Category Archives: Property Price

The Meyer Place up for collective sale

Posted on 24 Sep 2009 | Comments Off on The Meyer Place up for collective sale
If the sale goes through, it could net the 28 owners a sale price of $2.2 million to $3.3 million each, depending on the size of their unit. — PHOTO: CUSHMAN & WAKEFIELD

THE Meyer Place condominium off Meyer Road has been put up for collective sale.

Property consultants Cushman & Wakefield, which is marketing the site, said it should fetch at least $65 million. That would give the 28 owners a sale price of $2.2 million to $3.3 million each, depending on the size of their unit.

Based on a maximum allowable plot ratio of 2.1, this price works out to $1,100 per sq ft (psf) per plot ratio.

These prices translate to a premium of about 50 per cent above the value of the units if the owners were to sell them individually on the open market now, said Ms Christina Sim, Cushman & Wakefield’s director, investment, capital markets.

The fairly small 28,167 sq ft freehold site near Katong Park also has a two-storey conservation building that contains four flats that must remain in any development of the land. Continue reading →

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Posted in Developers, En-bloc / Collective Sales, Property Price

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Another residential plot triggered for sale

Posted on 24 Sep 2009 | Comments Off on Another residential plot triggered for sale

A PLOT in Upper Thomson Road has been triggered for sale after an unnamed developer committed to bid at least $82 million for the site.

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The bid – it works out to $174 per sq ft per plot ratio – comes less than a fortnight after government measures to rein in the property market and indicates that developers are still keen to chase residential sites.

The 2.08 ha plot, which is near Lower Peirce Reservoir Park and Bishan Park, has been available on the reserve list since April last year.

It could go for tender only if a developer indicated interest by committing to a minimum bid acceptable to the Government.

A tender for the site will now be launched in two weeks, said the Urban Redevelopment Authority (URA) yesterday.

Experts say the plot, which can generate a maximum gross floor area of 43,781 sq m, has plenty of appeal, even though it is not near an MRT station.

CBRE Research executive director Li Hiaw Ho said it is likely to sell at between $375 psf and $425 psf per plot ratio.

The developer could probably launch the new project at $800 psf to $850 psf, he added. Continue reading →

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