Over 50% of units sold at an average of $3,260 psf on launch day at Meyer Blue

Turnout at private launch of Meyer Blue earlier today, October 5 (Photo: UOL Group)

On the first day of its private launch, Singapore-listed property company UOL Group and its subsidiary Singapore Land Group (SingLand) sold 114 units (over 50%) of its 226-unit luxury project Meyer Blue. The average price of units sold was $3,260 psf.

Typical units at Meyer Blue ranged from 667 sq ft two-bedroom premium units, where units sold started from $2.014 million ($3,019 psf); three-bedroom units of 990 sq ft priced from $2.955 million ($2,985 psf); four-bedroom premium units from 1,518 sq ft priced from $4.478 million ($2,950 psf) and five-bedroom suites of 1,905 sq ft priced from $5.593 million ($2,936 psf).

The two- and three-bedders accounted for about 77% of the sales, while the four- and five-bedroom as well as penthouses accounted for the remaining 23%. The two penthouses sold were $10.08 million ($3,418 psf) for the 2,949 sq ft unit and $10.28 million ($3,436 psf) for the 2,992 sq ft unit.

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"Buyers are attracted by the strong locational attributes, strong product and the freehold tenure," comments Anson Lim, UOL general manager of residential marketing.

Meyer Blue is the redevelopment of Meyer Park which UOL and SingLand purchased en bloc last year for $392.18 million in February 2023 (Source: EdgeProp Landlens)

According to Lim, 99% of the buyers are Singaporeans and Permanent Residents, and one foreigner who is a US citizen. "Many liked the higher proportion of bigger format units in Meyer Blue, which positioned the development as another UOL's Luxury Collection," he adds.

Meyer Blue is located in the prime Meyer Road residential enclave. UOL and SingLand had purchased the former Meyer Park condo en bloc for $392.18 million ($1,668 psf per plot ratio) in February 2023.

UOL says Meyer Blue boasts unblocked views of the sea, the landed housing estate of Meyer Road, and the Marina Bay area.

"Often dubbed 'Nassim of the East', the Meyer area stands out for its exclusivity," says Mark Yip, CEO of Huttons Asia. In an area, only 2,053 completed non-landed residential units across 12 projects, he adds.

Along Meyer Road, sea-facing units above 20 storeys are "extremely rare", says Marcus Chu, CEO of ERA Singapore. "Including Meyer Blue, only twelve plots of land along Meyer Road accord direct unblocked sea view. All twelve plots have already been developed."

Meyer Blue boasts unblocked views of the sea, the landed housing estate of Meyer Road, and the Marina Bay area (Picture: Meyer Blue)

Meyer Blue is also a few minutes walk to the Katong Park MRT station on the Thomson-East Coast Line (TEL), which takes commuters to the city in less than 10 minutes, says Ismail Gafoor, CEO of PropNex.

It is a stone's throw from several amenities in the Marine Parade area and Kallang area, including East Coast Park, Parkway Parade, Marine Parade Central Market and Food Centre, the Singapore Sports Hub, Leisure Park Kallang and others, adds PropNex's Gafoor.

Meanwhile, schools nearby include Dunman High School, Chung Cheng High School and Tanjong Katong Primary School.

"In September, the US Federal Reserve delivered its first mega rate cut of 0.5%," says Gafoor. "It has signalled one more rate cut to come before the end of the year, and further cuts to be expected in 2025. It has helped to lift overall market sentiment and could have encouraged some buyers to enter the market."

The recovering buyer confidence and the positive response in these recent launches could help generate more sales momentum for the new launch market in the last quarter of the year, adds Gafoor.

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