The sale market moving to thrive, with the current being Mayfair Gardens, snapped up by listed property developer Oxley Holdings for $311 million.
The accumulation price was $265 million.
Each proprietor stands to collect an overall sale price of around $1.7 million to $2.89 million once the deal goes through successfully.
Mostly private residential real-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 at Dunearn Road, it is located near to school Methodist Girls’ School.
The sale price, with an extra 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).
On Oct 23 the public tender for Mayfair Gardens was launched and the tender has been closed last Thursday, with owners of 105 of the 124 units – which accounted for more than 84 of the total strata area – agreeing to the collective sale.
At the sale price of $311 million, the occurrent price for the new project is estimated approx $1,780 psf.
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.
Adapted from: The Straits Times, 20 November 2017