In this paper, we propose an efficient low complexity compression scheme for densely sampled irregular 3D meshes. This scheme is based on 3D multiresolution analysis (3D Discrete Wavelet Transform) and includes a model-based bit allocation process across the wavelet subbands. Coordinates of 3D wavelet coefficients are processed separately and statistically modeled by a generalized Gaussian distribution. This permits an efficient allocation even at a low bitrate and with a very low complexity. We introduce a predictive geometry coding of LF subbands and topology coding is made by using an original edge-based method. The main idea of our approach is the model-based bit allocation adapted to 3D wavelet coefficients and the use of EBCOT coder to efficiently encode the quantized coefficients. Experimental results show compression ratio improvement for similar reconstruction quality compared to the well-known PGC method [1].