GuocoLand to launch freehold Meyer Mansion on Sept 13
GUOCOLAND will open the sale of units in its freehold condominium Meyer Mansion on Sept 13. The public preview will be held on Saturday.
GuocoLand declined to divulge the pricing for the project but analysts expect prices to be above S$2,700 per square foot (psf).
"The new freehold development along Amber Road has been going at between S$2,300 to S$2,800 psf," said Nicholas Mak, head of research at ERA Realty. He was referring to Amber Park. "We can expect Meyer Mansion to be priced above S$2,700 psf given its location and high quality finishes."
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 sq ft one-bedroom apartments to 2,142 sq ft four-bedroom premium units.
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.
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. Meyer Road is in District 15 and is 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 head of luxury team Dominic 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.
Lee Nai Jia, head of research at Knight Frank, shared similar views. "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," he said.
Amber Park has moved 157 units at a median price of S$2,475 psf as at Q2 2019.
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 GuocoLand's first residential property launch in the past two years and is expected to be completed in 2024.
Its last residential development was Martin Modern, which was launched in 2017 and has a current take-up rate of 77 per cent for its 450 units, said the developer.
Looking ahead, Mr Cheng said that GuocoLand will be focusing 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 one million square feet.
"We are now pushing along the leasing of the office block and the interest has been very strong among prospective tenants," said Mr Cheng.
Source from The Business Times 5 Sept 2019