Source : Channel NewsAsia – 23 Sep 2009
Another collective en-bloc residential site is up for sale by tender. Meyer Place, off Meyer Road, is expected to fetch more than S$65 million, according to its marketing agent Cushman and Wakefield.
The site has a land area of 28,167 square feet.
Based on its maximum allowable plot ratio of 2.1, and with a potential development charge payment of S$3 million, the site will cost about S$1,100 per square foot per plot ratio.
This compares well against projects nearby, like Silversea, which have been sold at more than S$1,700 per square foot.
Cushman expects keen interest for the site, saying developers have seen a significant drop in inventories due to robust sales recently.
Cushman said this means developers may use the opportunity to replenish their land banks.
The tender exercise closes on October 28.
Donald Han, managing director, Cushman & Wakefield, said: “Meyer Road is basically the prime, creme de la creme of East Coast residential enclave. Some of the highest, best quality residential developments are located in Meyer Street, Meyer Road.
“If you look into what’s there available for development, there’s hardly anything that has not been developed. So the Meyer Place project represents one of the last few remaining sites which can potentially be redeveloped into a potentially 24 storey development.
“This is what we call a bite sized development site. It’s about 28,000 sq ft. If you’re looking into total site – cost plus construction, we’re looking at, potentially looking at a price well below S$100 million. So it’s basically a very comfy price for entry level and mid-sized developers. Some larger developers might even want to look into participating in these kind of projects.
“On our end, we have got foreign developers who’re already looking keenly on this site to participate when it opens for tender.”
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