Former Mayfair Gardens En Bloc in late 2017
Recap: The listed property developer – Oxley Holdings, succeeded in snapping up the Former Mayfair Gardens condominium in Rifle Range Road, off Bukit Timah Road. The final amount was $311 million, a surplus of $46 million on top of the reserve price of $265 million.
Coming to ROI, each unit owner will receive a gross sale price of around $1.7 million to $2.89 million; a decent amount of property appreciation.
The sale price, with an additional lease top-up premium estimated at $52 million to top up the lease to a fresh 99 years, translates to a land price of about $1,244 per square foot per plot ratio (psf ppr), said marketing agent Knight Frank in a statement on Sunday (Nov 19).
This old estate is six residential walk-up blocks with units ranging from 100 to 200 sq m and has a site area of 19,368 sq m. It has strategically located off Dunearn Road and near to schools such as Methodist Girls’ Primary & Secondary schools and Hwa Chong Junior College, and is a 300m walk from King Albert Park MRT station.
Potential Sale Price for Mayfair Gardens New Launch
The public tender for Mayfair Gardens was launched on Oct 23 with a reserve price of $265 million and closed on Nov 16, with owners of 105 of the 124 units – which accounted for more than 84 per cent of the total strata area – agreeing to the collective sale.
Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank, said the new development could potentially house 387 homes of an average 70 sq m in size.
“At the sale price of $311 million, the breakeven price for the new project is estimated at $1,780 psf,” he said.
Under the 2014 Master Plan, the site is zoned “Residential” with a gross plot ratio of 1.4, which allows redevelopment potential to reach up to a maximum permissible gross floor area of 291,865 sq ft.
Oxley said in a statement to the Singapore Exchange that the purchase will be funded by internal resources and bank borrowings.
Knight Frank has sold five collective sale sites worth a total of $1.8 billion in the last six months, including Normanton Park and Dunearn Court.
Checkout the details of Mayfair Gardens new launch, launching very soon in september 2018
This article is referenced from Business Times
ABOUT MAYFAIR GARDENS NEW LAUNCH
Mayfair Gardens is the upcoming new condominium that is slated to launch in early September 2018. Following the preceding Mayfair Gardens Enbloc sale, this new condominium is a highly anticipated launch in the district D21 Bukit Timah Estate, Singapore. The land parcel where Mayfair Gardens Condo sits on is bounded by Rifle Range Road and situated off the Dunearn Road and Bukit Timah Road.
Mayfair Gardens is very close to prestigous schools including Methodist Girls’ Primary and Secondary School, Nanyang Primary School, Nanyang Girls’ High School and Hwa Chong Junior College. In terms of connectivity, a MRT station is a 5-min walk from the Mayfair Gardens, because it is only 330m from King Albert Park MRT station of the Downtown Line, in between Sixth Avenue and Beauty World MRT Station. Based on urban planning, King Albert Park station will become an interchange of the future Cross Island line.
Mayfair Gardens is also next to the Pan Island Expressway (PIE), which connects drivers to all parts of Singapore. Centrally located, it will only take around 10 minutes to drive to Orchard Shopping District and 17 minutes’ drive to the Central Business District (CBD).
There is no lack of amenities, retails, dining and entertainment options for the residents of Mayfair Gardens, they will be spoilt for choice. Beauty World Center and Bukit Timah Shopping Center is just one MRT stop away from the King Albert Park MRT station or a 5-min drive from Mayfair Gardens.
For more detail info on Mayfair Gardens Launch, CLICK HERE.
| Project Name | Mayfair Gardens |
| Address | 8 – 12 Rifle Range Road |
| District | 21 |
| Developer | Oxley Holdings Limited |
| Development Type | Condominium |
| Tenure | 99 years |
| Site Area | 19,368sqm or 208,477sqft |
| No. of Units | To be confirmed |
| No. of Storey | To be confirmed |
| No. of Block | To be confirmed |
| Unit Mix & Size Range | To be confirmed |
| Expected TOP Date | To be confirmed |
Condominiums that are within a short walk of an MRT station are typically popular and well sought after for investment or own stay. It is very convenient for staying in and much easier to rent or resale, and have a great capital appreciation potential. Mayfair Gardens will be an excellent option for your property investment.
Mayfair Gardens 