Constructed back in the 1990s, the freehold private residential development along Meyer Road, Casa Meyfort has been put up for collective sale via tender at a reserve price of S$340 million (or a land rate of S$1,616 psf ppr) – which includes a development charge of around S$46 million.
Based on the above reserve price, the owners at Casa Meyfort will set to pocket about S$4.5 million of sale proceeds on average.
The 76-unit Casa Meyfort is currently sitting on a site which is taking up around 85,249 square feet of land space and has a gross plot ratio of 2.8 (stated under the URA Master Plan of 2014).
It was noted that the condominium offers a good view of Singapore’s Central Business District (CBD), the sea view along the eastern shoreline and also overlooking the landed properties at Mountbatten Road.
Casa Meyfort is also located within just 600 metres away from the future Katong Park MRT station, which is part of the new Thomson-East Coast MRT Line – slated for completion by 2023.
Market watchers have mentioned that freehold sites for residential purposes are rarely available along Meyer Road – usually well-known as the prime area of District 15, East Coast.
Also, there hasn’t been any new projects being launched for sale along Meyer Road since The Meyerise was completed back in 2015 and the last new launch project released for sale in the East Coast precinct was 843-unit Seaside Residences condo by Fraser Centrepoint Ltd (FCL).
Thus, the Casa Meyfort en bloc offers property developers the ideal opportunity to develop an upscale, high-end residential project – which may end up setting a new price benchmark for the Meyer Road area.
The en bloc tender will close on 17 January 2018.