According to Cushman & Wakefield, the property consultants that are marketing the Meyer Place condominium located at the Meyer Road, the site should be sold for at least $65 million. Depending on the unit size, that would provide the 28 owners a sale price of $2.2 million–$3.3 million per unit.
The price works for $1,100 per square feet (psf) per plot ratio. It is based on a 2.1 maximum acceptable plot ratio. Director Christina Sim of Cushman & Wakefield, investment and capital market, said that if the homeowners are to individually sell the condominiums on the open market, these prices can translate to a premium of around 50 percent above the units’ value.
The fairly small freehold site located near the Katong Park, which covers a total land area of 28,167 square feet, also include a two-storey conservation building with four flats that must stay in any development of the land.
Meyer Road is described by Ms. Sim as East Coast’s ‘Nassim Road’ and one that usually establishes the standard prices for the entire of District 15.
Miss Sim affirmed that the recent project in Amber Road called Silversea has already reached the $1,700 psf mark. The deals of this new project have been done last month at an average price of $1,386 psf.
In a statement made by Cushman & Wakefield last Wednesday, they expect for the ‘bite-sized’ site a ‘nothing less than a sterling reception’, although The Straits Times was told by a market observer that the homeowners appear to be demanding for higher prices.
Separately, two properties in Lorong Melayu have been purchased by Aspial Corporation for $5.588 million, or around $408 psf per plot ratio, which includes the development charges. The Kembangan area’s freehold properties have around 1,000 square meter total land area and a maximum of 1,401 square meter gross floor area.
Aspial Corporation aims to develop on the site a residential project. World Class Property (Telok Kurau), the subsidiary of Aspial, is responsible for the sale.