Yahoo Finance OXLEY’S MAYFAIR COLLECTION: RIDING THE UPSIDE OF FUTURE TRANSPORT HUB
An integrated transport hub and new community buildings will be developed around Beauty World MRT Station
PICTURES: OXLEY HOLDINGS
The recently unveiled Draft Master Plan 2019 has introduced various initiatives that are aimed to create more community hubs in residential estates, as well as rejuvenating some mature neighbourhoods. This includes the area around Beauty World MRT Station and the nearby Beauty World Centre.
The planned initiatives around that part of the prestigious Bukit Timah neighbourhood will see new transport connections, services and amenities gradually being developed. This bodes well for property hunters looking to snap up a new home or a property investment in the locale. New projects in the area, like Mayfair Gardens and Mayfair Modern, look set to benefit from the expected price uplift and improved liveability of the area.
Based the draft plan, a site beside Beauty World MRT Station is marked to become a transport nexus and neighbourhood hub for the Bukit Timah area. This includes plans for a new integrated transport hub, private mixed-use developments, and more green spaces.
FUTURE INTEGRATED TRANSPORT HUB
New to the Draft Master Plan 2019 is a plot of more than 468,000 sq ft that has been zoned for “commercial and residential” use and will be the site for a new integrated transport hub. The site was previously zoned for a hotel building and a separate health and medical development under the 2014 Master Plan.
According to the Land Transport Authority: “Integrated transport hubs are fully air-conditioned bus interchanges seamlessly linked to MRT stations and adjoining commercial developments such as shopping malls.”
Transport connectivity from the Beauty World area will be enhanced when future phases of the Cross Island Line are completed. “Continuing westward, [the Cross Island Line] will serve Bukit Timah, Clementi and West Coast, and then terminate at Jurong Industrial Estate,” according to the Land Transport Master Plan 2013.
An interchange tends to be “a significant booster to improve commuting convenience, attract footfall to increase commercial space viability and vibrancy, which in turn enhances the appeal of residential values in the area”, says Alice Tan, director of residential project marketing at Knight Frank.
Around the Beauty World area, some pedestrian connections are already in place to support the future development, including an overhead bridge linking the site to Rifle Range Road, where Mayfair Gardens and Mayfair Modern are located. The two residential developments will be less than 400 metres from the future Beauty World integrated transport hub.
COMMANDING HIGHER PREMIUMS
From historical transactions of residential units close to integrated developments, research from Knight Frank shows that there is a 20% to 25% premium being commanded for these units over other stand-alone private residential units in the same area, says Tan.
Rental demand is also usually high as most investors believe that projects with good transport connectivity and proximity to the city centre will appeal to many expatriates, says Christine Sun, head of research and consultancy at OrangeTee & Tie.
To date, there are nine integrated transport hubs island-wide – Ang Mo Kio, Bedok, Boon Lay, Bukit Panjang, Clementi, Joo Koon, Sengkang, Serangoon, and Toa Payoh.
The shopping malls beside them like Ang Mo Kio Hub, NEX in Serangoon, and Toa Payoh Shopping Mall are major regional commercial centres that benefit residents in the estate. Most feature major retail brands like H&M and Uniqlo, supermarkets and department stores, as well as entertainment venues like movie theatres.
“Enhanced commercial vibrancy and commuting convenience from integrated transport hubs will also generate positive ripple effects of price growth for the surrounding residential developments,” Tan says.
BEAUTY WORLD DEVELOPMENTS
In addition to nearby sites for privately developed mixed-use projects, the Draft Master Plan 2019 has zoned a site of about 218,600 sq ft for a new community building. The one-stop integrated development will comprise a new community club and a redevelopment of the existing Bukit Timah market and hawker centre.
New amenities will include an indoor sports hall, community library, and an eldercare facility. The development will also be directly in front of the Jalan
Jurong Kecil entrance of Beauty World Station. For future residents of Mayfair Gardens and Mayfair Modern, these additional services and amenities boost the future liveability of the neighbourhood.
Traditionally an enclave of low-rise semi-detached homes, the planned transformation of the area will make it more vibrant and lively, says Ismail Gafoor, CEO of PropNex Realty. “These developments will rejuvenate and raise the profile of the area, combining nature and heritage into a liveable and self-contained township,” he adds.
Artist’s impression of future developments at Beauty World based on URA Master Plan 2019
RAIL CORRIDOR CONNECTIVITY AND GREEN SPACES
For urbanites, escaping the concrete environment into green spaces near their home is an important consideration when buying a new home. Zoning for a new green corridor has been gazetted right outside Oxley’s Mayfair development, giving residents direct front door access to the 24km Rail Corridor.
“Nature lovers and those with young children will enjoy the scenery and nature walks along the Rail Corridor. The lush greenery around the Rail Corridor will also offer residents of Mayfair Gardens and Mayfair Modern a tranquil living environment,” says OrangeTee & Tie’s Sun.
The 4km-long central section of this trans-island green artery lies between Hillview Road and the conserved Bukit Timah Railway Station close to where Mayfair Gardens and Mayfair Modern are also located. New F&B options will be located close to the Bukit Timah Railway Station, which will also feature a heritage gallery.
According to PropNex’s Gafoor: “The Rail Corridor will link the future Woodlands North Coast and Greater Southern Waterfront areas, transforming it into a community space that links 1 million people within its vicinity. This will spur the development of surrounding lands and rejuvenation of older districts when the Rail Corridor is connected by 2021.”
THE MAYFAIR COLLECTION
Launched in September last year, the 215-unit Mayfair Gardens comprises a mix of one- to four-bedroom units and six penthouses, with sizes ranging from 495 sq ft to 1,744 sq ft. At the end of its first weekend launch, about 80 units (38%) had been sold, including two penthouses. The average selling price at the time was about $1,900 psf. Today, the developer Oxley Holdings has sold more than 140 units (65%) at Mayfair Gardens, with an average selling price of about $1,924 psf, based on URA caveats.
Mayfair Gardens is a redevelopment of the former private residential development of the same name which Oxley Holdings bought en bloc in 2017. Part of the site is also being developed into the 171-unit Mayfair Modern which was launched on April 6.
Since its launch last September, more than 140 units (65%) at Mayfair Gardens have been sold at an average selling price of about $1,924 psf
“Enhanced commercial vibrancy and commuting convenience from integrated transport hubs will also generate positive ripple effects of price growth for the surrounding residential developments.”
Alice Tan
Director
Residential Project Marketing
Knight Frank Singapore
“These developments will rejuvenate and raise the profile of the area, combining nature and heritage into a liveable and self-contained township.”
Ismail Gafoor
CEO
PropNex Realty
“Nature lovers and those with young children will enjoy the scenery and nature walks along the Rail Corridor. The lush greenery around the Rail Corridor will also offer residents of Mayfair Gardens and Mayfair Modern a tranquil living environment.”
Christine Sun
Head of Research & Consultancy
OrangeTee & Tie Pte Ltd
“The Mayfair Collection is less than 500m away from the upcoming integrated transport hub at Beauty World. It is nestled in the lush greenery of Bukit Timah, with a fascinating assortment of eateries and malls.”
Jack Chua
CEO
ERA Realty Network
This article appeared in The Edge Property pullout of Issue 882 (May 20, 2019) of The Edge Singapore.
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