Oxley Holding subsidiary Citrine Property has continued the progress of the en bloc fever sale with its recent purchase of the Mayfair Gardens condo for S$311 million.
According to a press release by marketing agent Knight Frank, Citrine Property paid approximately S$1,244 per square foot per plot ratio. This price includes an estimated S$52 million cost to top up the land lease to a new 99 years.
Once the sale goes through successfully, each owner should collect a gross sale price of anywhere between S$1.7 million and S$2.89 million.
The public sale tender for the Mayfair Gardens condo was open between the 23rd of October and the 16th of November. The reserve price was set at S$265 million. Over 84% of unit owners – 105 out of a total of 124 units – agreed to the collective sale.
The executive director and head of capital markets and investment at Knight Frank, Ian Loh, said that: “There is potential for the construction of up to 387 new residential units upon redevelopment. This number assumes an average apartment size of 70 square meters.
With the sale price of S$311 million taken into account, it is estimated that the breakeven price for any new development will be around S$1,780 per square foot.
The current private residential estate contains six separate walk-up blocks. These blocks contain units of between 100 and 200 square meters, and the total site area is around 19,368 meters.
Situated just off Dunearn Road, the condominium is near a number of prestigious schools, including the Ha Chong Junior College and the Methodist Girls’ Primary and Secondary Schools. It is also just 300 meters from the King Albert Park MRT station.
The site is zoned residential under the 2014 zoning master plan. It has a gross plot ratio of just 1.4. This allows for redevelopment up to a maximum gross floor area of around 291,865 square feet.
In a release to the Singapore Exchange, Oxley stated that the purchase would be funded by both bank borrowings and internal resources.
- The property’s location is many people’s envy. It is surrounded by decent landed homes, beautiful condominiums and class bungalows.
- There are good educational institutions nearby, including Ngee Ann Polytechnic and the Swiss School.
- Infrastructure is great, the Downtown Line having been opened, and with major roads and expressways passing through the area.
- There are a number of MRTs within a kilometre of the property. They include Newton, Novena and Little India.
- There are two public hospitals within a 5km range – Ng Teng Fong General Hospital and National University Hospital.
- There are decent shopping centres nearby, including the Bukit Timah Plaza and the Beauty World Centre.
- There are nice recreational facilities close by, such as the Green Fairways Gold Course and the Driving Range.
- Bukit Timah Nature Reserve is also within close reach.
- There are numerous supermarkets and eateries around
- It only takes less than ½hr to drive into the business hub from Mayfair Gardens
Mayfair Gardens Condo currently holds 124 apartments on its 19,368 sq m (208,475 sq ft) expanse, and they range from 100 sq m to 200 sq m in size. The property has a gross plot ratio of 1.4, and there is room for developers to construct many more units as the site’s permissible gross floor area (GFA) goes to around 27, 115 sq m. (291,865 sq ft).
The general outlook shows the site accommodating about 387 housing units at an average size of 70 sq m, but that figure reduces to 300 units in case the developers construct units of 90 sq m on average. Some industry experts expect property’s break-even price to be approximately S$1,600 psf, with the selling price of new units going beyond S$1,800 psf.