Freehold Meyer Blue Condo Sells Half of Its Units at $3,260 PSF During Launch Weekend
The highly anticipated freehold condominium, Meyer Blue, had a successful launch over the weekend, selling 114 of its 226 units—just over half of the total—at an average price of $3,260 per square foot (psf).
Prices ranged from $2 million, or $3,019 psf, for a two-bedroom unit (667 sq ft), to nearly $3 million, or $2,985 psf, for a three-bedroom unit (990 sq ft). The larger units saw even higher prices: $4.5 million, or $2,950 psf, for a four-bedroom unit (1,518 sq ft), and $5.6 million, or $2,936 psf, for a five-bedroom unit (1,905 sq ft).
The development’s only two penthouses were quickly snapped up. One, sized at 2,949 sq ft, was sold for $10.1 million, or $3,418 psf, while the other, slightly larger at 2,992 sq ft, fetched $10.3 million, or $3,436 psf, according to developer UOL and property portal EdgeProp.
Of the units sold, over 77% were two- and three-bedroom apartments, ranging from 667 sq ft to 1,141 sq ft, according to PropNex CEO Ismail Gafoor. UOL’s general manager for residential marketing, Anson Lim, noted that nearly all buyers—99%—were Singaporeans and permanent residents, with only one foreigner from the United States purchasing a unit.
Most buyers were purchasing for their own use or as a long-term family investment, said ERA CEO Marcus Chu, which aligns with general buying trends in the area. Over the past year, locals made up 83.8% of condo buyers in District 15, with 14.2% being PRs and only 2% foreigners, said Nicholas Mak, chief research officer at Mogul.sg. The high additional buyer’s stamp duty (ABSD) has been a deterrent for foreign buyers.
Meyer Blue sits on Meyer Road in District 15, covering 96,672 sq ft of land with a gross floor area of around 290,000 sq ft. The project has a plot ratio of 2.8. UOL and Singapore Land Group acquired the land—previously Meyer Park condominium—for $392.2 million in February 2023 through a collective sale, which translated to a land rate of $1,668 psf per plot ratio.
The strong demand at the launch surprised some, given the steep price of over $3,000 psf, which might typically narrow the buyer pool. However, the project’s attractive location, coupled with limited housing supply in the area, drove sales, said Mr. Gafoor.
Huttons Asia CEO Mark Yip highlighted that there are only 2,053 completed non-landed homes spread across 12 developments in the Meyer neighbourhood. Buyers recognized that new supply in this sought-after area is rare, and unless a collective sale occurs, there might not be any new developments in the near future.
Meyer Blue also offers larger units and sits in a prime area with unobstructed sea views and freehold tenure—factors that were particularly appealing to buyers, said ERA’s Mr. Chu.
Mr. Gafoor also pointed to the area’s ongoing development, including the opening of stage four of the Thomson-East Coast Line in late June, which has improved connectivity. Additionally, long-term government initiatives such as the Kallang Alive Masterplan and the Long Island project promise further growth in the area, enhancing its appeal.
Finally, the timing of Meyer Blue’s launch may have been a factor in its success, as it came shortly after the U.S. Federal Reserve’s interest rate cut, boosting overall market sentiment. This may have encouraged more buyers to take the plunge, Mr. Gafoor noted. He believes this momentum could lead to stronger sales in the new launch market in the final quarter of the year.
