FREEHOLD condominium Meyer Blue moved 114 units – slightly more than half of its 226 units – over its launch weekend at an average price of S$3,260 per square foot (psf).
Prices ranged from S$2 million or S$3,019 psf for a two-bedder (from 667 sq ft), just under S$3 million or S$2,985 psf for a three-bedder (from 990 sq ft), S$4.5 million or S$2,950 psf for a four-bedder (from 1,518 sq ft), and S$5.6 million or S$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 EdgeProp, the 2,949 sq ft penthouse unit was sold for S$10.1 million or S$3,418 psf; and the other 2,992 sq ft unit was sold at S$10.3 million or S$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 US, 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 Marcus Chu, ERA’s CEO.
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This tracks with the area’s general home-buying trend, said 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 permanent residents.
Foreigners accounted for just 2 per cent of buyers, deterred by high Additional Buyer’s Stamp Duty (ABSD), said Mak.
Located along 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 S$392.2 million through a collective sale purchase in February 2023. The land rate worked out to S$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 S$3,000 psf –which would typically draw a limited buyer pool, said PropNex’s 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 an en bloc happens,” said Yip. “However, the possibility of an en bloc appears remote, given the higher ABSD on buyers for a replacement home.”
ERA’s 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 along Meyer Road have a direct unblocked sea view, and all have been developed, said Chu.
Buyers may be attracted to the potential benefits from the ongoing transformation in Singapore’s east, added 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.
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 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 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.”
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