is near major roads and expressways such as Fort Road, Mountbatten Road, and Tanjong Katong Road. The project is a 10 minutes’ drive to the Central Business District (CBD) and a short walking distance to East Coast Park.
GuocoLand said the acquisition and development of the property will be financed by internal resources and bank borrowings.
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