The 139-unit Landmark Tower near Pearl’s Hill City Park has a reserve price of $285 million, or $1,400 psf ppr. (Photo: JLL)
Encouraged by the 3.8 percent hike in private home prices in the Outside Central Region as per the Urban Redevelopment Authority’s quarterly flash estimates, the owners of Casa Meyfort have relaunched the 76-unit development along Meyer Road for collective sale.
The freehold property was previously put up for sale in December 2017 for $340 million, or a land rate of $1,616 psf per plot ratio (psf ppr), but the sale did not go through.
Completed in the 1990s, Casa Meyfort sits on an 85,249 sq ft site, which is zoned residential under the 2014 Master Plan with a gross plot ratio (GPR) of 2.8, revealed marketing agent Edmund Tie & Co.
“We are relaunching the collective sale tender as we see a great opportunity in this freehold site that is positioned for an exemplary upscale development that stands to enjoy panoramic and breathtaking views of the city skyline and horizon,” said Edmund Tie & Co’s senior director for investment advisory Tan Chun Ming.
The site offers unblocked views of the Central Business District, the Mountbatten Road landed housing estate and the sea. It is within 600m to the upcoming Katong Park MRT station along the Thomson-East Coast Line.
Separately, Landmark Tower, a 139-unit residential development along Chin Swee Road, has also been launched for collective sale at a reserve price of $285 million, or $1,400 psf ppr after factoring in the lease top-up premium, reported the Business Times.
No development charge is payable for the site up to its “as-built” GPR of 4.014.
Located near Pearl’s Hill City Park, the 38-storey development sits on a 60,821 sq ft site zoned residential with a GPR of 3.7. Marketing agent JLL noted that the 99-year leasehold site could be redeveloped into a high-rise condominium.
The tenders for Landmark Tower and Casa Meyfort will close on 17 May and 21 May respectively.
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