Developer Guocoland will start selling units at its freehold Meyer Mansion condominium on Sept 13, with a public preview this Saturday.
Prices are unavailable but PropNex Realty's head of luxury team, Mr Dominic Lee, noted that the land cost would translate to a break-even price of about $2,400 per square foot (psf).
GuocoLand bought the former Casa Meyfort residential site in a collective sale for $319.88 million last year. That works out to about $1,580 psf per plot ratio, including an estimated development charge of $57.2 million.
Mr Eugene Lim, key executive officer of marketing agent of ERA Realty, estimates prices to "possibly be higher" than those at Amber Park, which has moved around 1,607 units at a median price of $2,475 psf.
Meyer Mansion offers "direct frontline sea views". The 25-storey tower in District 15 comprises 200 units, ranging from 484 square foot (sq ft) one-bedders to 2,142 sq ft four-bedroom premium units.
Higher-floor units boast unblocked panoramic sea views, said the developer.
GuocoLand group managing director Cheng Hsing Yao said: "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."
The project is about 450m via an underpass from East Coast Park, with Changi Airport a 10-minute drive away. Katong Park MRT station on the Thomson-East Coast MRT Line, set to open in 2023, will be a six-minute walk away.
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 drawing point for people who are looking out for projects in this area," he said.
Knight Frank research head Lee Nai Jia agreed: "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."
Other upcoming developments nearby include Meyer House - the former Nanak Mansions - in Meyer Road and the former Katong Park Towers site.
Meyer Mansion is expected to be completed in 2024.