JCube Condo Residence redevelopment of the Jurong East JCube site set to launch in 2023 is slated to bring 1,760 private homes, 150,000 sq m of office space and JCube Residence 75,000 sq m of complementary uses.

Located along Meyer Place, with dual road frontages facing Meyer and Fort Road, SRI has announced the sale of a freehold residential site at 5 Meyer Place for a guide price of $25 million. Boasting a land area of 10,154 sq ft, the site is zoned for “residential” use under the 2019 Master Plan with an allowable plot ratio of 2.1, resulting in a maximum gross floor area of 22,817 sq ft, inclusive of bonus balcony space.

The nearby amenities such as Singapore Swimming Club, Singapore Sports Club and shopping complexes like Leisure Park Kallang mall, Kallang Wave Mall and Parkway Parade, make it all the more attractive. The upcoming Katong Park MRT Station located conveniently across the street and easy access to the East Coast Park Expressway, making the CBD and Singapore Changi Airport a 15-minute drive away, further adds to its worth.

Bruce Lye, Managing Partner at SRI, anticipates clearly the potential of the site appealing to landed housing developers, as it can be redeveloped multiple landed houses or be sold to a single family for their own use. Recent transactions of properties in the neighbourhood also reflect this confidence. Low Choon Sin, Managing Partner at SRI Capital Market, comments that “the benchmark of new home prices in District 15, demonstrates the demand for new homes in the area”.

The public tender exercise is set to close on May 15 at 3pm. According to SRI, a new residential development on the site could potentially yield 19 dwelling units based on the latest URA guidelines, subject to approval from relevant authorities. The guide price of $25 million works out to a land rate of about $1,770 psf per plot ratio, inclusive of bonus balcony area which comes with land betterment charge payable and subject to baseline verification.

As such, the property at 5 Meyer Place is a residential development opportunity with great potential and location attributes that is worth considering.