mayfair gardens enbloc
PUBLISHED MONDAY NOV 20, 2017
SINGAPORE – Mayfair Gardens enbloc by listed property developer Oxley Holdings for $311 million. The reserve price was $265 million. The collective sale market continues to flourish
Every proprietor stands to gather a gross deal cost of around $1.7 million to $2.89 million once the deal experiences effectively.
The private residential estate has a site area of 19,368 sq m, is made up of six residential walk-up blocks with units ranging from 100 to 200 sq m. Situated off Dunearn Road, it is close schools such as Methodist Girls’ Primary & Secondary schools and Hwa Chong Junior College, and is a 300m scroll from King Albert Park MRT station.
As predicted, the sale price, with an add on lease top-up premium assessed 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).
The public tender for Mayfair Gardens was launched on Oct 23 with a reserve price of $265 million and closed on Nov 16, 105 owners agreed to the collective sales, out of the 124 units – which work out to be more than 84 per cent of the total strata area.
The new development could conceivably house 387 homes of about 70 sq m in size said Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank
“At the sale price of $311 million, the breakeven cost for the new development is estimated at $1,780 psf,” he said.
The site is zoned “Residential” with a gross plot ratio of 1.4 under the 2014 Master Plan. The redevelopment could possibly reach up to a maximum permissible gross floor area of 291,865 sq ft.
Oxley said in an announcement to the Singapore Exchange that the purchase will be subsidized by internal assets and bank borrowings.
Knight Frank has sold five collective sale sites worth a total of $1.8 billion over the most recent a half year, including Normanton Park and Dunearn Court.
The recent popular launches nearby include The Clement Canopy, Lake Grande, Le Quest, Kismis Residences and Tranquilia @ Kismis near Beauty World MRT.
Upcoming Launch next year by China Construction include Twin Vew at West Coast Vale.
WhatsApp us