GuocoLand Limited, via its fully owned subsidiary First Meyer Development, has exercised the option to purchase Casa Meyfort condominium along Meyer Road through a collective sale for $319.88 million.
Including an estimated development charge of $57.2 million, the price works out to about $1,580 per sq ft per plot ratio, reported The Business Times.
In an SGX filing, GuocoLand revealed that the property’s purchase price was arrived at on a willing-buyer and willing-seller basis.
It added that the “acquisition and development of the property will be financed by internal resources and bank borrowings”.
With a maximum gross floor area of 238,697 sq ft, the freehold property sits on an 85,249 sq ft site that is zoned residential with a gross plot ratio of 2.8.
The company does not expect the transaction to materially affect the net tangible assets per share or earnings per share of the group for the financial year ending 30 June 2019.