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Thread: Mayfair Gardens sold en bloc to Oxley Holdings for $311m

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    Default Mayfair Gardens sold en bloc to Oxley Holdings for $311m

    [B][SIZE=5]Mayfair Gardens sold en bloc to Oxley Holdings for $311m[/SIZE][/B]

    Nov 20, 2017


    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 sq m 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' School and Hwa Chong Institution.

    It is about 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 yesterday.

    The public tender for Mayfair Gardens was launched on Oct 23 and closed last Thursday, 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 Holdings 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.

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    [B][SIZE=5]Mayfair Gardens sold en bloc for S$311 million[/SIZE][/B]

    Mon, Nov 20, 2017

    Nisha Ramchandani


    THE en bloc train continues to chug along with Oxley Holdings' subsidiary, Citrine Property, clinching Mayfair Gardens for S$311 million.

    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), said marketing agent Knight Frank in a press release.

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

    The public tender for Mayfair Gardens was launched on Oct 23 at a reserve price of S$265 million and closed on Nov 16, with owners of 105 of the 124 units - which accounted for over 84 per cent of the total strata area - agreeing to the collective sale.

    Ian Loh, executive director and head of investment & capital markets at Knight Frank, said: "The new development could potentially house 387 residential units, assuming 70 square metres on average, in this desirable area. At the sale price of S$311 million, the breakeven price for the new project is estimated at S$1,780 psf."

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

    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 approximately 291,865 sq ft.

    Oxley said in a release 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 S$1.8 billion in the last six months, including Normanton Park and Dunearn Court.

    In a separate announcement, Oxley said that a supplemental agreement has been reached with the National Treasury Management Agency (NTMA) of Ireland for additional leases of certain levels of Block D1 at Dublin Landings, comprising an estimated aggregate floor area of 5,695 square metres. The additional leases are for a term of 25 years, starting in March next year.

    In January this year, the property developer announced that its wholly owned subsidiary, Oxley Docklands Quay, had secured NTMA as the first anchor tenant for Dublin Landings, which is Oxley's first development project in Ireland.

    Shares in Oxley closed at S$0.67 on Friday, down four cents.

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