In this paper, we propose an efficient low complexity compression scheme for finely detailled and densely sampled irregular 3D meshes. This scheme is based on 3D multiresolution analysis and includes a model-based bit allocation process across the wavelet coefficients subbands. Semi regular remeshing and Loop wavelet transform are used to produce 3D vector valued wavelet coefficients. We show that each coordinate of the 3D vectors of wavelet coefficients can be processed separately and statistically modeled by a generalized Gaussian distribution. The proposed model permits an efficient modelisation of the rate-distortion convex hull even a low bit rate and with a very low complexity. Our method involves: - a complexity reduction by the introduction of a model-based bit allocation; - good performances even at low bitrates. The original 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. Results are compared to the state of the art method.