UOL’s Meyer Blue successfully sold half of its units during its launch, with an average price of S$3,260 per square foot (psf)

Meyer Blue, a freehold condominium developed by UOL, saw strong demand during its launch weekend, selling 114 units—slightly more than half of its 226 total units—at an average price of S$3,260 per square foot (psf). Prices for the units ranged from S$2 million for a two-bedroom unit (667 sq ft, priced at S$3,019 psf) to S$5.6 million for a five-bedroom unit (1,905 sq ft, priced at S$2,936 psf). The two penthouses were also sold, with the larger unit (2,949 sq ft) fetching S$10.1 million (S$3,418 psf) and the smaller one (2,992 sq ft) sold for S$10.3 million (S$3,436 psf).

Of the 114 units sold, more than 77% were two- and three-bedroom units, sized between 667 sq ft and 1,141 sq ft. Almost all buyers, 99%, were Singaporeans or permanent residents, with just one foreigner from the US making a purchase. The majority of buyers purchased units for owner occupation or for legacy reasons, in line with broader trends in the area, according to Marcus Chu, CEO of ERA.

The strong sales performance can be attributed to several factors, including the attractive location along Meyer Road in District 15. This area is known for its prestigious reputation, unobstructed sea views, and limited supply of new homes. According to Mark Yip, CEO of Huttons Asia, there are only 2,053 completed non-landed homes across 12 projectsin the Meyer neighbourhood, and new supply is scarce, making Meyer Blue particularly appealing. Moreover, the project is situated on one of only 12 plots along Meyer Road that have a direct, unblocked sea view.

Additionally, the area’s enhanced connectivity—notably with the recent Thomson-East Coast Line stage fouroperations—coupled with long-term urban development plans like the Kallang Alive Masterplan and Long Island plan, has made the location even more attractive to homebuyers. The ongoing rejuvenation of the east of Singapore adds further appeal.

The US Federal Reserve’s recent rate cut in September also played a role in boosting market sentiment, according to PropNex's Ismail Gafoor. The positive sentiment from this, combined with the success of recent launches like Meyer Blue, could help sustain sales momentum in the new launch market as the year closes.

In terms of market composition, Nicholas Mak of Mogul.sg observed that local demand for properties in District 15 has been dominant. In the past year, 83.8% of condominiums in the district were purchased by Singaporeans, while only 14.2% were bought by permanent residents, and just 2% by foreigners—largely deterred by high Additional Buyer’s Stamp Duty (ABSD).

With the strong performance of Meyer Blue, UOL and its subsidiary Singapore Land Group are well-positioned in the market, especially considering the tight supply in the area and the prestigious nature of the location.