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Mayfair Gardens sold en bloc to Oxley Holdings subsidiary for S$311 million
OXLEY Holdings' subsidiary Citrine Property has been successful in its S$311 million bid for the collective purchase of 124-unit Mayfair Gardens.
The sale price, with an additional lease top-up premium estimated at S$52 million to top up the lease to a fresh 99 years, translates to a land price of approximately S$1,244 per square foot per plot ratio (psf ppr), according to marketing agent Knight Frank. Each owner stands to receive a gross sale price of approximately S$1.7 million to S$2.89 million.
At the close of the tender on Nov 16, owners of 105 out of 124 units, making up 84.33 per cent of the total strata area, agreed to the collective sale.
A private residential estate, Mayfair Gardens comprises 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.
According to Ian Loh, executive director and head of investment & capital markets at Knight Frank, the breakeven price for the new project is estimated at S$1,780 psf, given the sale price of S$311 million.
Oxley said that the purchase will be funded by internal resources and bank borrowings.