The asking price works out to a land rate of around $1,058 psf per plot ratio. (Photo: Knight Frank)
Mayfair Gardens off Dunearn Road has been launched for collective sale, with the owners expecting offers above the reserve price of $265 million, according to marketing agent Knight Frank.
Built in the 1980s, the 99-year leasehold condominium comprises six walk-up blocks of 124 units ranging from 100 sq m to 200 sq m (1,076 to 2,153 sq ft). The approximately 208,475 sq ft site is zoned residential with a gross plot ratio of 1.4 under the 2014 Master Plan.
The asking price works out to a land rate of around $1,058 psf per plot ratio (psf ppr), inclusive of an additional lease top-up premium of about $43.7 million for a fresh 99-year lease.
Each owner could receive about $1.45 million to $2.46 million if the sale goes through, said Knight Frank.
The site could be redeveloped into a new condominium with a maximum permissible gross floor area of 291,865 sq ft.
The immediate vicinity is surrounded by good class bungalows, landed homes and condominiums. It is also near King Albert Park MRT station on the Downtown Line, eateries and established schools.
“With the opening of the Downtown Line, the Bukit Timah area has become extremely convenient and a more coveted address to own,” said Ian Loh, executive director & head of investment and capital markets at Knight Frank Singapore.
Also located in Bukit Timah is the freehold Royalville condo near Sixth Avenue MRT station, which was put up for sale earlier this month by Edmund Tie & Co. at $368 million ($1,509 psf ppr).
The tender exercise for Mayfair Gardens will close on 16 November.
credits to propertyguru