Project Review:

Mayfair Gardens

Is it a good buy or bad buy?

Market View

In November 2017, Oxley Holdings acquired Mayfair Gardens for $311 million. My personal review regarding the launch will be given which covers all the essential perspectives. The land parcel where Mayfair Gardens sits on is bounded by Rifle Range Road and situated off the Dunearn Road and Bukit Timah Road. The project will be launched in September 2018.

Details about the development

The brand new condominium i.e. Mayfair Gardens acquired by Oxley Holdings for $311 million, is a 208,475 sq ft site located within walking distance of King Albert Park MRT station. The 215-unit private condominium on Rifle Range road is Singapore residential project by Oxley Holdings is a multiple award-winning developer and a public listed home-grown Singaporean property developer. Oxley Holdings Limited’s key business are in the Development of premium property and investment of property. Oxley’s portfolio of properties can be found across 9 countries including the United Kingdom, Ireland, Cyprus, Cambodia, Malaysia, Indonesia, China, Myanmar, Australia, Japan and Vietnam. Locally, some recent projects includes Riverfront ResidencesAffinity At SerangoonSea Pavilion Residences and Sixteen35 Residences. Mayfair Gardens is proudly developed by Oxley Holdings. Read more about Mayfair Gardens developer

Tenure

99-Year

District

21

TOP

April 2024

Site Area

208,475 sq ft (approx.)

No. of Units

386 (Plot 1 & 2)

Oxley Holdings announced its sales revenue to hit $1b in Singapore and $446m overseas so far within 2018 and plans to launch 12 more projects in the city worth $3.8b. In Nov. 2017, Singapore listed developer OXLEY Holdings’ subsidiary Citrine Property has successfully sealed its S$311 million deal for the 124-unit former Mayfair Gardens enbloc sale. The former Mayfair Gardens unblock sale price, together with an additional lease top-up premium expected to be at $52 million to top up the lease for another free 99 years, translates to a land price of approximately S$1,244 per square foot per plot ratio (psf ppr). With this price, each owner at the former Mayfair Gardens condo stands to get a gross sale price of around S$1.7 million to S$2.89 million.

Where is the development located?

Mayfair Gardens is perfectly situated in terms of location. The residence is nearby to many MRT Stations and Expressways. Mayfair Gardens is 330m walk to King Albert Park MRT, condominium within walking distance to MRT station are typically popular and well sought after for investment or own stay. According to google maps it will only require 2 minutes’ walk from King Albert Park MRT Station to reach the destination. If you are using Botanic Gardens MRT then you are 3 stations away from residence. You are only 7 stations away from Bugis MRT station which is at boundary of Downtown Core and it will only take 13 minutes’ drive via Duneran Road and 17 minutes via PIE. You can also avail the local bud service opposite King Albert park Station using Bus number 42059.

Walking from King albert Park MRT Station to Mayfair Gardens which is just at walking distance of 6 minutes.

Walking from Beauty world MRT Station to Stirling Residence which is just at walking distance of 15 minutes.

Mayfair Gardens Location can be accessed through local transport service from King albert Park station Bus stop number 42059.

Not only MRT Stations but also Expressways which connects the city center to the other parts, are also close to Mayfair Gardens which adds plus point to it. Mayfair Gardens is accessed through BKE (Bukit Timah Expressway) and PIE (Pan Island Expressway). If you are coming through Bukit Timah Expressway then you are only 6 km away and will only take 9 minutes of drive via Dunearn road and 8 minutes of drive via PIE to reach the destination. If you plan to come through PIE you will have two routes to reach the residences. If you drive through Dunearn Road and Eng Neo Ave which is fastest route, it will take 6 minutes and if you take PIE it will take 7 minutes.

Driving from BKE to Mayfair Gardens.

Driving from PIE to Mayfair Gardens through Durearn Road and Eng Neo Avg Road.

The selling points about development

Location of this project is its major selling point. It can be easily accessed through MRT Stations and Expressways which is itself a blessing as it saves your time and money. The Rail Mall  is Singapore multi-purpose shopping complex and  perfect place for dining and socializing which is near to Mayfair Gardens. Swiss Club is oldest historical club in Singapore found in 1871 is at the back of the residence and on 5 minutes’ drive. Other shopping centers like The Grandstand, which is 7 minutes’ drive away and the West Mall is a multi-purpose shopping center located near Bukit Batok MRT. Beauty world Centre provides service of bank retails and shopping. Fairprice and Cold Storage provide wide range for grocery and are located nearby.

Swiss Club which is oldest historical near Mayfair Gardens.

The Rail Mall near to Mayfair Gardens.

Swiss Club which is oldest historical near Mayfair Gardens.

Mayfair Gardens nearby Cold Storage.

West Mall is a multi-purpose shopping center located near Bukit Batok MRT Station.

Beauty World Centre near Mayfair Gardens.

Fair Price Finest is the best grocery store and shopping center nearby Mayfair Gardens.

If buyers want to rent out this property than they can found good pool of tenants from the schools nearby. Mayfair 1 km of radius there are Schools: Methodist Girls Primary School, Pei Hwa Primary School. Prestigious Schools include: Nanyang Pri Girls High School, Hwa Chong School, NJC, RGPS, SCGS, ACS, etc. For Tertiary level schools: Ngee Ann Polytechnic School and SIM Global Education. You can approach more school exceeding 2 kilometers of radius. Employees in these institutes can also be approached.

Bukit Timah Primary School near Mayfair Gardens.

Methodist Girls Primary School is next to Maple Woods which is almost 17 minutes’ walk frorm Mayfair Gardens.

Pei Hwa Presbyterian Primary School near Mayfair Gardens.

My thoughts about the development

The Sterling completed in 2001 and comprises 232 units. The condominium located at 1001 Bukit Timah Road, near Dover MRT Station, Bukit Timah Plaza and Mayfair Park. The Sterling has full condo facilities such as covered car park, 24 hours security, BBQ pits, gym, Jacuzzi, jogging track, playground, sauna, swimming pool, tennis courts, and wading pool. Condo Amenitites near The Sterling has a host of amenities readily available such as shopping malls, schools, convenient stores, supermarkets and eating establishments. The psf for 1969 sq ft is $1802.95. Mayfair Gardens offer $1993.59 psf for 1249 sq ft. having higher charges than the neighbor residences can become a trouble for them. But having more better services can save them as Oxley Holdings is already a renowned name.

The newly built town has advantage regarding its place. The roads and amenities are convenient for both investors and visitors. These 215 units of Mayfair Gardens surely provide access to all the locations nearby with complete ease. Families look for places which provide a complete package for both children and adults. Mayfair gardens is located at one particular location which provide schools and park for children, shopping centres and MRT stations for adults. The floor plan is designed in such a way that it provides opportunity to select units according your desired number of rooms along with additional facilities.

If prices of property tend to high, still it won’t affect the sale as much. If the show flat is located at a location which is near to MRT stations and shopping malls then investors don’t count for prices they just invest in such projects. Tenants always look for a place that provide easy accessibility to all the places and Mayfair Gardens fulfill those requirements.

Mayfair Gardens Main Entrance, wide, smooth, and clean roads welcome you through paths of greenery which will be rebuilt.

Mayfair Gardens Front View, a breathtaking view in front of the residential area which will be rebuilt and tear down

Mayfair Gardens Showflat, a beautiful entrance which is going to rebuilt.

project ratings

  • Pricing – 95%

The site has a land area of 19,368sqm or 208,477sqft and a plot ration of 1.4, which translates to a gross floor area of about 291,865 sqft. If we consider the sale price $311 million than the  breakdown price for the new project is estimated at $1,780 psf. If I look from an investor point of view, lower entry price and higher returns will be a more attractive option. Choosing a 99 years leasehold development is safe play because when crisis hits, the value of a FH condominium will be more stable as compared to a 99 years leasehold.

New residential property Sale price was at an average of $1,693 psf in Feburary 2008. In 2017 December, it was only $1,460 psf.

  • Location – 90%

Mayfair gardens are located at a perfect location with access to MRT Stations, Expressways, Food centres, Shopping centres, schools of every level, and park. Bukit Batok Nature Park add points to the location as it is a perfect destination for the residents to go and enjoy serene environment with crystal clear water.

  • Quality – 80%

The developer is experienced. Oxley’s portfolio of properties can be found across 9 countries including the United Kingdom, Ireland, Cyprus, Cambodia, Malaysia, Indonesia, China, Myanmar, Australia, Japan and Vietnam. Locally, some recent projects includes Riverfront ResidencesAffinity At SerangoonSea Pavilion Residences and Sixteen35 Residences. check Mayfair Gardens Amenities

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