While considering whether to invest in Mayfair Gardens condo, some buyers would also like to keep themselves update with recent development of property industries. So here is it:
Property Developments and Investment Updates on August 15, 2018 – By CIMB
August 15, 2018 – 4:55 PM
Bumper July month
- Developers sold a total of 1,776 private residential units in July 18, including 52 executive condominiums (ECs). Excluding ECs, volume sales of 1,724 units represent a 164% mom and 55% yoy expansion.
- Transactions were dominated by 3 new launches, including Riverfront Residences (628), Parc Colonial (429) and Stirling Residences (339 units). In all, these 3 projects represented 81% of the total monthly volume. Within the high-end segment, Marina One Residences also saw 39 units changing hands. All these projects were launched/marketed before the latest round of property cooling measures came into effect.
But take-up rates decline as more units are launched
- However, take-up rates (i.e. sold units over launch units) were low at 77% compared to an average of 118% achieved in 1H18, as developers released more units into the market and buyers have plentiful choices.
- In terms of YTD sales, a total of 5,860 units changed hands in 7M18, 24% lower yoy and 51% of our annual projection of 11,000-12,000-unit sales. Accordingly, we tweak down our estimates to c.10,000 units for the year as we expect the property cooling measures to have some dampening impact on demand. That said, we believe replacement demand from enbloc sellers would provide some support for transaction volumes in the near term.
Demand post-measures remains fairly encouraging
- Post property measures in early-July, new projects such as Daintree Residences and The Tre Ver have been marketed amid toned-down pricing expectations, and have met fairly encouraging sales. Daintree Residences saw 46 of the 80 units released for sale in July taken up while The Tre Ver saw 140 units taken up when released for sale in Aug. The 1,206-unit Jadescape is also currently being previewed. We believe homebuyers could remain selective, particularly with more choices and a more cautious sentiment on the ground.
- Going forward, with the rise in land prices recently, resulting in high landbank cost, any significant price retracement or prolonged land holding period could impact development margins. Good sell-through rates and faster asset turn are key to preserving development margins.
In Relation with Mayfair Gardens Condo…
Well, this is the report for last month. 3 private residential developments has dominated the transactions – Riverfront Residences (628), Park Colonial (429) and Stirling Residences (339 units). These 3 projects started their sale and marketing before the implementation of ABSD. Most of their sales managed to escape the additional stamp-duty. So what do you think about the new launches such as Mayfair Gardens Condo?
Due the the prime land area – Bukit Timah, District 21, the average psf, could be already confirmed to be on the higher side when compare to launches in other district. Breakeven price was already suggested at $1,780 psf. Now, with ABSD coming in, what do you think?
What about the developers? So far there was no news from any developers about changing plans or intent to slow down their launches. Developer of Mayfair Gardens Condo, Oxley Holdings is going as planned or even faster. What do you think will the developers do? More early-bird discount to encourage buy-in? Or other offers that will help buyers to off-set their ‘additional investment’?
How do you think the sale of Mayfair Gardens Condo will be? Do let us hear from you. Leave us your comment.
ABOUT MAYFAIR GARDENS CONDO
Mayfair Gardens Condo is the upcoming new condominium that is slated to launch in early September 2018. Following the preceding Mayfair Gardens Enbloc sale, this new condominium is a highly anticipated launch in the district D21 Bukit Timah Estate, Singapore. The land parcel where Mayfair Gardens sits on is bounded by Rifle Range Road and situated off the Dunearn Road and Bukit Timah Road.
Mayfair Gardens Condo is very close to prestigous schools including Methodist Girls’ Primary and Secondary School, Nanyang Primary School, Nanyang Girls’ High School and Hwa Chong Junior College. In terms of connectivity, a MRT station is a 5-min walk from the Mayfair Gardens, because it is only 330m from King Albert Park MRT station of the Downtown Line, in between Sixth Avenue and Beauty World MRT Station. Based on urban planning, King Albert Park station will become an interchange of the future Cross Island line.
Mayfair Gardens Condo is also next to the Pan Island Expressway (PIE), which connects drivers to all parts of Singapore. Centrally located, it will only take around 10 minutes to drive to Orchard Shopping District and 17 minutes’ drive to the Central Business District (CBD).
There is no lack of amenities, retails, dining and entertainment options for the residents of Mayfair Gardens Condo, they will be spoilt for choice. Beauty World Center and Bukit Timah Shopping Center is just one MRT stop away from the King Albert Park MRT station or a 5-min drive from Mayfair Gardens.
For more detail info on Mayfair Gardens Condo, CLICK HERE.
|Project Name||Mayfair Gardens|
|Address||8, 10, 12 and 14 Rifle Range Road|
|Developer||Citrine Property Pte Ltd|
(Subsidiary of Oxley Holdings Limited)
|Site Area||10788.8 sqm|
|No. of Units||215 Units|
|No. of Storey||5 Storey|
|No. of Block||4 blocks|
|Unit Mix & Size Range||1 Bedroom to 4 Bedrooms, Penthouse|
|Expected TOP Date||To be confirmed|
Condominiums that are within a short walk of an MRT station are typically popular and well sought after for investment or own stay. It is very convenient for staying in and much easier to rent or resale, and have a great capital appreciation potential.