Meyer Park Enbloc to UOL and Singland JV for $392.18m

In an en bloc transaction, a joint venture between Singapore Land Group and UOL Group will pay $392.18 million for Meyer Park. Taking into account the plot ratio of Meyer Park, the price works out to be $1,668 per square foot, with a 7% premium for the balcony space.

On February 9, the sales committee approved the joint venture’s offer.

The 81 and 83 Meyer Road site is a freehold development with a gross plot ratio of 2.8, and it currently includes 60 units.

The Wee family, who also owns and operates United Overseas Bank, also has a stake in two other publicly traded companies, UOL and Singland. Through their separate companies, UOL and Singland own 80% and 20% of this joint venture, respectively.

Since our Meyer House development has just sold out entirely, we see this purchase as a necessary replenishment “UOL Group CEO Liam Wee Sin made this statement. Given its freehold tenure and prestigious location, we see this land being transformed into a high-end residential complex of between 230 and 250 apartments, all housed in a single tower to take advantage of the unobstructed vistas. He also mentions that well-known educational institutions including Tao Nan School, Dunman High School, and Victoria Junior College are in close proximity to the property, as are the planned Katong Park MRT station and the recreational amenities along East Coast Park. ”

We anticipate substantial demand from both homeowners and investors searching for a great freshly constructed high-rise residential condo with a freehold tenure, which is becoming more uncommon, thanks to our expertise in constructing a luxury collection and the site’s many positive features.

The Meyer Park neighborhood will soon be joined by the 200-unit Meyer Mansion, at former Casa Meyfort that GuocoLand purchased en bloc in July 2018 for $319.88 million.

SingLand claims in a separate release that the joint venture with UOL would allow the company to “mitigate risks,” take on new projects, diversify its portfolio, and benefit from its joint venture partner’s skills and network.

Last month, Meyer Park was put back on the market with a $390 million minimum bid. Marketing is handled by Edmund Tie & Co.

Meyer Park was put up for en bloc sale on July 25, 2022, and again on October 13, 2022, both times with a $420 million reserve price.

The maximum permissible gross floor space for the site is 289,628 square feet, including a bonus floor area of 7%.