• Vivian Chong

Is Meyer Mansion A Good Property Investment (Updated Sept 2020)

Updated: Sep 9




Just received the latest news that Singapore's condo resale volume for the month of August hits 2 years high!


This is in tandem with the performance of other segments of the real estate market. New home sales for the month of July recorded a consecutively third month of growth, and demand of HDB resale flats remained strong in August pushing prices to grow at the fastest monthly rate since February.


Related Readings:

1) Business Times: Singapore condo resale volume hits two-year high in Aug: SRX


2) Straits Times: Singapore new home sales up in July amid worsening economic outlook


3) Straits Times: Demand for HDB resale flats remains strong in August: SRX


Before we go into a deep analysis of the new launch Meyer Mansion in District 15, let's take a look at the pulse of the real estate market in Singapore now.

Developer Monthly Sales Analysis For July


According to URA, new home sales continue to increase in the month of July. Developers sold 1,080 private homes, up 8.2% from the 998 units sold in the month of June, which itself was a 104.9% jump from the month of May (refer to the graph below).


There are many reasons for the strong take-up rates.


Firstly, public confidence continues to recover with the gradual opening of the economy since Phase 2. Community cases remained low, signaling that the spread of the Covid-19 virus was coming under control.


Secondly, investors were seeking a safe haven in property amidst the growing economies uncertainties and turbulent in the equity market.


Thirdly, there was a huge pent-up demand from home buyers that had built up during the 2 months partial lockdown in April and May. These buyers continue their search aggressively into the months of July and August.

Lastly, interest rates continue to be low and many are looking to lock in their mortgages for future years.

Sales of higher quantum homes priced above $2million


Sales of higher quantum non-landed homes priced above $2million hit a seven-year high in July. These are typically bought by investors and higher-income Singaporeans, and transactions take place mostly in the Core Central Region (CCR).


150 non-landed units above the $2million price tag were sold last month. Of these 150 units sold, 69 were in the Rest of Central Region (RCR) while 34 units were from Outside of Central Region (OCR). 47 units were sold in the CCR.


It is significant to note that there were two private homes sold above the $10million price tag. The first one is a 527sqm freehold condo in Meyerhouse, located on Meyer Road in the RCR. This was transacted at $13.8million or $2,434psf!


The other one is a 462sqm freehold apartment at 15 Holland Hill, located in CCR. This was sold for $13.4million or $2,700psf!


The increasing demand for such luxurious homes attests to the resilience and attractiveness of residential properties in Singapore.


According to URA Realis data, non-landed private homes (excluding ECs) in RCR above $2million rose from 12.8% in June to 16.8% in July 2020. The number of transactions increased by 27.8% m-o-m from 54 units to 69 units over the same period (refer to chart below). This was the highest number recorded since September 2019 (85 units).



With these encouraging numbers, let's now dive into Meyer Mansion condo and review the pros and cons of this new condo.

Verdict At A Glance


Location : 4.5/5

Transport Accessibility : 4.5/5

Surrounding Amenities : 4/5

Condo Facilities : 4/5

Layout Efficiency : 4.5/5

Price : 4/5

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


Unit Types

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)

Location


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.


Condos in Meyer Road (boxed in blue) face either the unblocked seaview or 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?


Transport Accessibility


Meyer Mansion is located 6 minutes' walk away to Katong Park MRT Station.

Thomson-East Coast Line (TEL) will be ready in 2023. 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.


Surrounding Amenities


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.



Condo Facilities


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.


The Grand Lawn in Meyer Mansion.

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?


Layout Efficiency


Let's examine the layout of each unit type.


1 Bedroom Type


1 Bedroom Stack 01, 484sqf

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

2 Bedrooms Stack 05, 689sqf

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


3 Bedrooms Stack 06, 1109sqf

3 Bedrooms Stack 02, 1109sqf

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)

3 Bedrooms Stack 03 (Premium), 1496sqf

3 Bedrooms Stack 04 (Premium), 1399sqf

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.


4 Bedrooms Stack 07 (Premium), 1765sqf

4 Bedrooms Stack 08 (Premium), 1722sqf


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.


Price


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.


However, do 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.


The quantum of purchasing an older unit in Meyer Road might be higher than a new unit due to the size of the unit.


Prices of new launch condos in Meyer Road


There are currently a few new launches in the Meyer Road area as follows:

  • Meyer Mansion

  • One Meyer

  • Meyer House

Below are the average prices of the units transacted for the past 6 months.



From the price comparison above, we can see that the average psf price of units in Meyer Mansion is highest at $2,701 as compared to MeyerHouse at $2,326 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 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.


Older condos in Meyer Road might soon give way to newer ones when they are being 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.



Conclusion


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 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!



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Related Readings


1) District 15 - Meyer Road and Amber Road. Where Should I Invest?


2) Why Singapore's Property Market Remains Resilient Through Covid-19?


About The Author

Vivian is a highly experienced real estate agent who has been in the industry for 18 years. Over the years, she has transacted numerous property deals including HDB and private properties. She is well-versed in policies and regulations involving the sale and purchase of residential properties. She has also handled many transactions involving complicated situations like contra, divorce, administration/probate cases, and decoupling / part-share purchase. 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. Vivian is an active real estate salesperson and team leader. Call her at 98577714 for your real estate matters, or if you are looking to join the real estate industry.

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