News > Meyer Blue: What is the Expected Starting Price?

Meyer Blue: What is the Expected Starting Price?

2 September 2024

Meyer Blue - New Launch Condo in District 15 in 2024

Meyer Blue is an exciting new freehold condo development set to redefine luxury living in East Coast, Singapore. Strategically located on a land plot that was formerly home to Meyer Park Condo, Meyer Blue spans approximately 8,981 sqm and boasts a gross floor area of 27,158.85 sqm. This exceptional project, developed by United Venture Development (No 6)—a joint venture between UOL Group and Singapore Land Group—offers 226 units ranging from 1 to 5 bedrooms, catering to a variety of lifestyles.

Image: Meyer Blue Condo New Launch in District 15. Source: https://meyerblue.com.sg/

For more information of Meyer Blue, visit the official website here.

Strategic Location and Connectivity

Meyer Blue's prime location provides unparalleled connectivity, with Katong Park MRT (TE24) and Tanjong Katong MRT (TE25) stations just a short walk away. This ensures residents can easily access the city's major districts, making it an ideal choice for those who value convenience. The development is also close to a host of amenities, including top schools, shopping malls, and dining options, offering a balanced lifestyle of urban and coastal living. Explore more about the amenities in the area surrounding Meyer Blue Condo here.

Image: Meyer Blue Condo New Launch in D15 (formerly Meyer Park Condo) location on Map View by RealInsight

Recent Market Trends and Price Analysis of New Launches in District 15

District 15 Condo New Sale Price between 2021-2024

Over the past three years, new sale condos in District 15 have transacted at an average of $2,480 per square foot (PSF), with an average price increase of 0.35% per year. This steady growth reflects the district's desirability and the ongoing demand for quality residences.

Chart: Average Price PSF of New Launch Condos in District 15 from 2021-2024. Source: RealInsight

By bedroom type, PSF prices have shown a notable increase, especially for 2-, 3-, and 4-bedroom units, which have seen growth rates of 13%, 11.3%, and 13.4%, respectively.

Table: Average Price PSF by Bedroom Type of New Launch Condos in District 15 from 2021-2024. Source: RealInsight

Price Trends of Recent New Launch Condos in District 15

In 2023, there were 3 projects launched in D15 within just 3 months: Tembusu Grand, The Continuum, and Grand Dunman. Among the 3, only The Continuum is freehold, the other 2 are 99-year leasehold.

Table: Average Price PSF by Bedroom Type of Grand Dunman, The Continuum, and Tembusu Grand from 2021-2024. Source: RealInsight

The Continuum's freehold status results in higher prices, with differences ranging from 6% for smaller units to as much as 22% for 5-bedroom units.

Meyer Blue En bloc Analysis - Meyer Blue estimated launch price

Meyer Blue sits on the former Meyer Park Condo's land site, acquired through an en bloc sale in February 2023 for $392,180,000. The land area of approximately 8,981.1 sqm, with a gross plot ratio of 2.8, resulted in a cost of $1,668 PSF PPR.

After using RealInsight’s Land Price Calculator and factoring in development expenses (based on market average), the estimated breakeven PSF PPR for Meyer Blue is around $2,600.

Given the premium nature of freehold properties and the area's desirability, we expect the launch price for units at Meyer Blue to range between $2,800 and $3,200 PSF.

Interested in living in District 15? Discover the life and what you can do in District 15 here.

Latest Updates of Meyer Blue Launch: 50% of units sold at $3,253 PSF on launch weekends

During its private sale, Meyer Blue sold 50% of its total 226 units at an average price of $3,253 PSF. Over 50% of the units sold were 2-bedroom units, averaging $3,272 PSF. Meanwhile, 25% of the sales were 3-bedroom units, with an average price of $3,211 PSF. 4- and 5-bedroom units were transacted at an average of $3,218 PSF and $3,207 PSF, respectively. Additionally, both penthouse units were sold during the private sale, fetching an average price of $3,427 PSF.

Image: Meyer Blue Unit Mix and Sale Status as of 9 October 2024. Source: RealInsight

*Data is accurate as of 9 October 2024.

All analytical and visually interpreted data in this report is powered by RealInsight, a powerful tool for property developers, investors and institutions. It offers a complete solution for development planning or portfolio building by providing access to real-time data regarding properties, developers, land sales and data analytics tool for market research and reports. Find out more about RealInsight here.

To know more about our data-driven real estate solutions, contact us here.

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