SINGAPORE - GuocoLand will open the sale of units in its freehold condominium Meyer Mansion on Sept 13. The public preview will be held on Saturday (Sept 7).
Prices are unavailable but PropNex Realty's head of luxury team Dominic Lee noted that the purchase price would translate to a break-even price of about $2,400 per square foot (psf).
GuocoLand bought the former Casa Meyfort residential site through a collective sale for S$319.88 million last year. The price works out to about S$1,580 per square foot per plot ratio (psf ppr), including an estimated development charge of S$57.2 million.
Mr Eugene Lim, key executive officer of marketing agent of ERA Realty, estimates prices to "possibly be higher" than Amber Park, which has moved 157 units at a median price of S$2,475 psf as of Q2. This is due to the fact Meyer Mansion offers direct frontline seaview, he said. As of Q2, Amber Park moved 157 units at a median price of $2,475 psf.
Located at the former Casa Meyfort along Meyer Road, the development is a 25-storey residential tower comprising 200 units. It offers a range of units from 484 square foot (sq ft), one-bedroom apartments to 2,142 sq ft, four-bedroom premium units.
Higher floor units of the condo boast unblocked panoramic views of the sea while lower floor units offer views of Meyer Mansion's own gardens, said the developer. It is located in District 15, touted as a prime seafront residential district.
Said GuocoLand group managing director Cheng Hsing Yao: "It is extremely rare for a high-rise freehold site along Meyer Road to become available, and it will be increasingly so in the future. An opportunity like Meyer Mansion will be very hard to come by going forward."
The development is a 450-metre walk via an underpass to East Coast Park, with Changi Airport a 10-minute drive away. The upcoming Thomson-East Coast MRT Line is also set to open in 2023 for prospective residents to access Katong Park MRT station within six minutes by foot.
Limited supply of freehold developments is likely to drive demand, said PropNex Realty's Mr Lee.
"There has not been much freehold development so it will be quite sought after and the sea view is a big draw point for people who are looking out for projects in this area," he said.
Mr Lee Nai Jia, head of research at Knight Frank, shared similar sentiments.
"Buyers are actually willing to pay a premium for freehold units in good locations as we have seen in some of the recent developments like Amber Park," said Mr Lee.
Other upcoming developments nearby include UOL's and Kheng Leong's MeyerHouse (the former Nanak Mansions) on Meyer Road and Bukit Sembawang Estates' former Katong Park Towers site.
Meyer Mansion is expected to be completed in 2024.
Looking ahead, Mr Cheng said that GuocoLand will be focussing its efforts on the commercial front with its recent development of Guoco Midtown. The mixed-development features a 30-storey office block, a residential tower with more than 200 units and a range of public spaces across a gross floor area of almost 1 million sq ft.
"We are now pushing along the leasing of the office block and the interest has been very strong among prospective tenants," said Mr Cheng.
