GuocoLand has announced that the group has exercised its option to acquire the 76-unit freehold condo, Casa Meyfort for $319.88 million (or $1,580 psf ppr) via a collective sale.
Situated along Meyer Road, Casa Meyfort spans across a land area of around 85,249 square feet and under the URA Master Plan 2014, the site has a 2.8 gross plot ratio.
Casa Meyfort was completed back in 1992 and the development boasts an excellent view of the sea along the eastern coastline of Singapore, the Central Business District and also overlooking the landed residential estate at Mountbatten Road. It is along located within just 600 metres from the future Katong Park MRT station (part of the new Thomson East-Coast MRT line).
It’s being reported that the Casa Meyfort en bloc deal may be one of the last couple of collective sales (for private residential developments) to be concluded before the new property cooling measures take effect on 06 July 2018.
Market watchers believe that GuocoLand (also the developer for Martin Modern and Wallich Residence) went on to proceed with its option (issued before 06 July 2018) despite the property cooling measures in place due to the fact that there aren’t many freehold sites available within the vicinity and the size of the future new launch at Meyer Road will be of a manageable scale.
Under the new Additional Buyers Stamp Duty (ABSD) rates, any other new deals, on or after 06 July 2018, for property developers will result in higher cost and capital outlay.
It was noted that Casa Meyfort was initially launched for collective sale back in December 2017 at a reserve price of $340 million, but unfortunately, no deals were being struck. It was later on relaunched for sale in April 2018 with an asking price of $340 million and a reserve price wasn’t disclosed during then. The tender was closed on 21 May 2017.