Mayfair Gardens has been put up for collective sale by tender at a reserve price of $265 million, according to marketing agent Knight Frank Singapore.
After taking into account estimated differential premium of $43.7 million for a fresh 99-year lease, this translates to a land rate of about $1,058 psf per plot ratio (ppr). If a 10% bonus balcony gross floor area (GFA) is factored in, the land rate works out to be approximately $961 psf ppr.
Located within walking distance of King Albert Park MRT station, the existing six-block development comprises 124 apartment units sized between 1,076 sq ft and 2,153 sq ft.
Source: Knight Frank Singapore
At the reserve price, each owner is expected to receive gross sales process of about $1.45 million to $2.46 million, says Knight Frank.
Under the 2014 Master Plan, the 208,475 sq ft site at Mayfair Gardens is zoned “Residential” with a gross plot ratio of 1.4. This translates to a maximum permissible GFA of about 291,865 sq ft.
Mayfair Gardens is situated within a 1km radius of Methodist Girls’ School and Pei Hwa Presbyterian Primary School. The tender exercise closes on Nov 16.
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