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Thread: Mayfair Gardens in collective sale bid

  1. #1
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    Default Mayfair Gardens in collective sale bid

    Mayfair Gardens in collective sale bid

    Oct 23, 2017

    Lynette Khoo


    MAYFAIR Gardens, a residential redevelopment site off Dunearn Road in Bukit Timah, is being launched for collective sale on Monday with a reserve price of S$265 million.

    This translates to a land rate of S$1,058 per square foot per plot ratio (psf ppr), including an additional lease top-up premium of S$43.7 million payable to the state for a fresh 99-year lease.

    With the inclusion of a 10 per cent bonus balcony gross floor area (GFA), the land rate may work out to about S$961 psf ppr, subject to the authorities' approval, the marketing agent Knight Frank said.

    With a site area of 19,368 sq m (208,475 sq ft), Mayfair Gardens has a residential gross plot ratio of 1.4. This allows redevelopment potential to reach up to a maximum permissible GFA of about 291,865 sq ft. The site currently houses six residential walk-up blocks of 124 apartment units ranging from 100 sq m to 200 sq m.

    Based on the reserve price, each owner will receive gross sales proceeds of S$1.45 million to S$2.46 million. The tender for Mayfair Gardens will close on Nov 16.

    Citing desirable location, Knight Frank said the immediate vicinity is mainly surrounded by Good Class Bungalows, landed homes and condominiums. It is also near good schools and is well-connected to other parts of Singapore via major arterial roads and expressways.

    "With the opening of the Downtown Line, the Bukit Timah area has become extremely convenient and a more coveted address," said Knight Frank executive director and head of investment and capital markets Ian Loh.

    Some consultants are expecting a breakeven price of around S$1,600 psf and a selling price of above S$1,800 psf for the new project on the site. Some 300 units could be built in the new project if the average size is 90 sq m and around 387 units if the average size is 70 sq m.

    "The reserve price reflects the current market conditions, and it is probably set in reference to the Toh Tuck site awarded in April 2017," said Lee Nai Jia, head of research at Edmund Tie & Company.

    "The site is quite accessible to town, Clementi and Jurong, and will have interest from buyers," he added. "It is likely to attract some interest, especially for developers seeking smaller sites."

    ZACD Group executive director Nicholas Mak noted that the land rate for Mayfair Gardens "appears bullish but it is not unachievable in today's market". This makes it palatable to a medium-sized developer, he added.

    So far, 18 collective sales worth S$6.72 billion this year comprising mainly residential developments have closed, with over 2,700 existing homes expected to be taken out of the market. Over 10,000 new homes are estimated to be built on these sites.

    More potential collective sale sites are in the works.

    Nearer to Botanic Gardens, owners at freehold Shelford Green are asking for S$$140 million or S$1,505 psf ppr with no development charge expected to be payable.

    They have appointed Cushman & Wakefield as the marketing agent. The 66,392 sq ft site has a gross plot ratio of 1.4 and now houses 33 apartments.

    Mr Mak said that though the land rate is rich, the projected quantum for Shelford Green is small enough for smaller developers to bite. Yet, due to the prime location, it is likely to draw established developers with strong branding in developing high-end projects such as Wing Tai, UOL Group and Allgreen. The breakeven pricing is estimated to be in the range of S$2,100-2,200 psf, he added.

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    Dunearn Court sold; Mayfair Gardens up for sale

    OCT 24, 2017

    Grace Leong


    Dunearn Court in prime District 11 has been sold for $36.3 million while Mayfair Gardens has been put up for collective sale.

    Each owner at the 12-unit Dunearn Court will get about $2.91 million to $3.12 million, which works out to around $2,004 per sq ft (psf) to $2,140 psf.

    The 19,203 sq ft freehold site, which was bought by Roxy-Pacific Holdings unit RH Central, has a gross plot ratio of 1.4.

    The sale price, which carries a development charge of about $550,000 to redevelop the site, translates to a land price of about $1,371 per sq ft per plot ratio (psf ppr).

    "The new development could potentially yield 35 new units of 70 sq m each," said Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank, the marketing agent.

    "It is situated within 500m from Tan Kah Kee MRT station and Botanic Gardens MRT station, close to the Singapore Botanic Gardens and schools, including Nanyang Primary School and Nanyang Girls' High School."

    The acquisition will be financed by internal funds and bank borrowings and is not expected to affect the group's consolidated earnings and net tangible assets per share for the financial year ending Dec 31.

    Meanwhile, the 124-unit Mayfair Gardens in the Bukit Timah area was launched for collective sale yesterday with a reserve price of $265 million.

    That translates to a land rate of $1,058 psf ppr, including an additional lease top-up premium of $43.7 million payable for a fresh 99-year lease, said Knight Frank, also the marketing agent for this property.

    Based on the reserve price, each owner will receive gross sales proceeds of about $1.45 million to $2.46 million.

    The tender closes at 3pm on Nov 16.

    ZACD Group executive director Nicholas Mak said: "The break-even price will likely be around $1,570 psf to $1,600 psf. There's demand for reasonably priced condos in the city fringe area especially along Bukit Timah Road."

    With a site area of 208,475 sq ft, Mayfair Gardens has a residential gross plot ratio of 1.4. This allows redevelopment potential to reach up to a maximum permissible gross floor area of about 291,865 sq ft.

    "With the opening of the Downtown Line, the Bukit Timah area has become extremely convenient and a more coveted address to own," Mr Loh said.

    "The site is only a 300m walk to King Albert Park MRT station, and just a 200m walk to the closest supermarket and eateries."

    While the location of Mayfair Gardens is good, it "pales slightly in comparison to some of the freehold sites launched in the prime districts along Dunearn Road like Dunearn Court", Dr Lee Nai Jia, head of research at Edmund Tie & Company, noted.

    "Based on the reserve price, the selling price for the Mayfair site will be around $1,750 per sq ft to $1,800 per sq ft. Dunearn Court's site is fairly small and we expect it can build about 34 to 38 apartments of 70 sq m. Its selling price should range from $2,300 per sq ft to $2,400 per sq ft," he said.

  3. #3
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    http://infopub.sgx.com/FileOpen/Annc...&FileID=479110

    Oxley bought Mayfair Gardens.

    Reserve price 1058psf, looks like they bidded 1244psf.

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