Chief Editor February 10 2023

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Meyer Park sold for S$392.18m en bloc deal to Joint Venture UOL and Singapore Land

Meyer Park has been en bloc successfully after Joint Venture UOL and Singapore Land won the tender at S$392.18 million.

3rd Attempt at Collective Sale Paid Off

The District 15 condo was first launched for en bloc on 25 July 2022 with a reserve price of S$420 million that failed to attract any bidders.

It was relaunched at the same reserve price on 13 Oct 2022, with the tender again closing with no bidders.

Meyer Park was relaunched for collective sale this year at a lower reserve price of S$390 million after its two previous attempts closed without a sale.

Meyer Park Condo Advantages

The freehold Meyer Park condo was completed in the 1980s and there are a total of 60 apartments in this condominium.

It is located at 81 and 83 Meyer Road, Meyer Park occupies a huge land size of approximately 8,981.1 square metres (sq m).

It is near to amenities such as Parkway Parade and i12 Katong, as well as heritage shophouses.

The popular schools nearby include Tao Nan Primary School, Kong Hwa, Dunman High School and Victoria Junior College.

Meyer Park is less than ten minutes walk from The Katong Park MRT station on the Thomson-East Coast Line.

Meyer Park Redevelopment Potential

Under Master Plan 2019, the site at Meyer Park is zoned for Residential use at plot ratio 2.8 and can be redeveloped to a maximum gross floor area of 25,147.08 sq m.

Meyer Park sits on a land area of approximately 96,672 square feet (sq ft). With an estimated land betterment charge of about S$90.9 million, the land rate at the current reserve price works out to approximately S$1,660 per sq ft per plot ratio (psf ppr), including a 7 per cent bonus floor area.

The future new launch price for Meyer Park is expected to be from $2,500 PSF.

The legal completion of the collective sale is expected to take place no later than November 2024.

Windfall from Meyer Park collective sale

Edmund Tie is the sole marketing agent for the collective sale of Meyer Park.

Each unit of Meyer Park stands to receive approximately S$5.25 million to S$7.26 million from the collective sale.

A subsidiary proprietor (SP) bought a 3 bedrooms unit at Meyer Park on July 2020 for $2,565,000. The floor area is 1,808 sqft. This owner may be subject to 4% seller stamp duty depending on the date of disposal in this en bloc deal. 

Seller Stamp Duty (SSD) due to Collective Sale

Seller stamp duty (SSD) will be payable to IRAS if the unit was sold within 3 years.

The date of disposal is the date of the contract for the sale of the development between the Meyer Park sellers (represented by the collective sale committee) and the buyer.

All owners regardless whether they consent to the sale, whose properties were sold within the prescribed SSD holding period are liable to pay the SSD within 14 days from the date of the executed collective sale contract.