After a successful en bloc deal of the former 60-unit Meyer Park in February last year, the joint venture between UOL and SingLand is set to launch Meyer Blue, a luxury mid-density project in District 15 boasting close proximity to East Coast Park and unblocked sea views.
As 2024’s new launch transaction volume is on track to be the weakest since 2008, with homebuyers taking a cautious approach amid a sustained high interest rate environment, how will Meyer Blue fare? Will news of the upcoming interest rate cuts bolster its sales?
If you are interested in a mid-density, freehold new launch project in a high-growth district, read on as we delve deeper into the project details, location, site, price, and floor plan analysis.
*This article was written in September 2024 and does not reflect data and market conditions beyond.
Project Details
Location Analysis
Located along Meyer Road near the East Coast Park, Meyer Blue offers a blend of coastal living and prime city accessibility. This freehold development sits in the heart of District 15, known for its affluent appeal, and it’s a short drive away from the Central Business District (CBD) and Marina Bay. Katong Park MRT station on the Thomson-East Coast Line (TEL) is a short 7-minute walk away, enhancing connectivity and making it an ideal home for city dwellers who crave both convenience and lifestyle.
Proximity to the East Coast Parkway (ECP) and direct access to Changi Airport makes Meyer Blue particularly attractive to frequent travellers and professionals who value seamless transport options. Whether it’s the 10-minute drive to the CBD or the easy access to lifestyle destinations like Marina Bay Sands or Orchard Road, Meyer Blue’s location offers unparalleled connectivity.
Meyer Blue is also surrounded by a vibrant lifestyle scene. The nearby Katong and Joo Chiat areas are renowned for their cultural heritage and vibrant dining options, from Peranakan restaurants to trendy cafes. For retail therapy, Parkway Parade and i12 Katong provide extensive shopping options, while Marine Parade MRT station further enhances accessibility to the area’s vibrant retail and dining hubs. In close proximity is also the Singapore Sports Hub, a lifestyle destination for live concerts and especially for those who are in the sports scene.
For families with school-going children, while Meyer Blue is not within 1km radius of any primary schools, the district has some of Singapore’s most popular schools, including Tanjong Katong Primary School, Dunman High School, and Chung Cheng High School. International schools such as the Canadian International School and EtonHouse International School are also nearby, potentially attracting expatriate families and boosting the rental demand in future.
Site Plan Analysis
The site of Meyer Blue occupies an elongated plot of land, with a single 26-storey tower flushed towards the back of the development furthest away from the main entrance along Meyer Road. Most of the development’s facilities are positioned in the middle of the development, in between the main entrance and the residential tower. Only the 40m lap pool, gym, and a social lounge is located behind the residential tower towards the edge of the development. There are also side gates toward the back of the development, allowing residents to enjoy easy access to an underpass that will take them to East Coast Park.
The residential tower will be positioned in a north-south orientation, with a slight tilt towards the east, giving residents two main facings – the southeast-facing and northwest-facing units. The southeast-facing units will get a magnificent sea view while northwest-facing units will get an unblocked view over the low-rise landed enclave.
Unit Distribution
Meyer Blue will offer unit types from 2-bedroom to 5-bedroom, with a rather even spread between the 2- to 4-bedroom types. The largest unit types (4-bedroom and 5-bedroom) will come with a private lift, with only two penthouse units (spanning almost 3,000 sqft!) in the whole development.
Stacks 02 to 06 (2-bedroom premium (BP1), 3-bedroom (C1), 4-bedroom (DP1), and 5-bedroom (E1)) will be facing towards East Coast Park and will get an unblocked view of the sea. Stacks 01, 07, 08, and 09 will be facing towards the city and will get an unblocked view over the low-rise landed enclave in the surrounding area.
Floor Plan Analysis
In this segment, we will highlight various types of floor plans available at Meyer Blue. Our aim is to furnish you with useful knowledge that will assist you in choosing the perfect unit tailored to your preferences and lifestyle needs.
Take note that all units will come with acoustic blinds, which absorbs sound and reduces noise levels. This is a nice touch by the developers to reduce the potential noise generated from the nearby expressway (East Coast Parkway).
2-Bedroom Type
There are two main layouts for the 2-Bedroom type: the 2-Bedroom Premium and the 2-Bedroom Premium + Study. The 2-Bedroom Premium layout is a dumbbell layout with the master bedroom and common bedroom placed on each end of the unit, with the living and dining room in the middle. This layout is extremely efficient with minimal wasted space. The advantage of having a dumbbell layout is the absence of long corridors leading to the bedrooms.
The 2-Bedroom Premium + Study variation, similarly, has a dumbbell layout with the bedrooms placed on opposite ends of the unit. The study is placed right next to the main entrance, opposite the kitchen. Owners may want to enclose the study for added privacy and to prevent fumes from the kitchen opposite to enter.
3-Bedroom Type
The standard 3-Bedroom also has a dumbbell layout, with bedroom 2 placed on one end of the unit and the master bedroom and bedroom 3 on the opposite end. The kitchen and dining in this layout is positioned opposite one another beside the foyer area, making meal preparation more seamless.
The master bedroom can easily accommodate a king-sized bed and still have ample space for side tables and a wardrobe. Each of the common bedrooms can also comfortably accommodate a queen-sized bed, making the 3-bedroom type ideal for families.
The 3-Bedroom Premium is rather interesting. The developers opted to group the bedrooms together, unlike the dumbbell layouts we have seen in the 2-bedders and standard 3-bedroom layouts.
Entering the unit, there is a long foyer area before reaching the storeroom, which is connected to the elongated kitchen (almost the same length as the living and dining area). This makes grocery shopping a bit easier (if that’s the intention of the developers, then kudos) as you can bring the shopping bags right through the store and into the kitchen to put them away, instead of going all the way into the other entrance which is next to the dining area. The store can also be converted into a dry pantry area, which can be a nice alternative to a dry kitchen.
4-Bedroom (with Private Lift)
Coming to the premium unit types, the 4-Bedroom units will all come with a private lift with a private lift lobby. Entering the unit, you will be greeted with an expansive living and dining area, as well as a dry kitchen counter right outside the main wet kitchen. A household shelter and yard is tucked away behind the kitchen for additional storage.
The master bedroom will come with a walk-in wardrobe provisioned, and still have enough space next to the bed for a massage chair or vanity table. There will also be a junior master with ensuite bathroom, which will be ideal for multi-generational families.
5-Bedroom Suite (with Private Lift)
Lastly, the 5-Bedroom units will also come with a private lift with a private lift lobby. Standing at an expansive 1,905 sqft, the unit comes with a master bedroom, a junior master bedroom, and three common bedrooms.
The bathroom in between the junior master bedroom and bedroom 3 is a Jack-and-Jill bathroom meant to be shared between the two bedrooms. Similarly, the bathroom between bedroom 4 and bedroom 5 will also be a Jack-and-Jill bathroom. Since there are no common bathrooms that can be accessed from the outside, the developers have thoughtfully included a powder room for guests, to maintain the privacy of the bedrooms.
Price Analysis
According to official developer guide prices at the time of writing, units at Meyer Blue will start from $2,9XX PSF. This is lower than our initial estimated calculations of $3,0XX PSF based on the developers land bid price and after factoring in a 10% profit margin on top of construction and marketing costs.
Prices will start from $1.9XM for 2-bedroom units, $2.9XM for 3-bedroom units, $4.4XM for 4-bedroom units, $5.6XM for 5-bedroom units, and $10.0XM for penthouse units.
Looking at the freehold developments in the vicinity, newer projects that achieved TOP in the past 10 years like The Meyerise and 8M Residences are transacting at average PSF prices of between $2,2XX to $2,3XX PSF. The Sovereign, a freehold development completed in 1993, is transacting at average PSF prices above the $2,600 mark.
Freehold projects typically command a higher premium than its leasehold counterparts, and with the prime location and strong attributes of the development, the prices at Meyer Blue do seem rather competitive. Developments that cross the $3,000 PSF mark are usually found in the Core Central Region (CCR), but looking at the potential of Meyer Blue, it is very likely to set the PSF benchmark not just in the Meyer Road area, but in District 15 and the Rest of Central Region (RCR) as a whole.
Growth Potential
Announced in the recent National Day Rally 2024, the Kallang Alive masterplan is set to transform the area around the Kallang Basin as well as the Singapore Sports Hub. The relocation of the Sports School Campus to Kallang will also expand the array of sports and recreational facilities available, benefiting residents who enjoy an active lifestyle.
Additionally, the increasing supply of prime HDB flats and BTO projects in the RCR region, including the Kallang estate and surrounding areas, offers existing homeowners a substantial pool of potential HDB upgraders. The high value of these HDB properties, particularly newer 5-room flats which have already crossed the $1 million mark, enables HDB homeowners to leverage their equity and consider upgrading to private properties. While this will only impact Meyer Blue years in the future, these upcoming transformations will undoubtedly boost property valuations in the surrounding areas.
Final Verdict
Meyer Blue will likely set new benchmark prices for District 15 and the RCR, given its prime location and strong attributes. Its close proximity to East Coast Park and all the lifestyle amenities available in the vicinity – from the Singapore Sports Hub, to the famous eateries at Katong and Joo Chiat –makes the project looks really great on paper. Furthermore, with recent rate cuts announced by the US Fed, discerning homebuyers and investors are observing the situation closely and ready to jump on good opportunities to enter the market.
However, are market participants ready to bite the bullet for a $3,000 PSF property in the RCR? It does seem like this is the direction that the market is heading towards.
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If you’re considering buying, selling, or renting a unit and are uncertain about its implications on your property journey and portfolio, please reach out to us here. We would be delighted to help with any market and financial assessments related to your property, or offer a second opinion.
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