Older condominiums within the Bukit Timah neighbourhood of District 21, particularly Maplewoods and also the adjacent Casa Esperanza on Bukit Timah Road in addition to Mayfair Gardens on Rifle Range Road, near Dunearn Road, are seeing restored interest among buyers.
Typically searched for-after for his or her closeness to get affordable schools within the Bukit Timah area for example Methodist Girls’ School, Nanyang Primary School and Hwa Chong Institution, these condos will also be becoming more and more well-liked by homebuyers since they’re located just 200 to 300m in the King Albert Park MRT station around the Downtown Line 2.
The apartment which has seen the greatest spike in transactions is Maplewoods on Bukit Timah Road. Produced by Wing Tai Holdings and completed twenty years ago, the freehold condo comprises 697 units in five 10-floor blocks among an exotic resort setting.
Residents in the development needed to endure the making of the Downtown Line 2, which started in This summer 2009. After long lasting the inconvenience when it comes to road congestion and noise in excess of 5 years, they are reaping the advantages of the condo’s closeness towards the King Albert Park MRT station, which opened up in December 2015.
The outlet from the MRT station has attracted new buyers to Maplewoods, with transactions obtaining considerably since last September. Probably the most searched for-after units were the threeand four-bed room apartments varying from 1,335 to at least one,787 sq foot.
The 2 latest transactions in The month of january reflect the popularity. Single,378 sq foot three-bedder around the second level altered hands for $1.96 million ($1,423 psf), based on a caveat lodged on Jan 23. Along with a 1,787 sq foot, four-bed room unit around the fifth floor selected $2.4 million ($1,343 psf).
The greatest psf prices achieved at Maplewoods were in 2013 and 2014 when a number of units were offered at prices varying from $1,503 to $1,573 psf, based on caveats lodged with URA Realis. At the end from the market in 2004 and 2005, prices in the development ranged from $482 to $564 psf.
An exciting-time low was observed in 2000 whenever a 1,787 sq foot four-bedder was offered for $678,000 ($379 psf). The customer, however, benefited once the unit was offered for $1.15 million ($644 psf), near to double the amount purchase cost, six yearslater, based on a caveat lodged in the year 2006.
Lower psf cost, bigger units
Aside from the opening from the King Albert Park MRT station more than a year ago, one more reason Maplewoods is well-liked by potential customers happens because unit costs are less than individuals in newer condos nearby, states Damon Koh, marketing director at ERA Real estate. For example, in the recently completed 124-unit KAP Residences in King Albert Park, prices of units come from $1,800 to $1,900 psf presently.
Maplewoods is twenty years old and also the units may look a little dated, but they’re bigger compared to average sizes of individuals within the newer developments, states ERA’s Koh. The condo’s lush landscaping and customary facilities are very well-maintained.
Similarly, residents in the neighbouring Casa Esperanza will also be taking advantage of getting the King Albert Park MRT station in their doorstep. The boutique freehold condo project comprises 90 units in 2 10-floor blocks. Produced by NT One Development, it had been finished in 1992.
Unit sizes at Casa Esperanza will also be bigger than individuals at new developments today, with two-bed room units between 1,152 and 1,378 sq foot and three-bed room units between 1,841 and a pair of,024 sq foot. The most recent transaction in the condo was for any 1,378 sq foot, two-bedder that fetched $1.78 million ($1,292 psf), based on a caveat lodged on Jan 20.
Prices at Casa Esperanza hit an exciting-time a lot of $2.9 million ($1,433 psf) whenever a 2,024 sq foot, three-bed room unit around the seventh floor of among the blocks was offered in May 2015.
MRT effect, en bloc potential
On the other side of Bukit Timah Road and separated with a canal is Dunearn Road. And discovered near Dunearn Road is Mayfair Gardens on Rifle Range Road. Formerly referred to as Yu Li Yuan, the 99-year leasehold Mayfair Gardens was finished in 1985. It comprises 124 units in six 5-floor blocks. Usual for condos built twenty to thirty years back, units are fairly large, with two-bed room units between 1,076 and 1,130 sq foot, three-bed room units between 1,550 and 1,776 sq foot and 4-bed room units between 1,787 and a pair of,153 sq foot.
Two of the most recent transactions at Mayfair Gardens were for any 2,153 sq foot, four-bed room unit around the third level that altered hands for $1.51 million ($703 psf), based on a caveat lodged on Jan 24, as well as for single,087 sq foot, two-bed room unit which was offered for $850,000 ($782 psf), with different caveat lodged on Jan 23.
The psf cost represents age the apartment,that was completed 32 years back. “These ageing condos generally have maintenance issues, and also the bigger the system, the greater the conservancy charges,” states Susie Mok, Savills Singapore’s senior director of investment sales. “Many from the original proprietors, who bought their units 3 decades ago and therefore are now retirees, are searching to exit and downsize.”
Given its location in District 21 and it is site attributes, together with a land section of 208,475 sq foot, Mok reckons Mayfair Gardens has en bloc potential. Actually, the proprietors attempted a collective purchase in December 2009, by having an selling price of $210 million, which converted into $857 psf per plot ratio. The cost tag incorporated a $40 million development charge and the price of topping in the 99-year lease. Had the purchase been through, the proprietors might have was to achieve $a million to $2.a million each, based on their unit sizes.
“Since the present proprietors have previously attempted a collective purchase once, there’s a high probability they’ll repeat the process,Inches states Mok. However, individuals who obtained a unit at Mayfair Gardens lately might be in no hurry to exit the work with an en bloc purchase because they would need to pay a seller’s stamp duty of 16%, 12%, 8% and 4% when they would sell within the first one to 4th year of buying their units, she notes.
Like Maplewoods and Casa Esperanza, Mayfair Gardens also advantages of its closeness towards the King Albert Park MRT station. “Residents no more have to drive to operate as they possibly can go ahead and take MRT,” states Mok. “Taking a train towards the CBD is a lot more convenient.”