{"id":11353,"date":"2017-08-01T03:06:24","date_gmt":"2017-07-31T19:06:24","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=11353"},"modified":"2022-07-01T04:08:56","modified_gmt":"2022-06-30T20:08:56","slug":"albracca-deal-meyer-road","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/albracca-deal-meyer-road\/","title":{"rendered":"What does the Albracca deal mean for Meyer Road homes?"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><figure id=\"attachment_11358\" aria-describedby=\"caption-attachment-11358\" style=\"width: 4000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-11358\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2017\/08\/The-Albracca-photo-1-1.jpg\" alt=\"The Albracca Meyer Road\" width=\"4000\" height=\"3000\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2017\/08\/The-Albracca-photo-1-1.jpg 4000w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2017\/08\/The-Albracca-photo-1-1-380x284.jpg 380w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2017\/08\/The-Albracca-photo-1-1-940x705.jpg 940w\" sizes=\"(max-width: 4000px) 100vw, 4000px\" \/><figcaption id=\"caption-attachment-11358\" class=\"wp-caption-text\">Photo Credits: Jones Lang LaSalle Property Consultants Pte Ltd<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The Albracca, at Meyer Road, recently sold in an en bloc for a cool $69.2 million. This is more than 11 per cent over the initial price residents were aiming for ($62 million). This has some wondering if it bodes well for the location specifically, or if it\u2019s a reflection of changing market sentiment.<\/span><\/p>\n<h3><b>The Sustained Land deal at Meyer Road<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Sustained Land bought The Albracca at $69.2 million, despite residents (on the advice from analysts) expecting to get anywhere from $62 million to $65 million. This works out to around $1,409 per square foot, and residents are likely to get anywhere from $3.8 million to $7.3 million for their units. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The high premium is interesting, given that Singapore has been in a sustained property slump. There were around a dozen bids for the 23,400 sq ft plot, which is situated near the upcoming Katong Park MRT station.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While it undeniably bodes well for other nearby properties, this has also been seen as a boon for the overall market.<\/span><\/p>\n<h3><b>What\u2019s going on around Meyer Road?<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The quiet area of Katong Park didn\u2019t use to be that way. From the \u201850s to \u201860s, it was practically a resort &#8211; at the time it was a beachfront (before land reclamation), and was popular enough to be a<\/span><a href=\"http:\/\/www.straitstimes.com\/singapore\/the-days-when-bombs-went-off-in-my-kampung\"> <span style=\"font-weight: 400;\">target of a terrorist bombing<\/span><\/a><span style=\"font-weight: 400;\">. Following land reclamation, this area became a quiet but ideal residential enclave.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The nearby Dumman High School, Singapore Swimming Club, and once famous Katong Park make the area quite liveable. The public swimming complex, also in the same area, is a major draw for non-condo residents (its cafeteria was once famous for its chicken wings and mee siam, in the 1990s).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These days there are also major childcare services in the area, like the Montessori school along Fort Road, and an EtonHouse. Overall, a rare residential area with the quality of<\/span><i><span style=\"font-weight: 400;\"> personal space. <\/span><\/i><span style=\"font-weight: 400;\">There\u2019s just one problem:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is the worst area for public transport. Short of the bus stop outside Katong Swimming Complex, it\u2019s hard to get around. That\u2019s why a Katong Park MRT would be a big deal: it would eliminate this long standing issue, and make the area one that\u2019s both spacious <\/span><i><span style=\"font-weight: 400;\">and <\/span><\/i><span style=\"font-weight: 400;\">accessible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Sustained Land, along with the other bidders, have long known the area\u2019s potential; the number of bids is not surprising (although the premium is unexpected high, given the market outlook).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Nearby properties include Meyer Residence, Meyer Melodia, and The View could see some appreciation despite the market slump. The residents had better brace for an influx of people once the Katong Park MRT station opens.<\/span><\/p>\n<h3><b>The bid could also reflect developer sentiments of a recovery as early as 2020<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Developers typically look two to three years down the road, given the time it takes to finish a project. The high premium paid for The Albracca follows<\/span> <span style=\"font-weight: 400;\">other aggressive bids such as <a href=\"https:\/\/www.99.co\/singapore\/insider\/draycott-park-sale\/\">this one<\/a> and <a href=\"https:\/\/www.99.co\/singapore\/insider\/shunfu-ville\/\">this one<\/a><\/span><span style=\"font-weight: 400;\">\u00a0we\u2019ve seen in the last year or two.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Perhaps developers know something we don\u2019t, or perhaps developments are still profitable despite falling prices (prices are down by a mere 11 per cent or so, despite a prolonged slump of around three years).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">All in all, analysts are cautiously optimistic about market sentiment remaining fairly positive based on the number of offers for collective sales and demand for government land this year. <\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Albracca, at Meyer Road, recently sold in an en bloc for a cool $69.2 million. This is more than 11 per cent over the initial price residents were aiming for ($62 million). This has some wondering if it bodes well for the location specifically, or if it\u2019s a reflection of changing market sentiment. The&hellip;<\/p>\n","protected":false},"author":21,"featured_media":54828,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53601,53602,57131],"tags":[],"persona":[],"class_list":{"2":"type-post","10":"entry","11":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What does the Albracca deal mean for Meyer Road homes? - 99.co<\/title>\n<meta name=\"description\" content=\"We examine if the Albracca en bloc sale bodes well for Meyer Road specifically, or if it&#039;s a reflection of changing market sentiment.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.99.co\/singapore\/insider\/albracca-deal-meyer-road\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What does the Albracca deal mean for Meyer Road homes?\" \/>\n<meta property=\"og:description\" content=\"We examine if the Albracca en bloc sale bodes well for Meyer Road specifically, or if it&#039;s a reflection of changing market sentiment.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.99.co\/singapore\/insider\/albracca-deal-meyer-road\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/99dotco\/\" \/>\n<meta property=\"article:published_time\" content=\"2017-07-31T19:06:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-30T20:08:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/The-Albracca-photo-1-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"4000\" \/>\n\t<meta property=\"og:image:height\" content=\"3000\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ryan Ong\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@99dotco\" \/>\n<meta name=\"twitter:site\" content=\"@99dotco\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ryan Ong\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/albracca-deal-meyer-road\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/albracca-deal-meyer-road\/\"},\"author\":{\"name\":\"Ryan Ong\",\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/#\/schema\/person\/4ad00425f4de904205396b4c8b79f2a4\"},\"headline\":\"What does the Albracca deal mean for Meyer Road homes?\",\"datePublished\":\"2017-07-31T19:06:24+00:00\",\"dateModified\":\"2022-06-30T20:08:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/albracca-deal-meyer-road\/\"},\"wordCount\":579,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.99.co\/singapore\/insider\/albracca-deal-meyer-road\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2022\/07\/The-Albracca-photo-1-1.jpg\",\"articleSection\":[\"Condo\",\"Condo Stories &amp; 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