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Thread: Mayfair Gardens up for collective sale

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    Default Mayfair Gardens up for collective sale,00.html?

    Published December 22, 2009

    Mayfair Gardens up for collective sale

    Bids expected to start at $210m for the Bukit Timah site


    THE collective sale market is gradually warming up, with a residential site in Bukit Timah up for bidding.

    CKS Property Consultants has launched Mayfair Gardens, in Rifle Range Road, for tender. The asking price starts from $210 million, with the winner expected to fork out a further $40 million as a development charge and to top up the site's lease to 99 years.

    This means a developer will have to pay at least $857 per sq ft per plot ratio (psf ppr).

    The 124-unit Mayfair Gardens has a remaining lease of about 72 years. The land area is 208,475 sq ft, with a gross plot ratio of 1.4. A new development could yield a maximum gross floor area of around 292,000 sq ft - equal to about 200 apartments of 1,500 sq ft.

    CKS expects Mayfair Gardens to generate 'keen interest', especially as there are 'no other such sizeable private sites available in the vicinity'.

    The site is next to other private residential projects and near Bukit Timah Plaza and Beauty World Plaza.

    It is also not far from Raffles Girls' Primary School and Nanyang Girls' High School and will be within walking distance of the upcoming Blackmore MRT station.

    Ngee Ann Polytechnic real estate lecturer Nicholas Mak reckons there is a 'fair chance' the site will sell because of its location.

    But he believes only major developers can afford it because the land alone will cost at least $250 million. He estimates the launch price would have to be above $1,300 psf.

    Caveats show units in Mayfair Gardens changed hands at $695-$740 psf or $1.1-$1.33 million in August. At nearby Gardenvista, transaction prices ranged from $916-989 psf or $1.04-$1.12 million last month.

    The tender for Mayfair Gardens closes on Jan 14, 2010, at 4pm. CKS had obtained consent from more than 80 per cent of the owners to proceed with the sale in March.

    CKS was also behind the collective sale of Dragon Mansion early this month - the first such deal of the year. Roxy-Pacific picked up the site for $100.8 million or $863 psf ppr - less than the original asking price of $120 million or $1,020 psf ppr.

    CKS investment manager Chia Mein Mein believes there will be demand for collective sale sites if prices are realistic.

    Mr Mak expects to see more plots sold en bloc next year but says a lot depends on how the mid to high-end property segments perform.

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    Dec 22, 2009

    Mayfair Gardens plans en bloc sale

    By Joyce Teo

    THE en bloc market is showing more signs of life, with owners of Mayfair Gardens in Rifle Range Road being the latest to put their estate up for sale.

    They want $210 million or more for their 99-year leasehold site, which translates to about $857 per sq ft (psf) of potential gross floor area.

    That would allow owners of the 124-unit development to reap between $1 million and $2.1 million each, depending on the size of their units.

    In March, just over 80 per cent of owners backed a sale but they wanted to wait for the market to perk up before launching.

    Their $210-million price tag also includes an estimated $40 million for development charge and the topping of the site's lease to 99 years.

    CKS Property Consultants, which brokered the Dragon Mansions collective sale - the only one done this year - is the marketing agent.

    It said the Rifle Range estate is very attractive, given its location in the established residential area of Bukit Timah and its proximity to the upcoming Blackmore MRT station.

    The site, which also fronts Dunearn Road, is next to a good class bungalow area and relatively close to the Bukit Timah Nature Reserve.

    It has a land area of 208,475 sq ft and is zoned for residential use with a gross plot ratio of 1.4. There are about 72 years left on the lease.

    A new development could potentially yield a maximum gross floor area of about 292,000 sq ft, which translates to an estimated 200 units of 1,500 sq ft apartments, CKS said.

    The $210-million sale price gives a breakeven level of around $1,400 psf for a developer, said a property consultant, who noted that surrounding projects are mostly selling at lower prices apart from Jardin.

    Nearby developments include Gardenvista, Jardin, The Sterling, Maplewoods, and The Nexus.

    A unit at freehold Jardin in Dunearn Road sold for $1,510 psf in August.

    This year, several collective sale sites - all relatively small ones except for Laguna Park - have been launched for sale.

    But only one was sold. Dragon Mansions went for $100.8 million, below the owners' initial asking price of $120 million.

    The Mayfair Gardens tender closes on Jan 14.

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