Freehold Meyer Blue condo sells half of units at average price of $3,260 psf at launch

SINGAPORE – Freehold condominium Meyer Blue moved 114 units – slightly more than half of its 226 units – over its launch weekend at an average price of $3,260 per sq ft (psf).

The range of prices included $2 million, or $3,019 psf, for a two-bedder (from 667 sq ft); just under $3 million, or $2,985 psf, for a three-bedder (from 990 sq ft); $4.5 million, or $2,950 psf, for a four-bedder (from 1,518 sq ft); and $5.6 million, or $2,936 psf, for a five-bedder (1,905 sq ft). 

The only two penthouses in the development were also sold, said developer UOL. According to property portal EdgeProp, the 2,949 sq ft penthouse unit was sold for $10.1 million, or $3,418 psf; while the 2,992 sq ft unit went for $10.3 million, or $3,436 psf. 

Of the 114 units sold, more than 77 per cent were two- and three-bedroom units, sized from 667 sq ft to 1,141 sq ft, said PropNex chief executive officer Ismail Gafoor.

Almost all buyers, at 99 per cent, were Singaporeans and permanent residents, while just one was a foreigner from the United States, said UOL’s general manager of residential marketing Anson Lim.

The majority of buyers had purchased units for their own occupation and legacy reasons, said ERA CEO Marcus Chu.

This tracks with the area’s general home-buying trend, said Mr Nicholas Mak, chief research officer at Mogul.sg. In the past year, 83.8 per cent of condos in District 15 were purchased by locals and 14.2 per cent by PRs.

Foreigners accounted for just 2 per cent of buyers, deterred by the high additional buyer’s stamp duty (ABSD), said Mr Mak.

Located in Meyer Road in District 15, Meyer Blue spans a land area of 96,672 sq ft, with a gross floor area of around 290,000 sq ft and a plot ratio of 2.8. 

UOL and its subsidiary Singapore Land Group had acquired the land parcel – where Meyer Park condominium once stood – for $392.2 million through a collective sale purchase in February 2023. The land rate worked out to $1,668 psf per plot ratio.

Market watchers attributed the robust response at Meyer Blue’s launch to its attractive location and a tight supply of homes in the area. This comes despite its relatively high price of more than $3,000 psf – which would typically draw a limited buyer pool, said Mr Gafoor.

Huttons Asia CEO Mark Yip noted that there are only 2,053 completed non-landed homes across 12 projects in the Meyer neighbourhood.

Buyers recognised the fact that new supply of non-landed homes in Meyer is “extremely limited” and may not come by unless a collective sale happens, said Mr Yip. “However, the possibility of an en bloc appears remote, given the higher ABSD on buyers for a replacement home.”

ERA’s Mr Chu noted that buyers were also drawn to the larger units at Meyer Blue, as well as its setting in a prestigious neighbourhood with unobstructed sea views and a freehold tenure.

Including Meyer Blue, only 12 plots in Meyer Road have a direct, unblocked sea view, and all have been developed, said Mr Chu.

Buyers may be attracted to the potential benefits from the ongoing transformation in Singapore’s east, added Mr Gafoor.

For instance, stage four of the new Thomson-East Coast Line just began operations in late June, improving connectivity in the area, he said.

The authorities have also outlined other plans and long-term initiatives to enhance the eastern parts of the island – such as the Kallang Alive Masterplan to turn the Kallang waterfront area into a vibrant sports and lifestyle destination, as well as the Long Island plan to improve the city-state’s coastal protection while creating more land for future development needs, said Mr Gafoor.

Furthermore, Meyer Blue’s launch follows the recent rate cut by the US Federal Reserve.

“This has helped to lift overall market sentiment and could have encouraged some buyers to enter the market,” said Mr Gafoor. “The recovering buyer confidence as well as the positive response at these recent launches could help to generate more sales momentum for the new launch market in the last quarter of the year.”

THE BUSINESS TIMES