EXPECTED LAUNCH PRICE IN BUKIT TIMAH
EXPECTED LAND PRICE IN BUKIT TIMAH
Adapted from Straits Times November 19 2017
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.