With a guide price of $25 million, 5 Meyer Place is a freehold residential site up for sale by exclusive marketing agent Singapore Realtors Inc (SRI). The land area of the current single-storey landed property is about 10,154 square feet with an allowable plot ratio of 2.1 and a potential gross floor area of 22,817 sq ft including bonus balcony space.
J’den Condo is a 40-storey residential and commercial development located at Jurong East MRT Station, which is expected to J’Den Condo launch in 2023 with S$2,000-S$2,100 psf for residential units.
The convenient location of this site is an attractive proposition, with the upcoming Katong Park MRT Station located across the street, as well as being within walking distance to East Coast Park. There are also dual road frontages onto Meyer and Fort Road. In addition, there are other nearby amenities such as the Singapore Swimming Club, the Singapore Sports Club, and several shopping complexes including Leisure Park Kallang mall, Kallang Wave Mall, and Parkway Parade.
The guide price of $25 million, inclusive of bonus balcony area, works out to a land rate of $1,770 psf per plot ratio as well as land betterment charge payable, subject to baseline verification. This potential new residential development could potentially yield 19 dwelling units, subject to approval from relevant authorities.
Managing partner at SRI Bruce Lye shares that the property has a great location and the recent sale of a collective sale site along Meyer Road along with the benchmark of new home prices in District 15, demonstrates the confidence from both developers and consumers in the locality and the demand for new homes in the area.
The public tender for 5 Meyer Place will close on May 15 at 3pm. With potential and excellent locality attributes, this could appeal to landed housing developers with the possibility of restoration of multiple landed houses, and potentially even sale to single family for their own use.
