Mayfair Gardens is a 99-year leasehold development that comprises 124 units. (Photo: Knight Frank)
Oxley Holdings Ltd, via its subsidiary Citrine Property Pte Ltd, has acquired Mayfair Gardens for $311 million, said marketing agent Knight Frank.
With an additional lease top-up premium of around $52 million, the sale price translates to a land rate of around $1,244 psf per plot ratio (ppr).
Knight Frank noted that each owner stands to gain a gross sale price of about $1.7 million to $2.89 million “upon a successful sale, to several conditions being met, including an order of sale by the Strata Titles Board or High Court”.
Featuring six walk-up blocks of 124 apartment units, Mayfair Gardens has a site area of 19,368 sq m or around 208,475 sq ft. It is situated within a coveted residential area, with the development near various amenities, reputable schools and King Albert Park MRT Station.
“The new development could potentially house 387 residential units, assuming 70 sq m on average given its desirable location. At the sale price of $311 million, the breakeven price for the new project is estimated at $1,780 psf,” said Knight Frank executive director and head of investment & capital markets Ian Loh.
In an SGX filing, Oxley revealed that the purchase price will be funded by bank borrowings and internal resources.
Oxley does not expect the purchase to materially affect the company’s earnings per share or net tangible assets per share for the current financial year ending 30 June 2018.
This article was edited by Keshia Faculin.