Wednesday, January 03, 2007
[RealEdge] BT : GuocoLand eyes $1,500 psf for Meyer Rd project: sources
| 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.
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. | |||
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