District 15 East Coast Property - Is Meyer Mansion A Good Investment (Updated 2022)
Singapore's real estate market is truly resilient!
The latest cooling measures implemented to the residential property market were announced only less than 4 months ago on 16 Dec 2021. After a temporary knee-jerk reaction, it is back fast and furious!
A couple of sites were sold en bloc since then, while a few sites were released under the Government Land Sale (GLS) program.
In today's article, I will review Meyer Mansion. This project by GuocoLand was launched on 13 September 2019. While sales have been steady, it went into turbo mode recently.
Why is this so?
Before we go into details of Meyer Mansion, let us first look at what's happening in District 15 East Coast area.
District 15 East Coast Updates
(A) Upcoming New Launches In District 15
There were a few sites in District 15 that were sold en bloc or through GLS recently.
(1) Thiam Siew Avenue Site
Thiam Siew Ave is located between Tanjong Katong Road and Haig Road.
A joint venture between Hoi Hup Realty and Sunway Developments have bought 2 parcels of land here. These 2 sites formed the largest residential site sold since the 2018 cooling measures.
These 2 plots of freehold land is sitting on a site area of 263,794 sqf, and has a plot ratio of 2.8. The developer has plans to build 2 high rise blocks with more than 800 units.
(2) Jalan Tembusu
City Development Limited (CDL) tops the bidding list with $768m for this site under the GLS tender, which was closed in January 2022.
Located near to Thiam Siew Avenue, this 99 years leasehold site has a plot ratio of 2.8. CDL plans to build 4 towers of 20 to 21 storeys blocks, with total of around 640 units.
(3) Dunman Road
Next on the confirmed list of the 1H2022 sites under the GLS program is a mega site at Dunman Road.
With an estimated site area of 271,622 sqf and a plot ratio of 3.5, this 99 years leasehold site can yield up to 1,040 residential units.
The top bid for this mega site is expected to exceed $1billion. This will be a rare billion-dollar residential site since Farrer Court's was en bloc at $1,338,800,000!
(4) LIV @MB
Do you remember the old Katong Park Towers site which was en bloc just before the cooling measures in 2018?
Bukit Sembawang Estate bought this 99-year leasehold site. This 140,758 sqf land, with a plot ratio of 2.1, will be developed into 4 blocks with 298 units.
LIV @MB is finally going to be launched. Showflat preview will be in end-April. For more information on this project, please reach us here.
With so much supply in the upcoming launches, we asked ourselves if we should advise our buyers to wait and see. After all, with so much supply, prices will be competitive.
To address our concerns, we did a check on the estimated breakeven and launch price of upcoming launches.
(B) Estimated Launch Price For Upcoming New Launches In District 15
(1) Thiam Siew Avenue
Thiam Siew Avenue site was sold en bloc at $815m, or $1,488psf ppr.
EdgeProp estimated that the breakeven price for this site is $2,296psf ppr, after factoring in construction, development and marketing cost.
Head of research and consultancy at ERA, Nicolas Mak estimated that the launch price of this freehold site will be between $2,400 and $2,630 psf.
(2) Jalan Tembusu
This Jalan Tembusu site was sold at $768m, or $1,302psf ppr.
According to EdgeProp, the estimated breakeven price is $2,059psf ppr, after factoring construction, development and marketing costs.
Nicholas Mak, head of research and consultancy at ERA estimated the selling price for this 99-year leasehold site to be $2,300 to $2,400 psf.
(3) Dunman Road Site
This tender for this 99-year leasehold mega site will close on 2 June 2022.
The CEO of OrangeTee & Tie, Steven Tan estimated the selling price of this future development to be $2,300 to $2,400psf.
LIV@MB was sold for $345m, or $1,280psf ppr (taking into account an estimated amount of $60m for the lease upgrading premium).
According to Edgeprop, the estimated breakeven price for this 99-year leasehold project is $1,889psf ppr. Launching soon in May 2022, it is everybody's guess what the launch price will be.
(C) Existing launches selling fast
Looking at the estimated breakeven and launch prices of upcoming projects in District 15, savvy investors are quickly seeing the value of existing launches.
Existing supply is moving fast, and the total inventory in District 15 is running low.
To have an understanding of how much supply there is in District 15, I did a spreadsheet and break them down into different room types.
In a glance, we can see that there are only 15 units of 1 bedder, 26 units of 2 bedders, 95 units of 3 bedders, 56 units of 4 bedders and 20 units of 5 bedder available in the whole of District 15!
If you are a homeowner looking at 3,4 or 5 bedroom units for own stay, there are still some choices but units are moving fast (Hint: Look at Meyer Mansion or Amber Park for units with good upside potential).
If you are an investor looking at smaller units, there really isn't many options left.
With the situation in District 15 in mind, let's zoom into this project Meyer Mansion, located at the prime district of District 15, Meyer Road.
About This Condo
Location : 79 Meyer Road (Former site of Casa Meyfort)
Site Area : 85,249sqf
Developer : GuocoLand
Tenure : Freehold
Expected TOP : 1H2024
No. of Towers : 1 Tower
Tower Height : 25 storeys
Total units : 200
1 Bedroom - 25 units (484sqft)
2 Bedroom - 25 units (689sqft)
3 Bedroom - 50 units (1109sqft)
3 Bedroom Premium - 50 units (1399sqft, 1496sqft)
4 Bedroom Premium - 50 units (1722sqft, 1765sqft)
District 15 has always been a highly sought after location, both for own stay and for investment. According to an article by Edgeprop, District 15 is one of the Top 5 most-searched districts by property buyers.
Meyer road is the prime of District 15. It is zoned mainly for residential developments. A huge part of Meyer Road is reserved for landed properties, with even a segment of it zoned only for bungalows.
High rise condos lined in front of the highway. It also form a "wall" between the sea and the landed housing. Most of the units in the condos enjoy either an unblocked seaview or unblocked landed view.
Meyer road is located at the city fringe. This area has always been popular with both locals and foreigners.
You may want to read more on the detailed analysis of properties in District 15 - Meyer Road and Amber Road. Where Should I Invest?
Thomson-East Coast Line (TEL) will be ready in 2024. There will be 6 stations serving the residents in District 15 - Tanjong Rhu, Katong Park, Tanjong Katong, Marine Parade, Marine Terrace and Siglap stations.
Meyer Mansion will be ready in 1Q2024. TEL will be in service by then. Residents can take a 6 minutes' walk to Katong Park station which is located 500m away, 0r 8 minutes' walk to Tanjong Katong station, which is around 750m away.
It takes 6 MRT stops to reach Marina Bay station, and 10 stops to Changi Airport.
In terms of driving, Meyer Mansion is just 2 minutes drive to ECP and 4 mins drive to MCE. It takes only 10 mins to reach the Central Business District (CBD) and 15mins to reach Changi Airport.
Transport is easily accessible for residents of Meyer Mansion.
District 15 is well known for East Coast Park. Exit from the back gate of Meyer Mansion and you will reach the underpass leading to East Coast Park within a few minutes.
Take a stroll along Meyer Road and you will reach Katong Park - one of the oldest parks in Singapore. Katong Park was once a fort to protect the southeastern coast of Singapore between 1879 to 1910. It has now become a popular place with playgrounds, fitness corners and even dog run corners!
The popular shopping mall in the East, Parkway Parade is just two MRT stops or 5mins drive away. Kallang Wave Mall is also within 5mins drive.
Nearby local schools include Dunman High Secondary School, Chung Cheng High Schools, Tanjong Katong Primary and Secondary Schools. Canadian International School is also nearby.
However, for parents with young kids going to primary school, there are no primary schools within the 1km range. However, Kong Hwa Primary School and Tanjong Katong Primary School are within 2km of Meyer Mansion.
For more information on how the distance of residential address affects primary 1 registration, pls visit https://beta.moe.gov.sg/primary/p1-registration/distance.
For a site of this size, it is rare to see 2 swimming pools - 40m lap pool and a leisure pool (excluding children's pool). However, there is no tennis court in this condo. Will it be better if they replace one swimming pool with a tennis court?
I like that there are 2 areas for residents to hold their functions. The first one is the alfresco dining beside the clubhouse. The second being the beach alfresco beside the beach house. 2 themes for different functions. This is not very common in other condos.
It is interesting to find a grand lawn in Meyer Mansion. According to the developer, bungalows along the coastline in the past were required to set back at least 15m from the shore. They are thus fronted with a generous lawn.
Therefore in Meyer Mansion, the developer devoted up to 80% of the development to landscaping and amenities, including this grand lawn just beside the leisure pool and in front of the clubhouse.
There are a total of 203 carpark lots, including 3 handicap lots. This means 1 lot is allocated to each unit and there are no visitors lots. However, based on experience in other condos along Meyer Road, the carpark lots are normally not fully subscribed. This is especially true if a high percentage of the units are tenanted.
There are 2 common lifts serving the units, and 4 private lifts for the premium stacks. For a condo of Meyer Mansion status, only 4 out of the 8 stacks enjoy private lifts. Would you prefer to have private lifts for all the units?
Let's examine the layout of each unit type.
1 Bedroom Type
The layout is a typical layout of a 1 bedroom unit. At a size of 484sqf, it might be a tad smaller as compared to 1 bedroom unit in other condos.
There is only 1 bathroom in this layout, which means more space is allocated to other parts of the unit.
One thing I don't like is the balcony. It measures around 3.75m by 1m. The narrow shape of the balcony makes it difficult to place an outdoor dining table and chair to enjoy my American breakfast in front of the beautiful sea (though I can still put a nice comfy bench to watch my sunrise while sipping on my coffee :))
There is only one stack of 1 bedroom unit in Meyer Mansion. It is a rare commodity as there are no other 1 bedroom units in other condos on Meyer Road.
Tips: Investor may want to consider a 1 bedroom unit here due to the rarity and proximity to the MRT station!
2 Bedrooms Type
The 2 bedrooms here has an area of 689sqf, which is the typical size for a 2 bedrooms unit in new condos these days.
It features the dumb-bell layout, which cuts down corridor space and makes the layout more efficient.
Balcony measures around 3m by 1.75m. This is a good size relative to the size of the unit. The balcony, together with the 2 bedrooms face the low rise, open landed view of Mountbatten area. This facing is suitable for people who prefer quiet facing.
I like the lower floor units of this 2 bedroom stack. It faces the grand lawn and swimming pool and I can imagine how beautiful the view will be on a lazy weekday afternoon.
3 Bedrooms Type
The 3 bedrooms typical units are in Stack 2 and 6. Both are 1109sqf.
Stack 6 faces the landed area, and Stack 2 faces the sea. The main difference in these 2 stacks is the kitchen layout.
Stack 6 allows an enclosed kitchen while Stack 2 will use an open-concept kitchen. Personally I like the stack 2 unit. I will put an island in place of the dining table. That will make the unit looks bigger and brighter. The kitchen will have a good view of the sea too!
The 3room typical unit is smaller than the premium units. Therefore total quantum is lower. It will appeal to buyers who prefer not to pay a higher quantum for a 3 bedder.
3 Bedrooms Type (Premium Unit)
There are 2 stacks of 3 bedrooms type which are classified as the premium units. They are the 03 and 04 stacks. These premium units totally enhance the class of Meyer Mansion.
Firstly, there is a private lift that opens up to the individual units, providing total privacy to residents.
There is also a junior suite with an attached bathroom. The kitchen is bigger too. There is an Asian kitchen on top of the regular kitchen. There is also a storeroom which can be used as a helper's room or a laundry room.
I like the space and the efficiency of the layout for the premium units. Though the quantum is higher as it is bigger as compared to the typical units, it will appeal to homeowners who are buying for their own stay.
4 Bedrooms Type (Premium Units)
There are 2 stacks of 4 bedrooms unit, and they are both classified as the premium units.
I love the generous space for the 4 bedrooms unit. At 1722sqf and 1765sqf, the unit offers good space spread throughout the unit.
There are 2 balconies in each unit. The high floor units in Stack 08 offer the best view of the sea. The layout of the unit means you will get an unblocked seaview throughout the unit - from living room, both balconies and all bedrooms!
These 4 bedrooms units will be popular with homeowners buying a unit for own stay. Condos in Meyer Road typically appeal to high net worth individuals who are looking at generous space and premium for their own stay.
Prices of resale condos in Meyer Road
It is very interesting when we look at the age of the major condominiums on Meyer Road. Broadly speaking, we can classify them into 3 eras of condos:
Built Between 1970 to 1985
Peach Garden (TOP 1975)
Hawaii Tower (TOP 1984)
Meyer Park (TOP 1985)
Built Between 1986 to 2000
The Sovereign (TOP 1993)
The Atria @ Meyer (TOP 1996)
The Makena (TOP 1998)
Built Between 2001 to 2015
The Belvedere (TOP 2007)
The Seafront on Meyer (TOP 2010)
Aalto (TOP 2010)
The Meyerise (TOP 2014)
Looking at the chart above, it is easy to see that the newer the condos, the higher the PSF price.
The exception is The Sovereign. This condominium is a small project with only 87 units. The units come with generously area of 2,637sqf and 3,305sqf. It is a tightly held project with only 1 transaction for the past 12 months.
Do also note that the older condos like Hawaii Tower and Meyer Park have very spacious units so the quantum of owning a unit there might be higher than a typical unit in Meyer Mansion.
Prices of new launch condos in Meyer Road
There are currently a few new launches in the Meyer Road area as follows:
Below are the average prices of the units transacted for the past 12 months.
From the price comparison above, we can see that the average psf price of units in Meyer Mansion is highest at $2,648psf as compared to MeyerHouse at $2,559psf and One Meyer at $2,556psf.
It may seem that the price of Meyer Mansion is highest. However, let's take a closer look at the average quantum price of the units that were transacted.
Units in MeyerHouse comes in big sizes. The average psf price is the lowest among the new launches in Meyer Road but the quantum is high.
One Meyer is a small development with only 66 units. It comprises of 2 and 3 bedrooms units. As it is a small development, the facilities are not as comprehensive as Meyer Mansion.
En-bloc potential in Meyer Road area
Meyer Road is undergoing a revamp. Older condos are being en-bloc and replaced with new condos. The Belvedere (TOP 2007), The Seafront on Meyer (TOP 2010), Aalto (TOP 2010) and The Meyerise (TOP 2014) are the newer condos built on sites which were en-bloc.
What does this mean for me if I were to invest in a unit in Meyer Mansion?
Investors who purchase a unit in Meyer Mansion can enjoy a first-mover advantage in terms of pricing. This is because when the older developments are en-bloc successfully, the prices of the new developments will in turn bring up the prices of surrounding properties.
Meyer Road has traditionally been held as the most prestigious road in the East. Properties along Meyer Road command a higher price due to the freehold tenure, prime location as well as the proximity to amenities in East Coast area.
Meyer Mansion, being the new kid on the block, will attract a lot of interest from investors and homeowners. The proximity to MRT is a great draw to tenants and families with children who use public transport.
If you would like to have more details on Meyer Mansion, as well as the site plan and floor plans, please click here.
If you would like to have a professional opinion on investing a property in the East Coast area, or which unit in Meyer Mansion is the best unit for investment or own stay, I would love to share my views with you.
See you soon!
About The Author
Over the past 2 decades, Vivian has transacted numerous real estate deals. She is well versed in property investment solutions like part-purchase (decoupling), buying under trust and the different types of mortgage strategies.
Vivian is also a mother to 2 boys. Being a real estate mom allows her to spend more time with her children as they were growing up. Both boys are avid footballers representing their schools and clubs. She loves watching their games and hardly misses a game whenever they play.