Ravi Chandran
Two new condominium launch over the weekend saw 40 per cent conversation rate. The 215-unit Mayfair Gardens and the 428-unit The Jovell are the new condominium launches which saw healthy sales considering the latest property curbs.
Mayfair Gardens, an exciting new condominium launch by the award-winning developer Oxley Holdings, is set to open for preview this weekend (15-16 Sep). Located in 2 Riffle Range Road, District 21, the site (formerly known as Mayfair Gardens) was acquired at a whopping $311 million plus an additional $52 million as lease top-up premium for a fresh 99 years. The fact that the condo development is located in close proximity to schools and transport as well as shopping amenities makes it highly attractive to tenants and investors alike.
The developer of Mayfair Gardens, Oxley Holdings, said the project consists of four five-storey residential blocks of one- to four-bedroom units sized from 506 sq ft to 1,216 sq ft. Indicative prices range from about $938,000 for a one-bedder to $2.3 million for a four-bedder. The development will be inspired by the buildings in London’s posh Mayfair district. Buyers of Mayfair Gardens will have first mover advantage as the land price is significantly lower than other recent residential land sales in the area.
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Mayfair Gardens was sold en bloc at a cost of $311 million plus a $52 million top up price for a fresh 99-year leasehold. That translates to a price of about $1,244 per square foot (psf).The average transacted price recorded for the last 1 year was at $1,440 psf.
Market analysts expect the price to hit $1,800 and above even as the launch draws close. Investors who are eager to invest in the condo can check the current and actual prices (psf) from the developer in the run-up to its launch.
Mayfair Gardens is expected to be completed by end-2024. It is one of two projects to be built on the former Mayfair Gardens en bloc site. The other is the 171-unit Mayfair Modern.
At the close of balloting on Sept 29, 81 units were sold at Mayfair Gardens which means that 37.7 per cent of the development were sold on the first day of new condominium launch.
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About 200 cheques were collected by marketing agents as expressions of interest at Mayfair Gardens, which adds to a conversion rate of 40 per cent.
Meanwhile the new condo launch at The Jovell saw an an estimated 100 cheques were collected as expressions of interest. Based on the 40 units sold over the weekend, it reflects a conversion rate of 40 per cent. As a percentage of total units in the project, The Jovell sold about 9.3 per cent of the 428 units at the development.
The Jovell, a condominium development by Tripartite Developers Pte Ltd located along Flora Drive, will open its showflat for preview this Saturday (15 Sep). The Jovell is located in a quiet and scenic private enclave in District 17. The new condominium launch sits on a staggering 330,225 sqft piece of land, which is on a 99-year leasehold, and is expected to accommodate 9 blocks towering 8 storeys up.
According to the developer, The Jovell condo will feature a total of 428 luxurious units with a mix of 1 to 4 bedroom unit configuration. That means the condo is a great choice for people who are single, married and/or those with huge families. The island resort-themed condo will feature a continuous 200-metre long waterscape with a rope island and pool island that incorporate a rope bridge, Jacuzzis, lounge pavilions and sun decks.
“The picturesque location and our competitive pricing have afforded us a series of successful developments in this area that have proved popular with HDB upgraders and Gen Y home buyers. Similar to our previous projects, we believe that same factors will remain appealing to all homeowners,” said Betsy Chng, head of sales and marketing at Hong Leong Holdings.
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One of the things that make The Jovell desirable is its strategic location in Pasir Ris, which is well-connected to major transportation access points.
This includes the East Coast Parkway (ECP), the Pan Island Expressway (PIE) and the Tampines Expressway (TPE). The condo is also a few minutes away from the Upper Changing MRT Station, something that makes travelling to other parts of the island even more convenient. That means residents can commute to work and/or move all around Singapore quite seamlessly.
Prices at The Jovell is estimated to range between S$1000 and S$1200 per square feet (psf). This price estimation was arrived at after careful consideration of the location of the new condominium launch, the value of the land and the average unit sizes at the development.
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