The collective sale market continues to thrive, with the latest being Mayfair Gardens, snapped up by listed property developer Oxley Holdings for $311 million.

The reserve price was $265 million.

Each owner stands to collect a gross sale price of around $1.7 million to $2.89 million once the deal goes through successfully.

The private residential estate is made up of six residential walk-up blocks with units ranging from 100 sq m to 200 sq m, and has a site area of 19,368 sq m.

Located off Dunearn Road, it is near schools such as Methodist Girls' School and Hwa Chong Institution.

It is about a 300m walk from King Albert Park MRT station.

The sale price, with an additional lease top-up premium estimated at $52 million to top up the lease to a fresh 99 years, translates to a land price of about $1,244 per square foot per plot ratio (psf ppr), said marketing agent Knight Frank in a statement yesterday.

The public tender for Mayfair Gardens was launched on Oct 23 and closed last Thursday, with owners of 105 of the 124 units - which accounted for more than 84 per cent of the total strata area - agreeing to the collective sale.

Mr Ian Loh, executive director and head of investment and capital markets at Knight Frank, said the new development could potentially house 387 homes of an average 70 sq m in size.

"At the sale price of $311 million, the breakeven price for the new project is estimated at $1,780 psf," he said.

Under the 2014 Master Plan, the site is zoned "residential" with a gross plot ratio of 1.4, which allows redevelopment potential to reach up to a maximum permissible gross floor area of 291,865 sq ft.

Oxley Holdings said in a statement to the Singapore Exchange that the purchase will be funded by internal resources and bank borrowings.

Knight Frank has sold five collective sale sites worth a total of $1.8 billion in the last six months, including Normanton Park and Dunearn Court.