Meyer Park relaunched for sale with a reserve price of $420m

The tender for the property will close on 2 November.

Meyer Park, a freehold seafront residential site in prime District 15, has been relaunched for sale with a reserve price of $420m.

Including an estimated Land Betterment Charge of about $90.9m, the land rate works out to$1,764 per sq ft per plot ratio. 

EDMUND TIE, the property’s sole marketing agent, said the tender for the property will close on 2 November.

The two-storey landed housing estate is located at 81 & 83 Meyer Road and sits on a land area of 8,981 sq m (96,672 sq ft).

Under the Master Plan 2019, the site is zoned for “Residential” use with a plot ratio of 2.8. 

Including a 7% bonus floor area, the maximum allowable gross floor area works out to some 26,907 sq m (289,628 sq ft). 

 “Meyer Park offers developers the opportunity to replenish their landbank with a freehold seafront site along the prestigious Meyer Road – often referred to as the Nassim of the East. The site can be redeveloped to a mid-sized luxury high-rise condominium development accommodating up to 251 well-placed residences,” Swee Shou Fern, head of Investment Advisory at EDMUND TIE, said.