Dunearn Court sold; Mayfair Gardens up for sale

Dunearn Court in prime District 11 has been sold for $36.3 million while Mayfair Gardens has been put up for collective sale.

Each owner at the 12-unit Dunearn Court will get about $2.91 million to $3.12 million, which works out to around $2,004 per sq ft (psf) to $2,140 psf.

The 19,203 sq ft freehold site, which was bought by Roxy-Pacific Holdings unit RH Central, has a gross plot ratio of 1.4.

The sale price, which carries a development charge of about $550,000 to redevelop the site, translates to a land price of about $1,371 per sq ft per plot ratio (psf ppr).

“The new development could potentially yield 35 new units of 70 sq m each,” said Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank, the marketing agent.

“It is situated within 500m from Tan Kah Kee MRT station and Botanic Gardens MRT station, close to the Singapore Botanic Gardens and schools, including Nanyang Primary School and Nanyang Girls’ High School.”

The acquisition will be financed by internal funds and bank borrowings and is not expected to affect the group’s consolidated earnings and net tangible assets per share for the financial year ending Dec 31.

Meanwhile, the 124-unit Mayfair Gardens in the Bukit Timah area was launched for collective sale yesterday with a reserve price of $265 million.

That translates to a land rate of $1,058 psf ppr, including an additional lease top-up premium of $43.7 million payable for a fresh 99-year lease, said Knight Frank, also the marketing agent for this property.

Based on the reserve price, each owner will receive gross sales proceeds of about $1.45 million to $2.46 million.

The tender closes at 3pm on Nov 16.

ZACD Group executive director Nicholas Mak said: “The break-even price will likely be around $1,570 psf to $1,600 psf. There’s demand for reasonably priced condos in the city fringe area especially along Bukit Timah Road.”

With a site area of 208,475 sq ft, Mayfair Gardens has a residential gross plot ratio of 1.4. This allows redevelopment potential to reach up to a maximum permissible gross floor area of about 291,865 sq ft.

“With the opening of the Downtown Line, the Bukit Timah area has become extremely convenient and a more coveted address to own,” Mr Loh said.

“The site is only a 300m walk to King Albert Park MRT station, and just a 200m walk to the closest supermarket and eateries.”

While the location of Mayfair Gardens is good, it “pales slightly in comparison to some of the freehold sites launched in the prime districts along Dunearn Road like Dunearn Court”, Dr Lee Nai Jia, head of research at Edmund Tie & Company, noted.

“Based on the reserve price, the selling price for the Mayfair site will be around $1,750 per sq ft to $1,800 per sq ft. Dunearn Court’s site is fairly small and we expect it can build about 34 to 38 apartments of 70 sq m. Its selling price should range from $2,300 per sq ft to $2,400 per sq ft,” he said.

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