Two Units Draycott Eight Sale 14 Mil

Hong Kong-based Mr Chua and his family were among the initial 25 buyers at the luxurious private condo, Draycott Eight, situated in Hong Kong. In mid-2006, they bought a 2,896 sq ft, four-bedroom unit situated on the 14th floor for $5.1 million ($1,762 per sq ft). The main factors that attracted the Chua family to the condo were its prime location at Draycott Park, just off Scotts Road and Orchard Road, and the fact that their close family members had also bought units on higher floors and across the road.In November 2006, the Chua family decided to purchase the adjoining four-bedroom unit as well, a 2,863 sq ft unit for $5.65 million ($1,973 per sq ft). The plan was to hold this unit as an investment property and rent it out. The listed property developer, Wing Tai Holdings, is the developer behind Draycott Eight. The condo sits within the exclusive neighbourhood of Draycott Drive-Draycott Park, near The American Club and Tanglin Club in prime District 10. Draycott Eight consists of three 24-storey blocks, with a total of 136 units on a 153,000 sq ft, 99-year leasehold site. Two of the blocks have four-bedroom apartments ranging from 2,863 sq ft to 2,986 sq ft, as well as penthouses from 4,015 to 4,187 sq ft. The third block has two-bedroom apartments with simplexes of 1,173 sq ft and duplexes or “Sky Suites” of 1,798 sq ft. One of the key features of the condo is the two-storey, black-and-white conservation bungalow on the site. Built in the 1920s, it used to be the home of the British Air Marshall before being converted into the École Française de Singapour (Singapore French School) where it served for the next 30 years from 1967. The view of Goodwood Hill Estate and Balmoral area from one of the junior master bedrooms in Draycott Eight is stunning (Photo: Samuel Isaac Chua/EdgeProp Singapore)At the clubhouse, residents can enjoy facilities such as a library, a business centre, a theatre, a multi-purpose hall, a jacuzzi and sauna, a gym, a games cum mahjong room and a billiards room. There is also a dining room available for residents to hold parties. Other facilities include a 50m swimming pool in front of the clubhouse, tennis courts, a barbeque area, as well as extensive landscaped grounds. The facilities within the clubhouse and grounds are currently undergoing an upgrade. Mr Chua commented in an email response to EdgeProp Singapore that “Draycott Eight is a beautiful and tranquil condo with outstanding facilities and an excellent concierge team”. The Chuas are particularly fond of the view from their apartments’ living room and bedrooms, which offer stunning vistas of Ardmore Park and the Goodwood Hill Estate, complete with its black-and-white bungalows set amid sprawling gardens. Adequate privacy is also ensured by the fact that there are only two units per floor, both with private lift access.Management Centre for Draycott Eight (Photo: Samuel Isaac Chua/EdgeProp Singapore)Given that they live abroad, the Chua family no longer needs to maintain both apartments in Singapore. As such, they have decided to put them up for sale. Nancy Tey, senior associate vice president of List Sotheby’s International Realty, is the appointed sales agent for the two units, which have been recently renovated this year. The marble flooring in the living and dining area, the kitchen and bathroom fittings, as well as timber flooring in the bedrooms, are all original ones provided by the developer and are still in good condition. The selling price for each unit is $7.18 million, which translates to $2,508 per sq ft for the 2,863 sq ft unit and $2,479 per sq ft for the 2,896 sq ft unit. If a buyer were interested in purchasing both units, the price would be $14 million ($2,431 per sq ft), says Tey. A master bedroom that has been newly renovated (Photo: Samuel Isaac Chua/EdgeProp Singapore)The developer had sold an entire block of four-bedroom units to two Morgan Stanley funds in 2007. One fund bought a stack of 23 units, including the penthouse on the top half of the block while the other fund purchased the remaining 22 units. The average price for the units at the time was $2,600 per sq ft. In 2010, Keppel Fund Management (now known as Alpha Investment Partners) purchased a stack of 22 units from one of the Morgan Stanley funds for $157 million, or $2,300 per sq ft. In 2015, Hong Kong-listed Far East Consortium International purchased the other stack of 23 units for $150 million, or $2,200 per sq ft. In 2017, the former Angelo Gordon (now TPG Angelo Gordon since it was acquired by TPG in 2023) purchased the 22 units from Keppel Fund Management for over $100 million, or $1,700 per sq ft. There have been no significant transactions at Draycott Eight since then, until a four-bedroom apartment on the eighth floor sold for $6.28 million ($2,169 per sq ft) in March this year (2022). The living room at one of the apartments (Photo: Samuel Isaac Chua/EdgeProp Singapore)Price comparison to freehold projectsGiven that the leasehold at Draycott Eight is 99 years from 1997, the prices for units there are lower than those in freehold projects with similar four-bedroom unit sizes in the same area. Investors looking to purchase units for investment property will be able to enjoy higher yields due to the lower entry price, says Tey.Peer comparison of recent transactions for Draycott Eight and Ardmore ParkSource: EdgeProp BuddyShe points to the 330-unit Ardmore Park, where typical units have four bedrooms and are 2,885 sq ft. Completed in 2001, Ardmore Park has long been considered the bellwether for luxury condos. Based on caveats lodged, the latest transaction shown is for a four-bedroom unit on the 18th floor of one of the three 33-storey blocks that changed hands for $12 million ($4,160 sq ft) in July this year (2022).Units at Ardmore Park first crossed the $4,000 per sq ft threshold in 2007 when a unit on the 26th floor changed hands for $12.23 million ($4,240 per sq ft). It reached a peak of $14.08 million or $4,881 per sq ft in July 2022. Transactions this year have ranged from $4,108 per sq ft to $4,472 per sq ft.According to List Sotheby’s Tey, asking prices for Ardmore Park range from $11 million for low-floor units to $14 million for high-floor units. Meanwhile, at Draycott Eight, four-bedroom units are priced between $6.5 million and $7 million. This makes it a more affordable alternative for investors looking to put their money into the property market in Singapore. The units at Draycott Eight are currently available for sale by private treaty. Draycott Eight has a 99-year lease from 1997, which means it has a remaining lease of 72 years. The developer had sold an entire block of four-bedroom units to two Morgan Stanley funds in 2007. One fund bought a stack of 23 units, including the penthouse on the top half of the block while the other fund purchased the remaining 22 units. The average psf of for the units at the time was $2,600. The facilities at Draycott Eight have been upgraded to attract potential home buyers (Photo: Samuel Isaac Chua/EdgeProp Singapore)Based on the latest available listings, the monthly asking rent for a four-bedroom apartment at Draycott Eight is currently in the range of $18,000 to $22,000 and as high as $26,000, says Tey. Over the years, the rental rates have been increasing progressively. In December 2020, the monthly rent for the unit was $11,700. Two years later, in December 2022, the monthly rent was $17,000, inclusive of furniture rental and maintenance charges. “Rent has increased steadily with each lease renewal,” says Chua. Beautiful buildings in the Balmoral area (Photo: Samuel Isaac Chua/EdgeProp Singapore)Draycott Eight’s desirability for rental propertiesDraycott Eight is in demand by potential tenants, given its location and unit sizes. According to Chua, it has always been easy to find tenants. “The profile of tenants has not changed much over the years,” he says. “Many of them are senior management with either Singaporean or foreign companies.” All of the transactions in Draycott Eight are considered profitable, showing that the Chua family was able to make money off of their investments. However, in an email response to EdgeProp Singapore, Tey notes that the asking price for the units now range between $18,000 to $22,000 per month. During the previous sale, the units were priced between $15,000 to $17,000 per month. This shows that the rental rates are on the rise, which is a good sign for investors.Draycott Eight looking outwards to the neighboring buildings (Photo: Samuel Isaac

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