A freehold private condominium project in district 15 will go on public preview next week. On Sept 13, units at Meyer Mansion will be launched for sale by Developer Guocoland.
Former Casa Meyfort site will be home to 200-unit Meyer Mansion
Meyer Mansion will take the place of the former Casa Meyfort which was acquired through the collective sale process for $319.88 million last year. The land rate worked out to be approximately $1,580 psf and analysts are predicting a $2,400 psf cost to break even.
Pricing for the units has not yet been released.
The new residential development will consist of 200 units ranging from 484 sq ft one-bedders to 2,142 sq ft four-bedroom premium apartments. It offers unblocked panoramic sea views for units on the high floors.
The 25-storey freehold residential block will be a rare one in the area which is mainly populated by lower-rise residential projects or landed housing; or projects with only a 99-year leasehold tenure.
The site is located near the Katong Park MRT station which has an estimated completion date of 2023. Changi Airport is just a 10-minute drive away and it is also just 450 metres from East Coast Park via an underpass.
Freehold status likely to drive demand at new condo
Analysts say that the rarity of a high-rise freehold project in this area will likely drive up demand, especially for buyers who are looking specifically for properties in this area and also with a good sea view.
Recent sales of units in developments in the vicinity such as Amber Park which sold 1,607 units at a median price of $2,475 psf, may signify the unchanging fact that buyers are willing to pay a premium for units in good locations.
There will also be other upcoming projects in the district, including Meyer House in Meyer Road and a project on the former Katong Park Towers site.