Sept 29 marked the launch of two projects – the 215-unit Mayfair Gardens and the 428-unit The Jovell. At the close of balloting, the sales tally at Mayfair Gardens was 81 units. This means that 37.7% of the project is sold on the first day of launch, which is considered "respectable" in the wake of the latest property cooling measures.
Over the past fortnight in the lead up to the launch of Mayfair Gardens, about 200 cheques were collected by marketing agents as expressions of interest at Mayfair Gardens, hence, units sold reflect a 40% conversion rate.
Crowd at Mayfair Gardens' balloting tent on the first day of launch (Credit: Property Agent)
Units at Mayfair Gardens are a mix of one- to four-bedroom units as well as six penthouses. Sizes range from 495 sq ft to 1,744 sq ft. Interest was seen across all unit types, and sales include three of the six penthouses in the development, according to sources. The biggest penthouse was sold at $3.38 million. Average price of units sold was about $1,900 psf.
Mayfair Gardens by listed property group Oxley Holdings is located on Rifle Range Road, off Dunearn Road in District 21. It’s within a three-minute walk of King Albert Park MRT station on the Downtown Line.
Meanwhile, The Jovell is the latest project at Flora Drive, off Upper Changi Road by Tripartite Developers in District 17. Tripartite Developers is a joint venture by Hong Leong Holdings, City Developments and TID Pte Ltd. Units in the 99-year leasehold development are a mix of one- to four-bedroom units, with sizes from 441 sq ft to 1,270 sq ft. As at 7.30 pm on Sept 29, about 40 units were sold. Average price achieved is said to be around $1,250-$1,300 psf.
In the lead-up to the launch of The Jovell, an estimated 100 cheques were collected as expressions of interest. Based on the 40 units sold, it reflects a conversion rate of 40%. According to the developer, only 250 of the 428 units in the project have been released over the weekend. Therefore, the sales rate based on the number of units released is 16%.