La Meyer at 66 Meyer Road offered for en-bloc sale

La Meyer at 66 Meyer Road has been for offered for en-bloc sale by tender, property consultants Cushman & Wakefield, handling the sale, said in a statement.

The freehold site in the exclusive Meyer Road vicinity has a land area of 50,560 square feet and is expected to fetch a price above S$98 million.

The statement said developers can build up to a gross floor area of about 78,000 square feet, based on a maximum allowable plot ratio of 1.4.

Cushman and Wakefield said it expects a good reception for the site, especially from mid-sized developers, due to its relative bite-sized and prized location.

The tender exercise will close May 27.

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

She said Meyer Road is the “Nassim Road of the East Coast”, as it typically seen as a pricing benchmark for the whole of District 15.

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

Source : Channel NewsAsia – 27 Apr 2011

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