Meyer Park Sold in $392.18 Million En Bloc Deal to UOL-Singland Joint Venture

In a significant real estate transaction, Meyer Park has been sold for $392.18 million to a joint venture between UOL Group and Singapore Land Group, surpassing its guide price. The deal for the freehold, sea-fronting residential property at 81 and 83 Meyer Road includes a land area of about 8,981.1 square meters, currently housing 60 apartment units. This acquisition marks the third en bloc attempt for Meyer Park, with the previous attempts priced at $420 million and $390 million respectively.

The joint venture, named United Venture Development (No 6), is an 80/20 collaboration between UOL and Singland, reflecting a strategic partnership designed to mitigate risks and leverage mutual strengths. The purchase price translates to a unit land rate of $1,668 per square foot per plot ratio, considering a 7% bonus balcony area, allowing for a gross plot ratio of 2.8. This rate paves the way for the development meyer blue which is a luxury residential high-rise, envisaged to house about 230 to 250 units, offering unblocked views and capitalizing on the prime location near the forthcoming Katong Park MRT station, East Coast Park, and renowned schools.

The sale was managed by Edmund Tie as the sole marketing agent, with each apartment unit expected to receive between $5.25 million to $7.26 million from the sale. This transaction underscores the property’s desirable location and unique attributes, which attracted strong interest despite the selective nature of current developer acquisitions.

Both UOL and Singland, entities controlled by the Wee family known for United Overseas Bank, express confidence in the project’s potential. Highlighting the freehold tenure and exclusive locale, they plan to transform the site into a premium development, tapping into the area’s rising demand for new, luxury, freehold residential options. This move not only reinforces their market presence but also aims to diversify Singland’s portfolio through collaborative expertise.