A joint venture between UOL Group U14 and Singapore Land Group U06 will be paying $392.18 million for Meyer Park under an en bloc deal.
The price translates to a unit land rate of $1,668 psf per plot ratio, including a 7% bonus balcony area.
The sales committee has accepted the offer by the joint venture on Feb 9.
Sited at 81 and 83 Meyer Road, the development, with 60 units now, sits on a freehold land of 96,672 sq ft and has a gross plot ratio of 2.8.
Both UOL and Singland are separately listed entities controlled by the Wee family which owns and runs United Overseas Bank.
UOL and Singland, via their respective subsidiaries, hold 80% and 20% in this joint venture.
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“This acquisition is a timely replenishment, especially with the recent 100% sellout of our Meyer House development," says Liam Wee Sin, UOL group CEO.
"Given its freehold tenure and exclusive locale, we see the opportunity 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."
The site is near the upcoming Katong Park MRT station, recreation facilities along East Coast Park and popular schools such as Tao Nan School, Dunman High School and Victoria Junior College, he adds.
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"We expect to see keen interest from both homebuyers and investors looking for a prime newly built high-rise residential development with freehold tenure, which is increasingly rare," says Liam.
"The joint venture with UOL will enable SingLand to mitigate risks and take on more projects to diversify its portfolio and tap on the expertise and network of its joint venture partner," says Singland in its separate announcement.
Meyer Park was relaunched for collective sale last month, with a reserve price of $390 million. Edmund Tie & Co is the marketing agent.
"We are delighted to have achieved this favourable outcome for the owners at Meyer Park, as well as for (the joint venture)," says Swee Shou Fern, head of investment advisory at Edmund Tie.
"The tender award demonstrates that sites with strategic location and exceptional attributes, coupled with a reasonable asking price, will garner strong interest from developers who are understandably becoming selective in their site acquisitions," she adds.
The site was previously launched for en bloc sale on July 25, 2022, and again on Oct 13, 2022, with a reserve price of $420 million.
Including a 7% bonus floor area, the site has a max allowable gross floor area of 289,628 sq ft.
UOL shares closed Feb 9 at $6.93, down 0.14%; Singland last traded at $2.06.
