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.