A 1,281 sq ft, three-bedroom unit at The Meyerise is on the market for $2.58 million ($2,011 psf). The owner is a Singaporean who bought the unit from the developer in 2014 as an investment property, says ERA Realty Network marketing director John Donough, who is handling the sale of the unit.
Located on the eighth floor of one of the twin 31-storey towers at The Meyerise, the unit has been leased since 2014. The monthly rent for the first two years was about $5,500. The current tenant, a foreigner, is leasing the unit at $4,000 a month. The lease will expire next June. Based on the current rent and asking price, this translates into a gross rental yield of 1.86%.
However, Donough of ERA Realty feels that there is opportunity for future rent and price upside for a new buyer. This is because the recent spate of collective sales in the east — notably Amber Park, Nanak Mansions and The Albracca in the Meyer Road and Amber Road neighbourhoods, will mean that there will be displaced tenants and residents from these projects who will be looking for replacement units.
The Meyerise is a 239-unit freehold development completed just two years ago by Hong Leong Holdings. Earlier this year, the developer had offered a deferred payment scheme and discount of up to 23% for selected units at the project. Since then, all the available units have been snapped up, and only one penthouse is still available for sale.
The Tanjong Katong MRT station on the upcoming Thomson- East Coast Line is also located within walking distance of The Meyerise. From the condominium, residents can also use the underground pedestrian walkway to East Coast Park and the seaside.
This article appeared in EdgeProp Pullout, Issue 809 (Dec 11, 2017)