Oxley’s Mayfair Gardens to preview this weekend

Romesh Navaratnarajah13 Sep 2018

Mayfair Gardens

Artist’s impression of Mayfair Gardens, an upcoming high-end condo in Bukit Timah.

Mayfair Gardens, a high-end private condominium with 215 units along Rifle Range Road in Bukit Timah, is set to open for preview this weekend (15-16 Sept), according to its developer Oxley Holdings.

Inspired by the buildings in London’s posh Mayfair district, the upcoming 99-year leasehold project is a short walk from King Albert Park MRT station on the Downtown Line.

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The project consists of four five-storey residential blocks of one- to four-bedroom units sized from 506 sq ft to 1,216 sq ft. Indicative prices range from about $938,000 for a one-bedder to $2.3 million for a four-bedder.

The new project is situated on the former Mayfair Gardens en bloc site, which was purchased by Oxley in November 2017 for $311 million. In addition to a lease top-up premium of about $52 million, this translates to a land rate of $1,244 psf per plot ratio (psf ppr).

Home buyers there will have a first mover advantage as the land price is significantly lower than other recent residential land sales in the area. For instance, a 99-year leasehold site in Fourth Avenue was purchased for $1,540 psf ppr in December 2017.

Similarly, the freehold en bloc sites of Crystal Tower and City Tower were acquired for $1,840 psf ppr and $1,847 psf ppr respectively. The freehold Dunearn Garden and Royalville also changed hands for $1,914 psf ppr and $1,960 psf ppr respectively.

Not only will future residents of Mayfair Gardens enjoy scenic views of Bukit Timah Nature Reserve, the development will also be close to shopping malls and eateries.

Families with school-going children will also benefit from the project’s proximity to established schools in the area, such as Nanyang Girls’ High School, Hwa Chong International School and National Junior College.

Mayfair Gardens is expected to be completed by end-2024. It is one of two projects to be built on the former Mayfair Gardens en bloc site. The other is the 171-unit Mayfair Modern.

Meanwhile, Oxley’s successfully completion of the freehold mixed-use development KAP and KAP Residences at King Albert Park helped boost the developer’s confidence in the area’s potential.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg


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