Singapore – Knight Frank is pleased to announce that Mayfair Gardens, a 124- unit residential development located off Dunearn Road, has been sold collectively to Citrine Property Pte Ltd, a subsidiary of Oxley Holdings Ltd, for S$311 million.
The sale price, with an additional lease top-up premium estimated at S$52 million payable to the state 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).
Over 80% of the owners have consented to the en bloc sale within less than a month from the first signature. A public tender was then launched on 23 October 2017 and closed on 16 November 2017.
As at the close of tender, owners of 105 out of 124 units (making up 84.33% of the total strata area and 84.58% of the total share value in Mayfair Gardens) have consented to the collective sale.
Each owner will stand to receive a gross sale price of approximately S$1.7 million to S$2.89 million upon a successful sale, to several conditions being met, including an order of sale by the Strata Titles Board or High Court.
Mayfair Gardens is a private residential estate comprising 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 (approx. 208,475 sq ft). Nested in a coveted residential area, the development is close to reputable schools, a wide variety of amenities, and a mere 300 metre walk from King Albert Park MRT Station.
Mr 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 sq m on average given its desirable location. At the sale price of $311 million, the breakeven price for the new project is estimated at S$1,780 psf.”
The deal comes hot on the heels of the flurry of land and collective sales transacted this year. In the last six months, Knight Frank has sold five collective sale sites, totalling S$1.8 billion.