Two-bedroom loft at Draycott 8 on the block for $2.8 mil
By Timothy Tay
/ EdgeProp Singapore |
Draycott 8 consists of two-bedroom apartments and lofts, as well as four-bedroom units and penthouses.
SINGAPORE (EDGEPROP) - A two-bedroom loft apartment at Draycott 8 in prime District 10 will be put up for sale by its owners with a guide price of $2.8 million at Singapore Realtor’s Inc (SRI) property auction on July 29. (See also: Seller of Draycott Eight loft incurs $1.12 mil loss)
Draycott 8 is located in the luxurious Ardmore Park-Draycott Park neighbourhood. Nearby luxury condos along Ardmore Park include Sculptura Ardmore, Le Nouvel Ardmore, and One Draycott. The prime neighbourhood also features several landed houses along Stevens Road and Goodwood Hill.
The area is centrally located and close to the Orchard Road shopping belt. Serving the area are major roads such as Scotts Road, Orchard Road and Bukit Timah Road. Meanwhile, nearby MRT stations include Newton Interchange on the North-South and Downtown Lines, and Orchard Station on the North-South Line.
Draycott 8 is a 99-year leasehold development that was completed in 2005 by Wing Tai Holdings. The 136-unit development comprises three 24-storey blocks.
The residential block at 6 Draycott Park consists of two-bedroom apartments and lofts ranging from 1,173 sq ft to 1,798 sq ft. Meanwhile, 8 and 10 Draycott Park consists of four-bedroom units ranging from 2,863 sq ft to 3,348 sq ft, as well as penthouses of 4,015 sq ft to 4,187 sq ft.
The unit on auction is a 1,561 sq ft, two-bedroom loft unit on the 21st floor that is accessible through a private lift. The guide price translates to $1,793 psf. The living room features a double-volume ceiling.
Since its completion about 16 years ago, rental transactions at Draycott 8 have largely stabilised based on rental transaction data compiled by EdgeProp Singapore (See Chart 1). Monthly rents at Draycott 8 average $4.7 psf per month (pm) and rents have ranged from $3.8 psf pm to $6.7 psf pm over the past 15 years. This translates into an average rental yield of 2.8%.
Over the past two years, rents for units between 1,100 sq ft to 1,800 sq ft at the development have ranged from $5,500 pm ($4.80 psf pm) for a two-bedroom unit leased in January to $8,000 pm ($5.20 psf pm) for another two-bedroom unit leased in October 2020.
For buyers looking to acquire a unit at Draycott 8 as an owner-occupier, the overall price trend of the development shows that available units are priced more favourably compared to prices for new projects in the area (See Table 1).
So far this year, two units have changed hands at Draycott 8. The latest is a 1,173 sq ft, two-bedroom unit on the 5th floor that was sold for $2.38 million ($2,029 psf) on June 24. A 2,863 sq ft, four-bedroom unit on the 17th floor was also sold for $5.9 million ($2,061 psf) on May 18.
In comparison, nearby new development One Draycott has sold most of its units for more than $3,000 psf. The 64-unit freehold project was developed by SDB Asia, the Singapore property arm of Malaysian-listed Selangor Dredging Bhd, and launched in June 2019. Last June, the developer sold a 797 sq ft unit for $2.45 million ($3,076 psf), followed by a 732 sq ft unit for $2.28 million ($3,112 psf) a month later. (See: Check out the market trends)
The SRI auction for the two-bedroom loft unit at Draycott 8 will be held on July 29.
Check out the latest listings near Draycott 8, One Draycott, Sculptura Ardmore, Le Nouvel Ardmore, Stevens Road, Draycott Park, Newton Interchange MRT station, Orchard MRT Station
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