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Thread: Mayfair Gardens

  1. #1

    Default Mayfair Gardens

    SINGAPORE - The collective sale market continues to thrive, with the latest being Mayfair Gardens, snapped up by listed property developer Oxley Holdings for $311 million. The reserve price was $265 million.

    Each owner stands to collect a gross sale price of around $1.7 million to $2.89 million once the deal goes through successfully.

    The private residential estate is made up of six residential walk-up blocks with units ranging from 100 to 200 sq m and has a site area of 19,368 sq m. Located off Dunearn Road, it is near schools such as Methodist Girls' Primary & Secondary schools and Hwa Chong Junior College, and is a 300m walk from King Albert Park MRT station.

    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).

    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.


  2. #2

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    MAYFAIR GARDENS

    Mayfair Gardens is a development comprising of 387 units (TBC), proudly developed by Oxley Holdings Ltd, located in a private residential enclave at Rifle Range Road (D21).

    *UNIQUE SELLING POINTS:*

    Minutes away from *King Albert Park MRT Station*, short distance to *Beauty World & Tan Kah Kee MRT Station*

    *Well Connected to Major Expressways* such as *AYE & PIE*

    *Shopping Conveniences* from *The Grandstand, The Star Vista, Bukit Timah Plaza, Rail Mall and Beauty World Centre


  3. #3

    Default

    OXLEY Holdings' subsidiary Citrine Property has been successful in its S$311 million bid for the collective purchase of 124-unit Mayfair Gardens.

    The sale price, with an additional lease top-up premium estimated at S$52 million to top up the lease to a fresh 99 years, translates to a land price of approximately S$1,244 per square foot per plot ratio (psf ppr), according to marketing agent Knight Frank. Each owner stands to receive a gross sale price of approximately S$1.7 million to S$2.89 million.
    At the close of the tender on Nov 16, owners of 105 out of 124 units, making up 84.33 per cent of the total strata area, agreed to the collective sale.
    A private residential estate, Mayfair Gardens comprises six residential walk-up blocks of 124 apartment units ranging from 100 sq m to 200 sq m, and has a site area of 19,368 sq m.
    According to Ian Loh, executive director and head of investment & capital markets at Knight Frank, the breakeven price for the new project is estimated at S$1,780 psf, given the sale price of S$311 million.
    Oxley said that the purchase will be funded by internal resources and bank borrowings.


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