An upcoming New Launch Condo Development is coming your way, Mayfair Gardens @ Bukit Timah. Oxley Holdings announced on Nov 17 that it has purchased Mayfair Gardens along Rifle Range Road, just off Dunearn Road, for $311 million. This represents a 17.4% premium over Mayfair Gardens’ reserve price of $265 million.

According to marketing agent Knight Frank, the sale price works out to $1,244 psf per plot ratio, after factoring in an estimated lease top-up premium of $52 million for a fresh 99-year lease. The existing site has a 99-year lease starting from 1983.

Each owner is expected to walk away with $1.7 million to $2.89 million each, says Knight Frank. The existing Mayfair Gardens development consists of 124 apartments sized between 1,076 sq ft and 2,153 sq ft in six residential walk-up blocks.

Mayfair Gardens sits on a 208,475 sq ft site located within walking distance of King Albert Park MRT station. Under the 2014 Master Plan, the site is zoned ‘Residential’ with a gross plot ratio of 1.4. This works out to be a maximum permissible gross floor area of 291,865 sq ft.

“The new project, Mayfair Gardens could potentially house 387 residential units, assuming each unit measures 753 sq ft on average,” says Ian Loh, executive director and head of investment and capital markets at Knight Frank. Based on Oxley’s purchase price of $311 million, Loh estimates the breakeven price for the new development to be $1,780 psf.

According to Knight Frank, more than 80% of owners consented to the collective sale in less than a month. At the close of tender, owners of 105 out of 124 units, representing 84.33% of the total strata area and 84.58% of total share value at Mayfair Gardens, consented to the collective sale, the agent adds.

Mayfair Gardens Project Info :

No. of unit : 215

Unit Type :

1BR 495 sqft – 25

1 +S 549 sqft – 64

2BR 700 sqft – 72

2+S 786 sqft – 14

3BR 1001 sqft – 26

4BR 1216 sqft – 8

PH 1550 sqft – 6

 

Things you might want to know more about Mayfair Gardens @ Rifle Range Road District 21

• Mayfair Gardens @ Rifle Range Road Brochure
• Mayfair Gardens @ Rifle Range Road Price PSF
• Mayfair Gardens @ Rifle Range Road Floor Plan
• Mayfair Gardens @ Rifle Range Road Location
• Mayfair Gardens @ Rifle Range Road Showflat
• Mayfair Gardens @ Rifle Range Road Developer Sale
• Mayfair Gardens @ Rifle Range Road VIP Preview

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