Meyerbank Condo is a new freehold property development in Singapore that was previously known as Nanak Mansions. In 2017, Nanak Mansions was sold to a partner of the renowned UOL Group Limited for S$201.1 million in an en bloc deal that was financed predominantly through bank borrowings and inner assets. As Meyerbank Condo is situated next to a park, UOL Group Limited hopes to redevelop the site into an extravagant property that allows residents to access an array of amenities easily.
Nanak Mansions was initially a freehold property that was completed in the 1980s and consisted of 36 maisonette units measuring from 2,551 sq. ft. to 3,584 sq. ft. It was the fourth freehold private site in the Meyer-Amber Roads region to have entered the market in 2017. UOL told the Singapore Exchange in a recording on Thursday (Sept 28) that its partner, Secure Venture Development, would redevelop the 10,185 sq m site, which has a gross plot proportion of 1.4.
Other properties in the area include The Albracca, a residential development on Meyer Road that was sold for S$69.1 million in 2017. Sustained Land Pte Ltd, a property developer behind several residential projects in Singapore, bought the 23,400 sq. ft. site. Former HUDC estates Rio Casa and Eunosville, One Tree Hill Gardens, and Goh & Goh Building were also sold to various developers as en bloc deals in 2017. In April 2018, the owners of the Casa Meyfort condominium tried once again to sell the property in a collective sale at an asking price of S$340 million for the 85,249 sq. ft. site. Casa Meyfort is also located on Meyer Road, highlighting the en bloc fever that is going on in the prime location.
Judging from the previous residential projects the UOL Group Limited completed, future residents of Meyerbank Condo can look forward to living in a stunning and modern residential property.