Knight Frank Singapore, the exclusive marketing agent representing the interests of the owners of Mayfair Gardens via their collective sale committee, is pleased to announce the launch of the sale of Mayfair Gardens, a unique residential redevelopment site off Dunearn Road, by tender.
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). Under the 2014 Master Plan, the site is zoned “Residential” with a Gross Plot Ratio (GPR) of 1.4, which allows redevelopment potential to reach up to a maximum permissible Gross Floor Area (GFA) of approximately 291,865 sq ft.
The immediate vicinity is predominantly surrounded by Good Class Bungalows, landed homes and condominiums. Established schools, namely Methodist Girls’ Primary & Secondary Schools, Pei Hwa Presbyterian Primary School, Hwa Chong Institution, Hwa Chong Junior College, National Junior College, Nanyang Primary School, and Nanyang Girls' High School, are located close to the development. Reputable tertiary institutions such as Ngee Ann Polytechnic and the Singapore Institute of Management are also located close by.
Major arterial roads as well as expressways such as the Pan-Island Expressway (PIE), Bukit Timah Road, Dunearn Road, Clementi Road and Ayer-Rajah Expressway (AYE) provide seamless connectivity to other parts of Singapore. The site is a 20-minute drive to the Central Business District, with a wide range of amenities situated along Bukit Timah Road, Dunearn Road, Upper Bukit Timah Road and Clementi Road. Additionally, the development is less than 30 minutes’ drive to Changi International Airport.
The Owners are expecting offers above their reserve price of S$265 million. Including an additional lease top-up premium of approximately S$43.7 million payable to the State for a fresh 99-year lease, this translates to a land rate of approximately $1,058 psf ppr. With the inclusion of a 10% bonus balcony GFA and a proposed plot ratio of 1.54 (1.4 + 10% balcony), the land rate works out to approximately S$961 psf ppr, subject to the authorities’ approval.
Based on the reserve price, each owner will receive gross sales proceeds of approximately S$1.45 million to S$2.46 million.
“With the opening of the Downtown Line, the Bukit Timah area has become extremely convenient and a more coveted address to own. The site is only 300 metres’ walk to King Albert Park MRT station, and just 200 metres’ walk to the closest supermarket and eateries. Not to mention, a wide variety of various shopping amenities and reputable schools nearby characterize Mayfair Gardens as a desirable location,” says Mr Ian Loh, Executive Director & Head of Investment and Capital Markets.
The tender for Mayfair Gardens will close on 16 November 2017, Thursday at 3.00 pm.