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GuocoLand acquires Casa Meyfort for S$319.88m

GuocoLand acquires Casa Meyfort for S$319.88m.

GUOCOLAND on Tuesday announced that it has exercised the option to purchase a freehold condominium, Casa Meyfort along Meyer Road, through a collective sale for S$319.88 million.

The Business Times understands that this could be one of the last few collective sales for a private residential property to be hammered out before the newly tightened cooling measures kicked in on July 6.

The freehold residential property along Meyer Road spans some 7,919 square metres (85,249 square feet) in land area. It was completed in the 1990s and comprises 76 apartment units.

Under the Urban Redevelopment Authority's Master Plan 2014, the site is zoned for residential use with a gross plot ratio of 2.8.

The tender for Casa Meyfort was launched last December at a reserve price of S$340 million and closed in January this year without the site being sold.

The en bloc sale was relaunched in April with S$340 million disclosed as the asking price. The reserve price then was not disclosed. That tender closed on May 21 based on a previous report.

Edmund Tie & Co is the marketing agent for the collective sale.

Adapted from The Business Times, 12 July 2018.