Two Units Draycott Eight Sale 14 Mil

The Chua family, based in Hong Kong, were among the first buyers at Draycott Eight when it was launched in 2005. They were attracted to the prime location and the fact that close family members had also bought units nearby. They were so pleased with their first purchase that they bought an adjoining unit as an investment property. However, now that they live abroad, they have decided to sell both units. The sought-after location and unit sizes make them attractive to potential buyers.Marina Bay ResidencesSINGAPORE (EDGEPROP) – Draycott Eight, a 136-unit luxury private condo at Draycott Park, was launched in late 2005. Among the first 25 buyers was a Hong Kong-based family, the Chuas. They purchased a 14th-floor, four-bedroom unit of 2,896 sq ft for $5.1 million ($1,762 psf) in June 2006, according to a caveat lodged then.Attracted by the prime location just off Scotts Road and Orchard Road, as well as the fact that “close family members bought a few floors upstairs and across the road”, the Chuas were drawn to the development. Living at Draycott Eight proved to be a pleasant experience, leading them to purchase the adjoining four-bedroom unit in November 2006. Spanning 2,863 sq ft, the unit was bought at $5.65 million ($1,973 psf), based on a caveat lodged then. Their original plan was to hold the unit as an investment property and rent it out.Living and dining area of one of the two units that is up for sale (Photo: Samuel Isaac Chua/EdgeProp Singapore)AdvertisementAdvertisementDeveloped by listed property developer Wing Tai Holdings, Draycott Eight occupies a 153,000 sq ft, 99-year leasehold site in the exclusive neighbourhood of Draycott Drive-Draycott Park. The condo boasts three 24-storey blocks and top-notch facilities such as a 50m swimming pool, a theatre room, a gym, a jacuzzi and sauna, as well as a multi-purpose hall. The two-storey, black-and-white conservation bungalow on the site, built in the 1920s, adds to the charm of the development, having previously served as the residence of the British Air Marshall and later the École Française de Singapour.View of Goodwood Hill Estate and Balmoral area from the junior master bedroom of one of the two units (Photo: Samuel Isaac Chua/EdgeProp Singapore)AdvertisementAdvertisementRead also: D’Grove Villas for sale at $420 mil; second en bloc attempt since 2019The condo’s close proximity to various prestigious clubs such as The American Club and Tanglin Club, as well as the vibrant along Orchard Road, all add to the appeal of the development. Units at Draycott Eight are highly sought-after for investment, given its location and spacious unit sizes. As such, the Chuas have had no trouble finding tenants over the years for their units.According to one of the family members, the condo is “beautiful and tranquil, with outstanding facilities and an excellent concierge team”. In addition, the units offer stunning views of Ardmore Park and the Goodwood Hill Estate, renowned for its black-and-white bungalows amid sprawling gardens.A return to the marketNow, with the Chua family living abroad, they no longer require both apartments and have decided to sell. The units were recently renovated, with the marble flooring, kitchen and bathroom fittings, and timber flooring all in original condition. The selling price for each of the units is $7.18 million, translating to $2,508 psf for the 2,863 sq ft unit and $2,479 psf for the 2,896 sq ft unit. If a potential buyer wishes to acquire both units, the price tag for both would be $14 million ($2,431 psf).Master bedroom that has been newly renovated (Photo: Samuel Isaac Chua/EdgeProp Singapore)With just two units per floor, both featuring private lift access, these spacious homes are expected to appeal to owner-occupiers. There may also be some who are interested in acquiring two adjacent units on the same floor, as this would allow for an eight-bedroom home since the two units share a common corridor at the back. The units are marketed for sale by private treaty.An attractive investment destinationDraycott Eight enjoys a 99-year lease starting from 1997, with 72 years left on its lease. The developer had previously sold an entire block of four-bedroom units to two Morgan Stanley funds in 2007. One of these funds purchased a stack of 23 units, including the penthouse occupying the top half of the block, while the other bought the remaining 22 units, at an average price of $2,600 psf. Fast forward to 2010, when Keppel Fund Management (formerly Alpha Investment Partners) acquired a stack of 22 units from one of the Morgan Stanley funds, paying $157 million ($2,300 psf). Five years later, Hong Kong-listed Far East Consortium International purchased the other stack of 23 units for $150 million ($2,200 psf). In 2017, the former Angelo Gordon (now TPG Angelo Gordon after being acquired by TPG in 2023) then acquired the 22 units from Keppel Fund Management for over $100 million ($1,700 psf).Based on listings, the current monthly asking rent for a four-bedroom unit at Draycott Eight is between $18,000 and $26,000. The most recently transacted unit, on the eighth floor, was sold for $6.28 million ($2,169 psf) in March.Upgraded facilitiesIf a potential buyer is in the market for a leasehold condo, the units at Draycott Eight represent a value proposition compared to freehold projects in the same area. Investors looking to purchase units for rent will enjoy higher yields through the lower entry price. As they are centrally located, close to Orchard Road and the CBD, properties at Draycott Eight are popular with expats. Notably, premium projects like The Marq on Paterson Hill and Boulevard 88 (which enjoy prime freehold status) have seen their remaining units almost fully taken up – with 76 out of 80 units sold so far at Boulevard 88 and 52 out of 66 units taken up at The Marq on Paterson Hill.Dining area of one of the units (Photo: Samuel Isaac Chua/EdgeProp Singapore)In comparison, the 330-unit freehold Ardmore Park condo, where typical units are 2,885 sq ft and have four bedrooms, have drawn recent transactions of $12 million to $14 million – which works out to $4,160 psf to $4,881 psf – and command rentals of $18,000 to $22,000 a month. By contrast, units at Draycott Eight are going for $6.5 million to $7 million ($2,300 psf to $2,500 psf), with asking rentals of $17,000 to $18,000 a month.Ten Latest Transactions at Draycott EightSource: EdgeProp BuddyTen Latest Transactions at Ardmore ParkSource: EdgeProp Buddy Check out the latest listings for Draycott Eight, Ardmore Park, Condominium propertiesAsk BuddyAny profitable transactions at Draycott Eight?Recently launched projectsListings for condo unitsProject summary for Ardmore Park condoPast Condo sale transactionsAny profitable transactions at Draycott Eight?Recently launched projectsListings for condo unitsProject summary for Ardmore Park condoPast Condo sale transactionsWorking together to identify the best projects for youReady to start searching for a new home? 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