Being the 4th freehold site to come on the property market within the Meyer-Amber precinct is Nanak Mansions and has been sold to an associate company (Secure Venture Development) of UOL Group for S$201.1 million via a collective sale.
Nanak Mansions is a low-rise private residential development, which was completed back in the 80s. It comprises of 36 units (maisonettes) with either 4 or 5 bedrooms and is located just a mere 400-metre distance to the future Tanjong Katong MRT Station.
It was also noted that the freehold site of Nanak Mansions has an area of around 10,185 square meters (sqm) and a 1.4 gross plot ratio.
The acquisition price of Nanak Mansions will work out to be approximate S$1,429 psf ppr (including development charges), which is slightly higher than another en bloc deal for Albracca (within the same precinct) in July for $1,409 psf ppr.
Given its rare location and the coveted address in District 15 of Singapore, UOL mentioned that the group sees the opportunity to redevelop the newly acquired site into a lavish residential project which can be on par with Nassim Residences.
Property consultants have highlighted that the new launch project replacing Nanak Mansions in future maybe be a 5-storey residential development with a maximum GFA (or gross floor area) 153,482 square feet (sq ft) and is likely to yield 203 private homes (based on average size of 700 sq ft).
They have also added the Meyer Road has been widely regarded as the prime area of the East Coast precinct of Singapore and spells a good investment potential for having an upmarket private development.
According to the reports, there haven’t been many residential projects being launched for sale in recent years and the last condominium projects completed within the Meyer Road and Amber Road precincts were The Meyerise by Hong Leong Group, back in 2015 and Amber Skye by China Sonangol Land, completed in early 2017.