Dunearn Court sold for $36.3m, Mayfair Gardens up for sale

This article is more than 12 months old

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 about $2,004 to $2,140 per square foot (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 charge of about $550,000 to redevelop the site, translates to a land price of about $1,371 psf per plot ratio (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 124-unit Mayfair Gardens 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 to $1,600 psf. There is 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.