In 2017, Mayfair Gardens was sold to property developer Oxley Holdings for SGD$311 million, exemplifying the thriving collective sale market in Singapore. The deal will be financed through internal resources and bank borrowings. With its purchase of Mayfair Gardens, Oxley Holdings will maintain its position as Singapore’s second-largest residential landbank, a notable feat when considering the number of listed property developers in the country.
Mayfair Gardens was previously a private residential estate that has a total site area of 19,368 square metres and consisted of 124 units in six residential blocks. The 99-year leasehold condo property was completed in 1985 and is known for its highly attractive location. Residents staying at Mayfair Gardens can easily access public transportation networks and send their children to well-established schools like Methodist Girls Primary School and Pei Hwa Presbyterian School. Other than the excellent amenities available near Mayfair Gardens, residents can also enjoy the tranquil environment surrounding the property as in the vicinity of Mayfair Gardens are several well-known landed condos and Good Class Bungalows.
Those interested in purchasing a unit in the soon-to-be-developed Mayfair Gardens will not have to wait for long, as Oxley Holdings has expressed its intentions of launching several local property projects including Mayfair Gardens by the end of this year. By doing so, the developer hopes to benefit from the burgeoning recovery of the private housing market in Singapore. Apart from Mayfair Gardens, other upcoming projects include the high-profile Serangoon Ville and Rio Casa properties, which are expected to cost $1.35 billion and $1.44 billion respectively. Interested parties that prefer to invest in more budget-friendly residential properties need not worry, as the redevelopment of Mayfair Gardens is expected to cost a significantly lower amount.
When taking into consideration Oxley Holdings’ reputation and impressive portfolio, future residents of Mayfair Gardens will surely be satisfied with the condo development.