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Thread: The View @ Meyer (D15, Freehold, Guocoland)

  1. #1
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    Default The View @ Meyer (D15, Freehold, Guocoland)

    Property
    Published December 28, 2006

    GuocoLand eyes $1,500 psf for Meyer Rd project: sources

    Freehold The View @ Meyer with 45 luxurious units may be released in Jan

    By KALPANA RASHIWALA


    QUEK Leng Chan's Singapore-listed property arm GuocoLand could be eyeing an average price of about $1,500 psf for its freehold boutique development The View @ Meyer, which it is expected to release early next month, according to sources.


    The View @ Meyer: Will have mostly three bedrooms plus guestroom and four-bedder units

    This will be a new record for the Meyer Road area - if the price is achieved, say property consultants.

    Knight Frank director Nicholas Mak says that units in fairly new projects in the vicinity are changing hands for about $750 psf on average.

    However, during the market peak, The Makena at Meyer Road fetched $1,095 psf on average in 1996, while The Sovereign achieved a higher average price of $1,268 psf in 1997, according to caveats lodged.

    The highest price achieved for an apartment in the location is said to have been around $1,500 psf for a unit at The Atria in 1997. More recently, a high-floor unit at The Belvedere is said to have changed hands at about $860 psf.

    While some market watchers consider $1,500 psf on a project-average basis to be an ambitious price target for The View @ Meyer, others argue it may be achievable after all, reflecting a nearly 25 per cent discount to the $1,950 psf average achieved for Marina Bay Residences earlier this month.

    And that was for a 99-year leasehold project, although one in a plum location directly fronting Marina Bay, unlike developments in the Meyer Road location which are still some distance from the sea even if they have unobstructed sea views.

    As a property player puts it: 'With current hot demand for waterfront homes, even projects which are not that close to the water, but which have unobscured views of the sea, should generate strong buying interest.

    'And don't forget, Meyer Road has always been the prime stretch of the Katong area plus it can now benefit from the 'IR effect', as it's about 10 minutes' drive from the future Marina Bay integrated resort.'

    The View @ Meyer will be a 23-storey development on the former Katong Park Hotel site comprising 45 luxuriously fitted units, according to GuocoLand.

    The group is now preparing a series of special previews for clients in Singapore and abroad, GuocoLand added.

    The project will comprise mostly apartments with three bedrooms (plus a guestroom) and four-bedder units. Two penthouses on the top two floors feature private sky gardens.

    'All the 45 apartments command a sweeping southern view of the Katong Park, the East Coast Park or beyond, the South China Sea. Every unit also has a northern view of the swimming pool. Hence the project's name, The View @ Meyer,' GuocoLand said yesterday.

    The pricing for The View @ Meyer will be closely watched by other developers in the area. CapitaLand has a condo with about 350 units that it will develop on the First Mansion and Meyer Tower sites. CapitaLand is also expected to launch the project next year.

  2. #2
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    Default Re: The View @ Meyer (D15, Freehold, Guocoland)

    The View? Sure or not got view. hehehe.. scarly end up like Sanctuary Green (also by Guocoland).

  3. #3
    easterner
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    Default Re: The View @ Meyer (D15, Freehold, Guocoland)

    Actually, the sea view is only available to those units above the 11th storey. However, that didn't stop investors from buying almost everything that was launched at obscene prices which was never before seen in this part of Singapore. There are a few 3 bedroom units left on the low floors, selling at slightly above $1,000 psf.

    The 2 bedrooms are yet to be launched. I think these will be targeted at singles, young couples and families, with (I hope) prices to match. ie:- lower. Hope hope.

    About the development itself: very nicely done, with great stylish high end finishing, 2 kitchens, small walk-in wardrobe, 2 sizable balconies. One could mistake this for an Orchard Rd development. Guocoland have outdone themselves this time!

  4. #4
    its crazy
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    Default Re: The View @ Meyer (D15, Freehold, Guocoland)

    i think paying $1,500psf for east coast is crazy. btw i also think that paying $2,300psf for stevens road area is also crazy (Orange Grove Residences)! How to sustain! when property bubble bursts how low will all these go?

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    Default 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.

  6. #6
    Meyer
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    Default Re: The View @ Meyer (D15, Freehold, Guocoland)

    I believe the Belvedere has better view than The View @ Meyer. I would go for The Belvedere.

  7. #7
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    Default Re: The View @ Meyer (D15, Freehold, Guocoland)

    Quote Originally Posted by Meyer
    I believe the Belvedere has better view than The View @ Meyer. I would go for The Belvedere.
    Agree... waited for a few months now and watch the market, Belvedere is still better to invest.

  8. #8
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    Default Re: The View @ Meyer (D15, Freehold, Guocoland)

    market is moving up

  9. #9
    URA
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    Default Re: The View @ Meyer (D15, Freehold, Guocoland)

    Private Residential Property Transactions with Caveats Lodged

    Project Name . Price ............. Floor Area . Price ........ Date Of Option
    Aalto ................ $16,275,000 . 5,608sqft ... $2,902psf . Mar 08
    Aalto ................ $4,577,000 ... 1,959sqft ... $2,336psf . Feb 08
    Aalto ................ $3,142,300 ... 1,442sqft ... $2,179psf . Dec 07
    Aalto ................ $3,659,800 ... 2,024sqft ... $1,809psf . Dec 07
    Aalto ................ $4,270,300 ... 2,024sqft ... $2,110psf . Dec 07
    Aalto ................ $6,269,100 ... 2,443sqft ... $2,565psf . Dec 07
    .........
    .........

  10. #10
    Veritas
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    Default Re: The View @ Meyer (D15, Freehold, Guocoland)

    ^ Quit posting the same stats in all the threads. Its pretty clear you're just trying to pump the market. Which RE firm/developer you work for?

  11. #11
    icered
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    Default Re: The View @ Meyer (D15, Freehold, Guocoland)

    I know you! icered, right? its been quite some time!

  12. #12
    DN
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    Default Query

    Quote Originally Posted by Unregistered
    Agree... waited for a few months now and watch the market, Belvedere is still better to invest.
    I understand this is not the thread for Belvedere or Seafront, but in respect of the above comment (on Belevedere), I am writing, hoping to seek more clarity from the community here if anyone knows about the below on Belvedere and Seafront.

    I have made a couple of enquiry on Belvedere and from preliminary discussion from a number other investors, I understood this was one of the most controversial investment which Keppel Land (the developer) made and it was almost by sheer luck they managed to get away with this (or what it appears to be the case). I understand this was what seems to be a mistake on the developer whom back then purchased the land, not knowing there is/was another plot of land in front which could potentially block off Belvedere’s view completely (and potentially also block part of SeaFront). I am under the impression that a number of buyers was sold the idea that the plot of land immediately next to Belvedere was actually a Park (which, apparently, is not the case), and I believe most owners and prospective buyers continue to be under this belief still (which seems to be rather shocking!!).

    I attached extract of the Master Plan 2008 (annotated) which is widely circulated amongst the investor community whom are looking at buying Belvedere and SeaFront. This will have an impact on our views on the the risk of another development to be developed in front of Belvedere, which is not unlikely at all!!

    I wonder if anyone here can confirm the same or shed some light on this?
    Attached Files Attached Files

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    I'm recently considering a unit at View @ meyer, and I do notice that the piece of empty land opposite the development is slated for residential development in the URA 2008 master plan. I 'm not sure who owns the land now, probably the state. But I don't think it is much of a concern because that piece of land has been vacant for donkey years and no one has bought it so far.. not even during the boom days.. so it should be safe for the near future. Furthermore, they have found remnants of the katong fort buried under that piece of land (you will see the dug out if you visit katong park). Therefore, I think there is a high chance that the master plan may be revised to conserve this monument (which is very rare in Singapore).

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    Any thoughts on [email protected]? This place just TOP and asking price on property guru ranges from 1300 - 1700psf. You all think good buy at <1200psf for mid floor park view?

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    Quote Originally Posted by kstan2
    Any thoughts on [email protected]? This place just TOP and asking price on property guru ranges from 1300 - 1700psf. You all think good buy at <1200psf for mid floor park view?
    Very good buy, I would say GRAB now before seller stop selling. AS already selling at $1300psf. correct me if I am wrong.

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    Yah.. I think grab too..But market is quite uncertain.. Only time will tell if Good Buy.. make $$ or Good Bye to $$.. anyway, don't think can catch the bottom.. just buy and assume that the property market is closed for the next 10 yrs. However, I think Meyer location has a smaller downside. The seafront, aalto avg no sea view already above 1300psf. The other older condo like Hawaiian, atria, peach garden, etc will not sell cheap because the owner are waiting for en-bloc and most of the units are huge. Meier suite (no seaview) just around the coner is lauching >1200-1500psf (semi-d view). I think the owners at the Meyer side also have better holding power than those over at amber side.

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