East Coast condo in record sale

Jan 18, 2007

East Coast condo in record sale

By Joyce Teo, Property Correspondent

SWEEPING ocean views have helped apartments in a new East Coast development sell for higher-than-expected prices.

Units on the higher floors of The View @ Meyer in Meyer Road sold at close to $1,700 per sq ft (psf), according to the GuocoLand Group, the project developer.

These units offer unobstructed sea views while others with obstructed views went for an average of $1,500 psf. Prices near these levels have not been seen in the Meyer Road area for almost a decade, the group said in a statement.

There are 45 units in the project, of which 35 have been sold on a 'strictly-by-appointment basis' earlier this month, said GuocoLand.

Although the firm marketed The View @ Meyer in Hong Kong last weekend, it said sales have been made mostly to locals. Some units were apparently sold at about $1,100 psf.

A local investor said he was offered a 15th floor unit of the 23-storey project at $1,800 psf and that the developer had offered to absorb the stamp duty.

'Current valuations do not support those kind of prices,' said a market source.

The freehold condominium is on the former Katong Park Hotel site, which GuocoLand bought in 1999 for $554 psf of potential gross floor area.

Other condos in the area are selling for less.

The most recent deal at the nearby freehold The Belvedere was early last month, at $859 psf for a 1,378 sq ft unit. The highest price realised there was a sub-sale deal at $1,015 psf last June.

Guocoland's next project will be out in the third quarter of the year. This will be the Casa Rosita condo site it bought last April for $706 psf of potential gross floor area.