SINGAPORE - The collective sale wagon rolls on, with the tender for Mayfair Gardens condominium off Dunearn Road launched on Monday (Oct 23) at the reserve price of S$265 million.
At that price, each owner could receive about S$1.45 million to S$2.46 million if the collective sale bid succeeds, according to marketing agent Knight Frank.
Built back in the 1980s, the 99-year leasehold property comprises six walk-up blocks of 124 units ranging from 100 sq m (1,076 sq ft) to 200 sq m (2,153 sq ft).
The 19,368 sq m (208,475 sq ft) site is zoned residential with a gross plot ratio of 1.4. It can be redeveloped into a new condominium with a maximum permissible gross floor area of 291,865 sq ft.
The reserve price also works out to a land rate of around S$1,058 psf per plot ratio (psf ppr), inclusive of an additional lease top-up premium of about S$43.7 million for a fresh 99-year lease.
It is surrounded by good class bungalows, landed homes and condominiums. It is also near King Albert Park MRT station on the Downtown Line and established schools.
"With the opening of the Downtown Line, the Bukit Timah area has become extremely convenient and a more coveted address to own," said Ian Loh, executive director and head of investment and capital markets at Knight Frank Singapore.
To date, 13 residential collective sales worth S$5.86 billion have come through, with some 10,000 new homes that can be built over the 2,700 they will replace.
The tender for Mayfair Gardens closes on Nov 16.