Meyer Blue Condo Review: Rare Freehold Luxury in District 15

Why Invest in Meyer Blue Condo?

• Developers' Reputation: The joint venture between UOL Group and Singapore Land Group, two of Singapore's most reputable real estate developers, instils confidence in the quality and long-term value of the development.
• Highly coveted address: Meyer Blue is strategically located along the highly coveted Meyer Road, the most coveted address in District 15 and one of the most desirable private housing precincts in Singapore.
  Freehold Tenure: The scarcity of freehold properties in Singapore is an added allure, especially for those looking for long-term investment and legacy planning.
• Modern and eco-friendly designs: Modern and efficient layout a focus on sustainable and energy-efficient features.
• High standard of living: Unparalleled convenience, and a peaceful yet vibrant living experience.
• Unobstructed views: The development's architectural design and landscaping will be carefully curated to create a visually striking and harmonious living environment. Many units will feature exceptional unobstructed views, either facing the landed estate, sea or city.
• Connectivity and Accessibility: A 6-minute walk to the upcoming Katong Park MRT station on the Thomson-East Coast Line and near major expressways, Meyer Blue provides residents with seamless access to Singapore's extensive public transportation network. This connectivity allows for effortless commuting to the Central Business District and other key employment hubs.
• Proximity to Amenities: Residents will enjoy easy access to a wealth of shopping, dining, and educational amenities within close proximity.
• A plethora of leisure activities: Located next to the East Coast Park and near the Singapore Sports Hub, residents will enjoy a wide range of leisure and active sporting activities.
• Potential for Capital Appreciation: The redevelopment of the surrounding areas and infrastructure developments suggest that properties in this neighbourhood may experience strong capital appreciation over time.

Meyer Blue Project Fact Sheet

Unit Mix & Distribution

Meyer Blue's Design Features

Meyer Blue is poised to redefine contemporary living, offering a harmonious fusion of luxury, comfort, and nature.

The development's architectural design and landscaping will be carefully curated to create a visually striking and harmonious living environment.

The condominium is anticipated to feature a range of unit types, from spacious one-bedroom apartments to expansive multi-bedroom units, catering to the diverse needs and preferences of potential residents. Please Whatsapp me for the latest project information.

Each unit will be designed with meticulous attention to detail, ensuring optimal functionality and a seamless integration of indoor and outdoor spaces.

One of the key highlights of Meyer Blue is the exceptional unobstructed views that many units on the higher floor will offer, either facing the landed estate, sea, or city. This unique vantage point will provide residents with a sense of tranquillity and exclusivity, further enhancing their overall living experience.

The development's architectural design will also incorporate sustainable and energy-efficient features, reflecting the developers' commitment to creating environmentally-conscious living spaces. This focus on sustainability will not only contribute to the long-term sustainability of the project but also provide residents with the added benefit of reduced utility costs and a more eco-friendly lifestyle.

Who are the Developers of Meyer Blue?

UOL Group and Singapore Land Group are the joint developers of Meyer Blue. Both are established and respected names in Singapore's real estate landscape.

As two of Singapore's leading developers, they are renowned for their collaboration in creating luxurious residential homes. UOL and SingLand are prominent property players that boast a diverse portfolio. Together, they leverage their expertise to develop high-end condominiums in sought-after locations under their "Masterpiece" collections which feature extensive water features and landscaping.

Their partnership has yielded prestigious addresses like Watten House, a low-density development on the exclusive Shelford Road in prime District 11. This collaboration extends to MeyerHouse, a luxury and award-winning condo project on the East Coast, showcasing their ability to deliver opulence across distinct districts.

The recent acquisition of a prime Orchard Boulevard site further underscores their extensive presence in Singapore's luxury property segment.

What are the Prices for Meyer Blue Condo?

During the sales launch on 6 October 2024, Meyer Blue sold 114 units , or slightly more than half of its 226 units, at an average price of S$3,260 per square foot (psf).

Prices ranged from S$2 million or S$3,019 psf for a 2-bedder (from 667 sq ft), just under S$3 million or S$2,985 psf for a 3-bedder (from 990 sq ft), S$4.5 million or S$2,950 psf for a 4-bedder (from 1,518 sq ft), and S$5.6 million or S$2,936 psf for a 5-bedder (1,905 sq ft).

The two penthouses available were also sold, where the 2,949 sq ft unit was sold for S$10.1 million or S$3,418 psf and the 2,992 sq ft unit at S$10.3 million or S$3,436 psf.

Of the 114 units sold, more than 77 % were 2- and 3-bedroom units, with sizes ranging from 667 sq ft to 1,141 sq ft. 99% of the buyers were Singaporeans and permanent residents, while just one was sold to a foreigner from the US.

Most buyers had purchased units for their own occupation and legacy reasons. This can be attributable to its rare freehold status, limited supply along the prestigious Meyer Road belt, and great sea views.

UOB Group and Singapore Land Group acquired the approximately 96,671.8 sq ft (8,981.1 sq m) site via en bloc of the former Meyer Park Condominium for $392.18 million. Including a land betterment charge of about $90.9 million, the land rate works out to approximately $1,668 per sq ft per plot ratio, which factors in a 7% bonus floor area.

Where is Meyer Blue Located?

Meyer Blue Condo is along Meyer Road in the hugely popular District 15 and arguably one of the most coveted addresses in Singapore.

The surrounding neighbourhood is characterised by a harmonious blend of high-end condominiums and landed properties, and conserved heritage houses, creating an exclusive and upscale ambience.

Residents living on the higher floors will enjoy wide unobstructed views. North-facing units will have serene vistas of the landed homes that stretch quite a distance. South-facing apartments will get views of the East Coast Park and sea, which lies almost next to it. Those facing the west will have views of the city’s skyline.

The upcoming Katong Park MRT station (TE24) on the Thomson-East Coast Line is situated within a 6-minute walking distance. Together with the East Coast Parkway located a stone’s throw away, they provide easy connectivity to the Central Business District (CBD), Marina Bay, Orchard, and in the future, Changi Airport.

The development is situated close to a wide range of shopping and dining establishments, providing residents with ample convenience and options. These include Parkway Parade, 112 Katong, Katong V, Paya Lebar Quarter (PLQ), Marine Parade Central Market and Food Centre, and Geylang Serai Market,

For a more cultural experience, conserved shophouses at Joo Chiat and Katong provide a vibrant atmosphere and unique finds such as Peranakan antique shops and museums.

In addition, Meyer Blue is situated near several renowned educational institutions. These include Tao Nan Primary School, Tanjong Katong Girls’ School, and Victoria Junior College, making the development an attractive choice for families with school-going children.

Exciting Development of Long Island

Long Island development

Long Island is a proposed land reclamation project off Singapore's East Coast to create new land for housing, amenities, and a reservoir, addressing rising sea level concerns.

Besides potentially adding 20 km of new coastal and reservoir parks, tripling the length of the existing waterfront along East Coast Park, it is set to become a dynamic lifestyle destination.

Being just a stone's throw from Meyer Blue, its will further elevate the area's prestige. This will attract well-heeled home owners and property investors as new amenities, infrastructure, and recreational facilities will further enhance the area's vibrancy.

Convenient Transportation Access and Connectivity

Residents at Meyer Blue Condo will enjoy convenient access to various parts of Singapore, thanks to the upcoming Katong Park MRT station (TE24) on the Thomson-East Coast Line. With the station just a 6-minute walk from the development, it will offer a direct connection to the Central Business District (CBD) and Marina Bay within 15 minutes.

Katong Park MRT Station

In the future, it will extend directly to Changi Airport and Changi Region, a major employment centre in the eastern part of Singapore.

For those who drive, the condo is conveniently located next to the East Coast Parkway (ECP) which offers easy access to the city centre and other parts of Singapore. Additionally, other major expressways like the Marina Coastal Expressway (MCE) and Kallang-Paya Lebar Expressway (KPE) are within a short drive, enhancing broader transport connectivity.

Public bus services are also readily available along Meyer Road and the surrounding areas, providing alternative travel options for residents.

Shopping Malls and Food Havens

Residents of Meyer Blue can look forward to a wealth of shopping and dining options located nearby. In the immediate vicinity are a variety of shopping malls that include the Parkway Parade, Katong Shopping Centre, and i12 Katong, offering a diverse range of retail and dining options to cater to the diverse needs and preferences of residents.

Besides shopping, the area is renowned for its vibrant culinary scene. Places like Katong, Joo Chiat and East Coast Road are popular food havens. Home to a plethora of well-known restaurants, cafes, confectioneries, and hawker centres, residents will be spoilt by the wide array of local and international cuisines on offer.

Leisure Offerings Near Meyer Blue

As Meyer Blue is located just opposite East Coast Park, residents will get to enjoy a wide range of activities, from jogging and cycling to picnicking and water sports.

There are also two large playgrounds, namely Marine Cove and Coastal PlayCove.

Marine Cove is a massive 3,500 sq m playground with two separate areas for little ones (aged 2 to 5) and bigger kids (5 to 12). It has a lighthouse-inspired play tower, toddler play areas, and inclusive play equipment. Next to it is a McDonald's fast-food restaurant for those looking for a convenient snack break.

As for the Coastal PlayCove, it offers a water play area, a four-storey high slide, sand play, climbing activities, and a nature play garden.

For sports enthusiasts, the nearby Singapore Sports Hub with its world-class facilities offers various sporting events and entertainment, as well as a diverse range of recreational options. Residents can enjoy watching live sporting events, participate in fitness classes, or simply explore the hub's diverse offerings.

Kallang Alive Master Plan

Kallang Alive Master Plan

The Kallang Alive Master Plan, unveiled by Prime Minister Lawrence Wong during the National Day Rally on 18 August 2024, is poised to revitalise the area through significant developments.

The transformation is anticipated to positively impact nearby residential areas, such as Meyer Blue, which is conveniently located just a 7-minute drive away.

Residents of these communities will enjoy easy access to a diverse range of sporting facilities, recreational activities, entertainment options, and leisure pursuits. This convenient proximity will encourage a healthier and more active lifestyle.

Additionally, these amenities will create opportunities for families to spend quality time together in a stimulating and enriching environment.

Key Features of the Kallang Alive Master Plan

Relocation of Singapore Sports School: It will be moved to Kallang from its present Woodlands campus. This will potentially attract student athletes and families, increasing the demand for housing.

State-of-the-Art Indoor Arena: An 18,000-seater arena will replace the existing Indoor Stadium, hosting diverse sports and entertainment events, adding more vibrancy to the area.

Enhanced Public Spaces: New parks and waterfront areas will promote outdoor recreation, improving quality of life and making the area more desirable for home buyers.

Pedestrianised Boulevard: Converting the main road through the Sports Hub into a car-free zone that will create a safe and vibrant environment to enjoy the surrounding facilities and amenities.

Mixed-Use Developments: Integrating residential, commercial, and recreational spaces will foster a dynamic community and raise the qulaity of living.

Cultural and Recreational Facilities: New venues for arts, culture, and sports will enrich community life, attracting a diverse population, including property investors.

Vibrant Arts and Cultural Scene

The vicinity of Meyer Blue, particularly around the Katong-Joo Chiat district, has long been celebrated for its captivating blend of Peranakan heritage and contemporary arts.

This vibrant neighbourhood celebrates the unique cultural identity of the Peranakans, an ethnic group that has blended Chinese, Malay, and European influences over centuries.

Residents and visitors can immerse themselves in the area's rich history by admiring the well-preserved heritage shophouses and colonial bungalows. There are also private Peranakan museums such as The Intan and Katong Antique House where a treasure trove of artefacts, costumes, and furniture give visitors unique insights into the Peranakan way of life, history, and culture.

Complementing this cultural immersion is a thriving culinary scene. Here, visitors can embark on a gastronomic journey through Peranakan cuisine, a vibrant tapestry of flavours reflecting the area’s multicultural heritage.

Beyond food, the district also boasts a thriving arts scene, with initiatives like the annual ARTWALK festival bringing the community together through public art, live music, and cultural workshops. This is a testament to Singapore's ability to seamlessly weave its past and present for an immersive arts and cultural experience.

In addition, the Goodman Arts Centre, located just a 5-minute drive from Meyer Blue, offers a vibrant arts space with a variety of age-specific programmes for families to enjoy. It features a free-access arts space that changes annually, as well as ticketed programmes and events.

Education Institutions Near Meyer Blue

Meyer Blue's excellent location ensures that residents have access to a good choice of sought-after educational institutions. These include Tao Nan School, Tanjong Katong Primary School, Haig Girls' School, Tanjong Katong Girls’ School, Dunman High School, Victoria School, and Victoria Junior College, to name a few.

These renowned schools provide excellent academic and extracurricular needs for children, making Meyer Blue an attractive choice for families to set up home.

Moreover, according to a study by the NUS Institute of Real Estate Studies, properties located near good schools command a price premium over those that are further away.

Review Conclusion - Meyer Blue’s Investment Prospects

Meyer Blue's freehold tenure, a highly coveted address in District 15, and convenient access to the city, are some of the key factors that will underpin its investment prospects.

Freehold properties are increasingly rare in Singapore, and they can only come from en bloc sales, as the Singapore government no longer sells freehold land for private residential developments.

Moreover, Meyer Blue’s relatively large land size of 96,671.8 sq ft (8,981.1 sq m) makes it even rarer. The larger unit count in the development can help generate a more active resale and rental market, which is crucial for future sales.

Who Should Consider Investing in Meyer Blue?

• Investors seeking a long-term, secure investment in a prime location, as well as those looking for legacy planning.
• Families looking for convenience with access to a plethora of amenities and good schools.
• Individuals with a preference for high-quality freehold properties.
• Those targeting high net-worth tenants seeking luxury accommodation.

Pros and Cons of Investing in Meyer Blue

Here are the key pros and cons of investing in the Meyer Blue condominium development:

• Pros:
  Prime locale in District 15 along the prestigious Meyer Road, close to East Coast Park and the upcoming Katong Park MRT station.
• Direct train access and a short drive to the city.
• Excellent connectivity via nearby major expressways like the ECP and MCP.
• Freehold tenure, which is increasingly rare in Singapore, provides long-term investment value.
• Unobstructed sea and city views from many higher units add significant appeal and value.
• Developed by reputable joint venture partners UOL Group and Singapore Land Group, known for their high-quality “Masterpiece” developments.
• Proximity to a wide range of amenities like shopping, dining, and prestigious schools.
• Potential for strong rental demand and capital appreciation due to the prime location and freehold status.

Cons:

• High prices and maintenance fees due to the luxury nature of the development and its freehold tenure, potentially pricing out some buyers.
• The imposition of punitive ABSD on foreigners purchasing Singapore properties may temper the pace of capital appreciation.
• Potential noise and air pollution from the busy nearby East Coast Parkway.
• Traffic congestion in the area during peak hours and seasonal influx of visitors (such as school holidays) to East Coast Park.

Comparative Market Analysis

Below is a chart on how some of the condos near Meyer Blue have performed since their launch. As can be seen, most of them have performed well.

Comparative Market Analysis

Two of the newest condos in the area are Meyer Mansion and MeyerHouse. Launched in September 2019 and May 2029 respectively, both have been fully sold.

Although Meyer Mansion has underperformed MeyerHouse, it should be viewed from a proper perspective.

MeyerHouse offers a mix of only 56 units of 3- and 4-bedders with areas ranging from 1,862 sq ft to 5,683 sq ft, catering to a particular market segment looking for more exclusivity and spacious homes.

In contrast, Meyer Mansion offers a broader range of unit types – 200 units of 1- to 4-bedders, with sizes ranging from 484 to 2,142 sq ft.

Additionally, MeyerHouse has a higher percentage of foreign buyers (33.3%) compared to Meyer Mansion (5.7%). Foreign buyers, especially those looking for luxury properties in prime locations, may be less sensitive to price changes (ie, before the Singapore government imposed a 60% ABSD charge in April 2023).

Nevertheless, despite the hefty hike in Additional Buyer's Stamp Duty (ABSD) for foreign investors, properties located along Meyer Road have demonstrated continued resilience. This can be attributed to the district's enduring appeal, offering residents exceptional connectivity with convenient access to the city centre. Additionally, residents enjoy close proximity to shopping malls, esteemed educational institutions, and the tranquillity of East Coast Park. These factors are important considerations for property investment decisions.

With the slew of property cooling measures imposed by the Singapore government to stamp out speculation, the above-mentioned attributes of Meyer Blue will ensure both homeowners and investors a promising long-term investment.

I hope this review of Meyer Blue provided you with valuable and insightful information. To receive the latest project information or arrange a show flat viewing, please Whatsapp me.

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