The Meyerise ~ New Prestigious Development at Meyer Road

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The Meyerise

Launching in first week of Sep 2011 !!!

Developer :

Hong Leong Holdings Ltd

Location :

93, 95, 97 Meyer Road

Lease Term :

Freehold

Site Area :

10,711.80 sqm

Description :

Proposed Condominium Housing Development comprising 2 blocks of 31 storey residential buildings (total: 239 units) with basement carpark, swimming pool, clubhouse facilities

Number of units :

239

Estimated TOP :

1 Oct 2016

Unit Types :

2 Bedrooms - 60 units
3 Bedrooms - 120 units
4 Bedrooms - 29 units
4 Bedrooms + Study- 29 units
Penthouse (5 bedrooms with study, family and private pool)- 1 unit

All units come with private lift

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Private condominiums / apartments along Meyer Road

Meyer Residence (FH, 2009)
The Albracca (FH, 1990)
The Meyer Place (FH, 1993)
The View @ Meyer (FH, 2010)
Arthur Mansions (FH, 1993)
Equatorial Apartments (FH, 1977)
The Belvedere (FH, 2008)
The Seafront On Meyer (FH, 2011)
The Atria @ Meyer (FH, 1996)
La Meyer (FH, 1994)
Hawaii Tower (FH, 1994)
Casa Meyfort (FH, 1992)
Meyer Park (FH, 1985)
The Sovereign (FH, 1993)
Nanak Mansions (FH, 1985)
The Makena (FH, 1998)
Peach Garden (FH, 1970)
Aalto (FH, 2010)

La Meyer condo goes en bloc

May 3, 2011 - PropertyGuru.com.sg

The La Meyer freehold condominium development at 66 Meyer Road has been offered for en bloc sale through a public tender, said property consultancy firm Cushman & Wakefield, which is marketing the property.

The 50,560 sq ft development is located near the exclusive Meyer Road and is expected to fetch approximately S$98 million.

With its relatively good location, Cushman & Wakefield expects good response to the property, particularly from mid-sized developers.

“Sites costing less than S$100 million provide a comfortable entry level for developers and there are already a few foreign developers currently evaluating the property,” said Ms. Christina Sim, Director of Investment Sales at Cushman and Wakefield.

“The transacted prices of projects like The Cape, Aalto and The View@Meyer have already crossed the S$2,000 per sq ft mark. With developers eager to replenish landbank, we are expecting a blast of enquiries,”

Cushman & Wakefield also said the successful buyer can build up to 78,000 square feet of gross floor area (GFA), based on a maximum allowable plot ratio of 1.4.

The tender for the property will close on 27 May.

Two adjacent bungalows off Meyer Road sold for $38m

Sources: May 6, 2010 - PropertyGuru

The buyer is said to be a low-profile boutique property investor that plans to build a block of apartment units on the 24,002-sq-ft combined freehold site. The plot can yield a 24-storey project of up to 55 to 60 units with an average size of 850 sq ft.

This translates to a land price of $1,023 psf of potential gross area, including a $13.6 million development charge (DC). This was nearly close to $1,047 psf ppr, inclusive of DC, which was paid for neighbouring 10, Margate Road in 2007.

Soilbuild Group Holdings, which purchased the property, later combined it with the adjacent Margate Mansions to form a bigger plot, which is now being redeveloped to Meier Suites. The land cost for the entire plot is said to be around $987 psf ppr.

Several market watchers said that the $1,023-psf-ppr land price for the latest deal, which involves 6 and 8 Margate Road, is close to the $1,000 psf ppr that Chip Eng Seng paid for 16 freehold terrace houses in Fort Road.

However, the latest property deal is still subject to acquiring outline planning permission for a new development and approval from the authorities to buy some state land for amalgamation with the property.

The sale of 6 and 8 Margate Road was brokered by Cushman & Wakefield through an expression-of-interest exercise, which attracted more than five bids.

The bungalow at 6 Margate Road was sold by the Estate of Tan Lai Choon, while the 8 Margate Road was sold by Bian Guan Realty. The two properties were zoned for residential use with a plot ratio of 2.1.

According to some analysts, assuming that the new owners use the balcony allowance of the additional ten percent gross floor area, the unit land price will be lowered to $954 psf ppr. With this, the new breakeven cost for the project could be $1,500 psf.

Meanwhile, according to URA’s monthly developer sales stats, Soilbuild sold some units in its Meier Suites project, which comprises three- and four-room apartments in February and March at prices ranging from $1,200 psf to $1,549 psf.

In a separate transaction, a consortium, which includes Soilbuild, recently signed a deal to purchase a freehold site at 23 New Industrial Road, which houses an industrial building that is being planned to be redeveloped.

Meyer Place condominium up for collective sale

Sources: Sep 24, 2009 - PropertyGuru.com.sg

According to Cushman & Wakefield, the property consultants that are marketing the Meyer Place condominium located at the Meyer Road, the site should be sold for at least $65 million. Depending on the unit size, that would provide the 28 owners a sale price of $2.2 million–$3.3 million per unit.

The price works for $1,100 per square feet (psf) per plot ratio. It is based on a 2.1 maximum acceptable plot ratio. Director Christina Sim of Cushman & Wakefield, investment and capital market, said that if the homeowners are to individually sell the condominiums on the open market, these prices can translate to a premium of around 50 percent above the units’ value.

The fairly small freehold site located near the Katong Park, which covers a total land area of 28,167 square feet, also include a two-storey conservation building with four flats that must stay in any development of the land.

Meyer Road is described by Ms. Sim as East Coast’s 'Nassim Road' and one that usually establishes the standard prices for the entire of District 15.

Miss Sim affirmed that the recent project in Amber Road called Silversea has already reached the $1,700 psf mark. The deals of this new project have been done last month at an average price of $1,386 psf.

In a statement made by Cushman & Wakefield last Wednesday, they expect for the 'bite-sized' site a 'nothing less than a sterling reception', although The Straits Times was told by a market observer that the homeowners appear to be demanding for higher prices.

Separately, two properties in Lorong Melayu have been purchased by Aspial Corporation for $5.588 million, or around $408 psf per plot ratio, which includes the development charges. The Kembangan area’s freehold properties have around 1,000 square meter total land area and a maximum of 1,401 square meter gross floor area.

Aspial Corporation aims to develop on the site a residential project. World Class Property (Telok Kurau), the subsidiary of Aspial, is responsible for the sale.

Hong Leong sells about 60 units of Aalto

Source: Business Times 11 Aug 07

HONG Leong Group is said to have sold close to 60 units at its freehold Aalto condo on the former Eastern Mansion site on Meyer Road.

The project is priced at around $1,950 per square foot (psf) on average, and so far the development has been marketed mostly overseas – in Indonesia and Hong Kong. Former apartment owners of Eastern Mansion have also bought some units in Aalto, which will have 196 apartments in two 27-storey blocks.

So far, slightly more than 100 units have been released, according to industry sources. The 60 or so units sold vary widely in pricing, from around $1,400 psf to $2,200 psf. Market watchers note the pricing is broadly in line with that of CapitaLand’s The Seafront On Meyer launched earlier this year.

Caveats have ben lodged for CapitaLand’s condo at prices ranging from $1,190-1,950 psf, although industry sources say some units have lately been transacted at above $2,000 psf. Aalto has three and four bedroom apartments.

Hong Leong is also expected to develop another condo along Meyer Road, on a site it bought earlier this year from Della Suantio Lee, wife of Lee Seng Gee of the Lee Foundation. The group bought Eastern Mansion in a collective sale and an adjoining site at a combined unit land price of about $410 psf per plot ratio in 2005.