In a significant move within Singapore’s vibrant property market, a joint venture between UOL and Singapore Land has successfully secured the acquisition of Meyer Park through an en bloc deal, commanding a staggering sum of $392.18 million. This noteworthy purchase price slightly surpasses the $390 million reserve price at which the site was reintroduced for sale back in January, marking a momentous milestone in the real estate landscape.
Situated prominently at 81 and 83 Meyer Road, this development, boasting 60 units, occupies a generous expanse of freehold land spanning 96,672 square feet. The strategic location coupled with its freehold tenure has captured the attention of investors and homebuyers alike, reflecting the immense potential this property holds.
The sales committee’s acceptance of the joint venture’s offer on February 9 underscores the confidence in the project’s viability and future prospects. Both UOL and Singland, entities helmed by the esteemed Wee family, maintain controlling stakes in the joint venture, with UOL holding an 80% share and Singland holding the remaining 20%.
Liam Wee Sin, the Chief Executive of UOL Group, expressed enthusiasm about the acquisition, citing its timely nature following the complete sellout of the Meyer House development. He emphasized the allure of the site’s freehold tenure and exclusive locale, envisioning a luxury residential development comprising approximately 230 to 250 units housed within a high-rise block to maximize the breathtaking unblocked views.
Moreover, its proximity to amenities such as the upcoming Katong Park MRT station, recreational facilities along East Coast Park, and esteemed educational institutions like Tao Nan School, Dunman High School, and Victoria Junior College further enhances its appeal to prospective buyers and investors.
Meyer Park’s adjacency to the forthcoming Meyer Mansion, a 200-unit development resulting from the redevelopment of the former Casa Meyfort, adds another layer of intrigue to its narrative. This symbiotic relationship underscores the joint venture’s strategic vision and aligns with Singland’s objective to diversify its portfolio and leverage the expertise and network of its esteemed partner.
Having been relaunched for collective sale just the previous month with a reserve price of $390 million, the successful conclusion of this en bloc deal signals a resounding success for all stakeholders involved. With a maximum allowable gross floor area of 289,628 square feet, the development holds promise for a transformative addition to Singapore’s urban fabric.
As investors eagerly await further developments, the closing prices of UOL and Singland stocks on February 9—$6.93 and $2.06 respectively—underscore the market’s anticipation and confidence in the venture’s potential.
In essence, the UOL-Singland joint venture’s acquisition of Meyer Park marks a significant milestone in Singapore’s real estate landscape, heralding a new era of luxury living and investment opportunities.
