Freehold residential site at Meyer Place for sale at $25 mil

CDL Aries successfully acquires land in Upper Bukit Timah to develop a potential The Myst condominium tower, with potential to become a highly desirable project for Singaporeans and investors.

The public tender exercise for 5 Meyer Place is now open with an exclusive guide price of $25 million. Located at 5 Meyer Place and with dual frontages facing Meyer and Fort Road, the freehold residential site has a land area of approximately 10,154 sq ft, and is zoned for “residential” use under the 2019 Master Plan. Its allowable plot ratio is 2.1 with a maximum gross floor area of 22,817 sq ft, inclusive of bonus balcony space.

The site, currently housing a single-storey landed property, could potentially yield 19 dwelling units based on URA guidelines, pending approval from relevant authorities. The guide price works out to a land rate of about $1,770 psf per plot ratio, inclusive of the bonus balcony area, with land betterment charge payable, and subject to baseline verification.

Singapore Realtors Inc (SRI), the exclusive marketing agent of the public tender exercise, believes the property will appeal to both developers and large families. Bruce Lye, managing partner at SRI, remarks that the area has much to offer – from its proximity to the upcoming Katong Park MRT Station (across the street) to its closeness to East Coast Park, Singapore Swimming Club, Singapore Sports Club and shopping malls, such as Leisure Park Kallang mall, Kallang Wave Mall and Parkway Parade. He also mentions that the recent transaction of a property on Meyer Place and the benchmark of new home prices at District 15 reflect the locality’s confidence and the demand for new homes.

The CBD and Singapore Changi Airport are approximately a 15-minute drive away via the East Coast Park Expressway. The public tender exercise will close on May 15 at 3pm.

With its attractive location and many amenities nearby, 5 Meyer Place makes for an excellent investment opportunity for buyers of landed housing.