Meyer Park, a freehold condominium project on Meyer Road, was put on the market for the third time on Tuesday (January 17), with the reserve price reduced to $390 million from $420 million in the previous two offers, making it the first collective sale project to be offered at a reduced price this year.
Meyer Park, located at 81 and 83 Meyer Road, occupies a site of approximately 96,672 square feet, with a plot ratio of 2.8 and a maximum gross floor area of approximately 289,628 square feet when the 7% additional floor area is included, and is zoned for residential use under the 2019 Development Blueprint.
Including a Land Betterment Charge of approximately $90.9 million, the asking price per square foot for the Meyer Park development is approximately $1,660 per square foot of floor area ratio, compared to $1,764 previously.
Meyer Park's two previous collective sales bids, which closed on 9 September and 2 November 2022, were unsuccessful.
Last week, Bagnall Court, located on the East Coast Road section, was successfully sold in a private deal for $115.3 million, selling for less than the $125 million reserve price it had when it launched its collective sale last September.
Meyer Park's exclusive agent for the third sale was again Edmund Tie. Its announcement on Tuesday stated that the deadline for the re-sale tender was February 8.
In the release, Edmund Tie's Executive Director of Investment Advisory Services, Ms. Cecilia Tsui, noted that developers are actively looking for sites to fill their land bank, although they are now being more cautious and selective in the market.
She believes that sites of moderate size, strategic location and exceptional conditions, such as Meyer Park, will be attractive to developers.
The Hotel Telegraph, a hotel near Romisham Place, is asking around $240 million. The hotel currently has 48 years left on its land lease. (File photo)
Robinson Point, a commercial building on Robinson Road, and Hotel Telegraph (formerly known as SO Singapore Hotel) will be put on the market for sale at a total indicative price of around $700 million.
Both projects are owned by VivaCapital. A spokesperson for the group confirmed the news when asked by the Business Times.
The 21-storey Romisham Place, a freehold project, is being offered for around $470 million, less than the $500 million that Viva will pay for the building in 2021.
The neighbouring Hotel Telegraph is asking around $240 million. The hotel has a 48-year lease remaining.
