Meyer Park was successfully sold in its third attempt at en bloc sale. The price of S$392.18 million was a notch higher than its guide price of S$390 million.
The freehold sea-fronting residential property was sold to United Venture Development (No 6), an 80/20 joint-venture (JV) company between UOL Group and Singapore Land Group.
Depending on the apartment size, each unit stands to receive approximately S$5.25 million to S$7.26 million from the collective sale, according to sole marketing agent Edmund Tie.
Located at 81 and 83 Meyer Road, Meyer Park sits on a land area of approximately 8,981.1 square metres (sq m) with 60 apartment units.
Including a land betterment charge of about S$90.9 million, the land rate works out to approximately S$1,668 per square foot per plot ratio, which factors in a 7 per cent bonus floor area.
UOL group chief executive Liam Wee Sin said the plan is to develop this site into a “luxury development with about 230 to 250 units in a high-rise block to capitalise on the unblocked views.”
Under Master Plan 2019, the site is zoned for Residential use at plot ratio 2.8 and can be redeveloped to a maximum gross floor area of 25,147.08 sq m.
The development is connected to several expressways, including the Marina Coastal Expressway and Pan Island Expressway, with the nearby Katong Park MRT station on the Thomson-East Coast Line slated to be operational next year.
It is also near to prominent schools such as Tao Nan Primary School, Kong Hwa School, Dunman High School and Victoria Junior College.
GS BUILDING has been sold to JVA Venture for S$67 million, a notch higher than its reserve price of S$65 million.
Located at 16, 18 and 20 Lorong Ampas, along Whampoa River and Whampoa Park Connector, the freehold site seats a three-storey industrial building comprising 18 strata units.
It has a land area of about 3,426.7 square metres or 36,885 square feet, and is zoned Business 1 under the Urban Redevelopment Authority Master Plan 2019 with a plot ratio of 2.5.
The land can also be rezoned to residential use with a plot ratio of 2.8, though this is subject to approval by the authorities, said sole marketing agent Edmund Tie on Tuesday (Feb 14).
JVA Venture plans to redevelop the site into an industrial building, leveraging the shortage of well-designed industrial space with high specifications in the city fringe location, said Swee Shou Fern, Edmund Tie head of investment advisory.
GS Building is located within the Balestier Road precinct. Amenities in the vicinity include shopping malls Zhongshan Mall, Velocity and United Square, as well as healthcare service Health City Novena.
GSM Building has a total land area of 1,115.1 square metres, with a tenure of 99 years that started from May 2, 1978. The property comprises 33 units – of which 13 are self-occupied and 20 are rented out – as well as common property.
COLIWOO (TK), an indirect wholly owned subsidiary of Singapore-listed LHN : 41O -1.67%, will acquire the strata- titled GSM Building at Middle Road for S$80 million excluding the goods and services tax (GST), the company said on Feb 10, 2023. The acquisition refers to the en bloc acquisition of all the strata units and the common property at the GSM property.
The amount, less S$100,000 as a tender fee, is expected to be paid through internal sources of funding and bank borrowings, said LHN, which has businesses in property, facilities management and logistics.
LHN will retain the existing commercial usage of the first and second levels of the building, and convert the third to sixth levels of the property into serviced apartments. LHN said it will submit an application to the Urban Redevelopment Authority for the change of the use of these levels “as soon as possible”.
The S$80 million consideration will be distributed among the GSM vendors according to an “apportionment ratio” that was in the terms of the collective sale agreement.
Developments that have been put up for collective sale
| Tender Closing Date | Name | Location | Tenure | Master Plan Zoning | Existing No of Units | Proposed No of Units | Land Area (sq ft) | Plot Ratio | Asking Price | Remarks |
| 2023 Feb 22 | Kensington Park | Kensington Park Drive No 2, 4, 6, 8, 10 and 12 | 999 years from 1878 | Residential | 314 | 1,126 | 500,000 | 2.1 | $1.28 bn | Including the 7% bonus gross floor area (GFA) allowed for balconies, as well as a land betterment charge of about $273 million, the land rate is around $1,407 psf ppr. |
| 2023 Mar 9 | Sutton Place | Farrer Road No 24, 26, 28 | Freehold | Residential | 44 | 162 | 93,183 | 1.6 | $285 mil | Including a land betterment charge of about $22.73 mil, land price is around $2,064 psf ppr |
| 2023 Mar 14 | Euro-Asia Park | Woodleigh Close | Freehold | Residential | 163 | 397 | 129,793 | 2.8 | $500 mil | The maximum allowable GFA translates to a land rate of $1,558 psf ppr after including an estimated land betterment charge of $105.65 million. |
| 2023 Mar 14 | Holland Tower | Holland Heights No 10 | Freehold | Residential | 19 | NIL | 21,878 | — | $76 mil | Holland Tower is situated within the Good Class Bungalow Area. Its built-up area of around 43,691 sq ft is equivalent to an existing gross plot ratio of 2.0. |
| 2023 Mar 30 | Horizon Towers | Leonie Hill Road No 15 | 99 years | Residential | 210 | NIL | 204,742 | 2.8 | $1.10bn | Including an estimated lease top-up premium of S$277 million, this works out to a $2,049 psf ppr. Given the site’s high development baseline, there is no land betterment charge for the intensification of the site, even up to the maximum 10% bonus gross floor areaGFA. This reflects a unit land rate of $1,862 psf ppr. |
| 2023 Apr 11 | Shenton House | Shenton Way No 3 | 99 years | Commercial | 203 | NIL | 36,350 | 11.2 | $590 mil | Shenton House is eligible under the CBD incentive scheme for 25% bonus GFA, and can be developed into a mixed-use or hotel development with a higher gross plot ratio of 14.0. At the reserve price of $590 million and including 40% residential GFA based on the higher GPR of 14.0, the land price would be $2,035 psf ppr. If an additional 7% bonus balcony GFA for the residential component is taken into account, the unit land rate would be around $2,012 psf ppr. |
| 2023 Apr 12 | Lakeside Towers | Yuan Ching Road | 99 years | Residential | 144 | 395 | 153,237 | 2.1 | $350 mil | The land rate is estimated to be around $1,196 if the 10% bonus GFA is factored in, inclusive of a lease top-up premium and a land betterment charge. |