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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
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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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