Mayfair Collection Review: Leasehold New Launch Or Freehold Resale?

Ivan Cai
Ivan Cai
Co-founder
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Mayfair Collection comprises two projects – Mayfair Garden and Mayfair Modern. Mayfair Garden is a 5-storey development with 215 units while Mayfair Modern consists of 8 storeys and 171 units. Both projects are similar, though the facing differs slightly. Mayfair Garden faces the landed enclave while the view from Mayfair Modern will be the apartments across the road.

Source: Site plan of Mayfair Gardens and Mayfair Modern, Official E-Brochure

Mayfair Collection is inspired by Georgian townhouses, bringing a touch of London in the heart of the Bukit Timah precinct. Located in District 21, Mayfair Collection is just 450m away from King Albert Park MRT Station. It is also near Beauty World MRT Station. Within walking distance to MRT stations, this makes Mayfair Collection very accessible and it could be a winning factor.

Image from Street Directory

Background

Looking at the breakdown of the unit mix, the majority of the units in Mayfair Collection are 1-Bedroom and 2-Bedroom units. These two unit types make up 74% of the total units for Mayfair Modern and 81% for Mayfair Garden respectively. This could potentially be designed to cater more investors. 

 

Unit Mix 

Unit Type Size Availability
1BR 506 - 624 17/60 ~ 28%
2BR 624 - 850 18/34 ~ 53%
2BR + S 797 - 807 12/32 ~ 38%
3BR 958 3/14 ~ 21%
3BR PRM 1033 - 1044 3/15 ~ 13 %
4BR 1281 - 1518 12/16 ~75%

Breakdown of the units for Mayfair Modern

Unit Type Size Availability
1BR 506 - 614 8/25 ~ 32%
1BR + S 570 - 646 9/64 ~ 14%
2BR 753 - 904 18/72 ~ 25%
2BR + S 829 - 915 3/14 ~ 21%
3BR 1109 1/26 ~ 14%
4BR 1216 - 1249 0/6 ~ 0%
PH 1647 - 1733 2/6 ~ 33%

Breakdown of the units for Mayfair Garden

The 1-Bedroom units for both projects have been selling quite well. Although the percentage of available units remains high, the number of units sold indicates that sales have been performing well. 

 

Bigger units like the 3- and 4-Bedroom units are better suited for families with one or two kids, as they require a larger space often for storage. a room for their helpers or growing families. Hence, the appeal towards larger families. 

 

Interestingly, Mayfair Garden has a higher demand for its bigger units as compared to Mayfair Modern. There is only one 3-Bedroom unit left for sale and all 4-Bedroom units have been sold. Looking at Mayfair Modern, the sale of 4-Bedroom units seems to be moving slower. 

Criteria 1: Growth Area

Analysing the growth in the Bukit Timah area allows us to understand market factors that could drive up demand, leading to the potential for capital appreciation. 

 

Turning our focus to a land parcel located next to Beauty World MRT Station – URA launched the tender for the Jalan Anak Bukit site last year, which will be awarded very soon as the tender closes at the end of March 2021.

The plot of land is intended to be utilised as an integrated mixed-use development, serving as a transport hub. The new bus interchange will increase connectivity and lead to an increase in retail activity for the shopping mall. Hence, we may see some impact on the surrounding projects when the new development is completed. This could potentially benefit property projects in the area which includes Mayfair Collection, as it is in close proximity to the transport hub

Image from URA Master Plan

A speculative element for the potential growth of the Bukit Timah area is the Cross Island Line (CRL). This is because the MRT train line is expected to cut through the Bukit Timah area.

Source: Development of Cross Island Line intersecting Downtown Line, Sgtrains.com

As such, one of the stations along the Downtown Line will intersect with the Cross Island Line. Hence, developments in the area will benefit from having 2 MRT train lines, which is an added convenience. However, the construction of the CRL will easily take another 10 years to complete, thus it is unlikely to see its growth effect in the near term.

Criteria 2: Unique Selling Point

Primary Schools

Mayfair Collection can be quite ideal for parents who want to send their children to popular schools. Located within 1km of Mayfair Collection are popular primary schools, Pei Hwa Presbyterian (ranked 3rd) and Methodist Girls’ School (ranked 18th).

Source: Primary schools within 1km radius of Mayfair Collection, Onemap; Primary schools popularity ranking, Salary.sg

Facade

A unique selling point for Mayfair Collection is its old English facade, which was inspired by British Georgian architecture that originated in Mayfair, London. The growth impact of the design might not be significant in capital appreciation. Although the vintage look may not cater to the general public, it will definitely attract a certain pool of buyers.

Source: Artist’s impression of Mayfair Gardens, Official E-Brochure

Developer’s Credentials

Oxley Holdings is the developer for Mayfair Collection. It has a good track record as there have been no issues with its past projects with regard to their property furnishings. Hence, it is unlikely that Mayfair Collection will encounter quality issues.

Projects Location Tenure TOP Total Units
Vibes @ Kovan Kovan Road FH 2014 36
Kap Residences King Albert Park FH 2016 142
Floraville Cactus Road FH 2017 50
Midtown Residences Upper Serangoon Rd LH 2016 160
Devonshire Residences Devonshire Road FH 2015 84
Parc Somme Somme Road LH 2012 30

List of projects by Oxley Holdings

Criteria 3: New Launch Comparison

As buyers, we naturally want to purchase a property that is adequately priced and valuable in an area. Buyers ideally want to avoid overpaying for a project relative to its surrounding developments.

Image from Google Map

The developments located near Mayfair Collection are Verdale, View At Kismis, Daintree Residence and Fourth Avenue Residences. All of these projects are leasehold and on a similar scale. However, Verdale and View At Kismis are located about 1km from the nearest MRT station, which may be a considerable walking distance for some. Hence, this leaves us with Daintree Residence (327 units) and Fourth Avenue Residences (476 units), which are closer to an MRT station.

1-Bedroom

Image from Google Maps

In terms of price quantum, a 1-Bedroom unit from Mayfair Collection is priced competitively at S$0.99 mil, which is similar to Daintree Residence at S$0.97 mil. However, in terms of psf, Daintree Residence is lower at S$1,879 psf (1st-floor unit) compared to Mayfair Modern at S$1,930 psf and Mayfair Garden at S$1,960 psf. Do note that Daintree Residence is a low-rise project with only 5 storeys. Hence with similar pricing to each other, choosing between Daintree Residence and Mayfair Collection will depend on a buyer’s preference.

 

In contrast, a 1-Bedroom unit at Fourth Avenue Residences starts at S$1.14 mil. The higher price tag also comes with a smaller sized unit, compared to the other two developments. The only advantage for Fourth Avenue Residence is its earlier TOP date in 2022, which means that investor owners can start rental collection earlier, while homeowners would be able to move in and enjoy their new homes earlier.

2-Bedroom

Image from Google Maps

For a 2-Bedroom unit at Daintree Residence, there are only 3 units left for sale. For Fourth Avenue Residences, its 2-Bedroom units are priced at S$1.65 mil or S$2,335 psf. For Mayfair Collection, a 2-Bedroom unit starts from S$1.42 mil and the psf is less than S$2,000 psf. Overall, Mayfair Collection seems more competitive in this comparison.

3-Bedroom

Image from Google Maps

The 3-Bedroom units for Mayfair Collections start from S$2.03 mil for Mayfair Modern and S$2.14 mil for Mayfair Gardens. Daintree Residences are priced lower in terms of quantum at S$1.82 mil and in terms of psf at S$1,516 psf. Although the available unit is on the 2nd floor, it may be worth considering.

 

For Fourth Avenue Residences, the quantum for a 3-Bedroom unit is similar to Mayfair Collection at S$2.12 mil. However, its psf is much higher at S$2,326 psf. Hence, Daintree Residence’s price point looks to be the most favourable among the three developments for the 3-Bedroom units.

Criteria 4: Resale Project Comparison

A good analysis will not just include comparison among new projects but also with older projects in the resale market as well.

Image from Google Map

Towards the North-West of Mayfair Collection, there are two older developments: The Creek @ Bukit (260 units), which is freehold and 700m to Beauty World MRT station; and Terrene At Bukit Timah (172 units), which is 999-year leasehold and 550m to Beauty World MRT station. 

Image from Google Maps

On the other side towards the South-East of Mayfair Collection, there are several developments that are around 600m away from King Albert Park MRT Station. They are: KAP Residences (142 units), Floridian (336 units), The Cascadia (536 units) and The Sixth Avenue (536 units). Interestingly, all of the surrounding projects are freehold while Mayfair is only 99-year leasehold project.

1-Bedroom

Image from Google Maps

For the 1-Bedroom units, the price points are quite similar to Mayfair Collection at S$0.99 mil compared to KAP Residences at S$0.92 mil and The Cascadia at S$0.94 mil. Although the size is similar to Mayfair Collection and KAP Residences, the 1-Bedroom units at KAP Residences are loft units. An interesting note is that KAP Residences was developed by Oxley Holdings, which is developing Mayfair Collection as well. Hence, interested buyers may wish to view KAP Residences to get a sense of the developer’s workmanship.

 

When looking at psf, 1-Bedroom units at The Cascadia are priced much lower at S$1,619 psf compared to Mayfair Collection at S$1,930 psf. Coupled with a slightly lower quantum of S$0.94 mil and larger unit size, it is interesting to note that The Cascadia is a freehold property while Mayfair Collection is 99-year leasehold. Hence, it might be worth considering.

2-Bedroom

Image from Google Maps

For 2-Bedroom units, KAP Residences seem to be the most competitive in terms of quantum. Starting from S$1.23 mil and S$1,792 psf, it is more affordable compared to Mayfair Collection and other surrounding projects. Furthermore, KAP Residences is a freehold project which only attained its TOP in 2016 (5 years ago). With a mall right below, KAP Residences has easy access to amenities. All these factors make KAP Residences a very strong competitor against Mayfair Collection.

3-Bedroom

Image from Google Maps

For the 3-Bedroom units, The Sixth Avenue has the lowest psf at S$1,199 psf but it comes with a hefty price tag of S$3.29 mil. Hence, not many people would be able to afford the huge 2,734 sqft units.

 

The Cascadia and Floridian have similar price quantum at S$2.11 mil and S$1.98 mil respectively, which is competitive to Mayfair Collection at S$2.03 mil. However, do note that both The Cascadia and Floridian are freehold projects. 

 

Once again, KAP Residences is the most competitive in terms of pricing, starting from S$1.90 mil and S$1,483 psf. This is in contrast to Mayfair Modern at S$2.03 mil and S$2,217 psf and Mayfair Gardens at S$2.14 mil and S$1,938 psf.

Criteria 5: Exit Strategy

Homeowners value the level of joy and happiness that they could get from owning and staying at a particular property. On the other hand, investors look for capital appreciation potential and rent out their property for rental income. In the middle of the spectrum, we have the homevestor category – people who buy property to stay in while striving to achieve capital appreciation. If you belong under the homeowner category, do consider striving to see the perspective of a homevestor and becoming one, as you stand to benefit from the potential capital appreciation of your home. 

 

Mayfair Collection may appeal to homeowners who prefer its unique Georgian townhouses facade and value the concept. However, Homevestors and investors could explore other opportunities nearby, as the other developments are very competitively priced. 

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