Casa Meyfort sold for $319.88m after second en bloc sale attempt

Casa Meyfort sold for $319.88m after second en bloc sale attempt
Dated: 11-Jul-2018

GuocoLand bought the property.

GuocoLand subsidiary First Meyer Development won the tender for the en bloc sale of Casa Meyfort and bought the property for $319.88m. The owners previously attempted an en bloc sale on December 2017 at a reserve price of $340m.

The development was completed in the 1990s and comprises 76 apartment units. It has a land area of approximately 7,919.9 sqm or 85,249 sqft. Under Master Plan 2014, the site is zoned for residential use with a gross plot ratio (GPR) of 2.8.

Casa Meyfort is located within 600 metres to the upcoming Katong Park MRT station along the Thomson-East Coast Line (TEL). It is near major roads and expressways such as Fort Road, Mountbatten Road, and Tanjong Katong Road. The project is a 10 minutes' drive to the Central Business District (CBD) and a short walking distance to East Coast Park.

GuocoLand said the acquisition and development of the property will be financed by internal resources and bank borrowings.

Source: Singapore Business Review