Two Units Draycott Eight Sale 14 Mil

In late 2005, the luxurious private condo Draycott Eight, comprising of 136-units, was launched with great success. Hong Kong-based Mr Chua and his family were one of the initial 25 investors, who were drawn by its prime location at Draycott Park, right off Scotts Road and Orchard Road.

The Chua family bought a 14th-floor, four-bedroom unit of 2,896 sq ft in June 2006 for $5.1 million, approximately $1,762 psf, according to a caveat lodged then. The location of Draycott Eight was a major factor for the purchase, as well as the fact that close family members bought units in the same vicinity.

The Chuas loved living at Draycott Eight so much, that they purchased the adjoining four-bedroom unit in November 2006. This unit was a marginally smaller 2,863 sq ft, but was purchased at $5.65 million, which translates to around $1,973 psf.

Initially, the goal was to hold the unit as an investment property and rent it out, however, the family also saw an opportunity to live in close proximity to their other family members.

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AdvertisementDeveloped by listed property developer Wing Tai Holdings, Draycott Eight is situated within the exclusive neighbourhood of Draycott Drive-Draycott Park in prime District 10, near the American Club and Tanglin Club.

Spread across a sprawling 99-year leasehold site of 153,000 sq ft, Draycott Eight boasts of three 24-storey blocks, two of which have four-bedroom apartments with sizes between 2,863 sq ft and 2,986 sq ft, and a penthouse range of 4,015 to 4,187 sq ft. The remaining block of flats is built in duplexes and simplexes, comprising of two-bedroom apartments that range from 1,173 sq ft to 1,798 sq ft, and duplexes also known as ‘Sky Suites’.

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One of the key selling points of Draycott Eight is the two-storey, black-and-white conservation bungalow situated on the site. Built in the 1920s, this bungalow was once the home of the British Air Marshall. However, from 1967, the same bungalow served as the École Française de Singapour (Singapore French School) for the next 30 years.

The Chuas have a prime view of the Goodwood Hill Estate and Balmoral area from the junior master bedroom in one of their units. (Photo: Samuel Isaac Chua/EdgeProp Singapore)

The clubhouse at Draycott Eight, which currently has multiple facilities like a library, a business centre, a theatre, a multi-purpose hall, jacuzzi and sauna, gym, games and mahjong room, barbeque area and a dining room, was conserved by developer Wing Tai Holdings from the same black and white bungalow.

The condo even has a 50m swimming pool outside the clubhouse, along with outdoor tennis courts, in close proximity to a barbeque area and a well-maintained landscape. The clubhouse facilities are currently undergoing an upgrade.

“The condo is very well-maintained and managed, and has an excellent concierge team,” mentioned the Chua family in an email response to EdgeProp Singapore. The family further appreciated the beautiful and tranquil environment and the array of facilities available.

Read also: Is it a Good Deal?: Seller of a 3-bedder in D10 lost $417,000 on the 1,496-sq ft unit

As the Chua family stays abroad, they don’t require two apartments in Singapore, hence have decided to put up both their units for sale. Nancy Tey, senior associate vice president of List Sotheby’s International Realty, is the appointed sales agent.

Both apartments were renovated earlier this year, but the marble flooring in the living and dining areas, kitchen and bathroom fittings, along with timber flooring in the bedrooms, are the original fittings provided by the developer and are still in pristine condition.

The selling price for each unit is $7.18 million, proportionate to $2,508 psf for the 2,863 sq ft apartment and $2,479 psf for the 2,896 sq ft one. However, for those who are interested in purchasing both units, they could avail of the units at a discounted price of $14 million.

The latest listing at Draycott Eight, as per caveats lodged, is for a four-bedroom unit on the eighth floor of the block, which was sold at $6.28 million. In March, the size of this unit was 2,896 sq ft, which translates to around $2,169 psf.

View of Ardmore Park from the living room of one of the units in the estate. (Photo: Samuel Isaac Chua/EdgeProp Singapore)

The prices of units in the same vicinity had previously been on the rise, so anyone purchasing a unit in Draycott Eight is sure to have a good profit out of it, says Tey.

She further pointed towards the 330-unit Ardmore Park where the average four-bedroom unit size hovers around 2,865 sq ft. Completed in 2001, Ardmore Park has always been considered the benchmark for luxury condos. As per caveats lodged, the latest transaction at Ardmore Park took place in July for a four-bedroom unit on the 18th floor, and it was sold for $12 million, which was approximately $4,160 psf.

Prices of units at Ardmore Park crossed the $4,000 psf mark only in 2022, when a unit on the 26th floor was sold at $12.23 million, translating to around $4,240 psf. In July 2022, the highest recorded price for a unit in Ardmore Park was $14.08 million or $4,881 psf. Transactions in 2022 have been in the range of $4,108-$4,472 psf.

Based on figures from List Sotheby’s, the monthly rent for a four-bedroom apartment at Draycott Eight is currently $18,000-$26,000, whereas at Ardmore Park, it ranges from $11 million for a low-floor unit to $14 million for a high-floor unit.

With only two units per floor, both with private lift access, Tey expects to appeal to owner-occupiers. She further mentioned how some families might want to purchase adjacent units on the same floor to have an eight-bedroom home for themselves, as these two units share a common corridor. A newly renovated room in one of the units. (Photo: Samuel Isaac Chua/EdgeProp Singapore)

There is an entire block of four-bedroom units owned by two Morgan Stanley funds, who purchased them in 2007. One of the funds purchased 23 units, including the penthouse on the top half of the block, while the other fund purchased 22 units. In 2010, Keppel Fund Management (now Alpha Investment Partners) purchased 22 of the Morgan Stanley fund’s units for $157 million. Five years later, in 2015, a Hong-Kong listed company, Far East Consortium International, bought the other 23 units for $150 million.

AdvertisementIn 2017, Angelo Gordon made the purchase for $100 million, and these 22 units were bought from Keppel Fund Management, which then held the second Morgan Stanley fund. According to Tey, the asking price of four-bedroom units at Ardmore Park is around $18,000-$22,000, but some might even advertise it for as much as $26,000.

Tey points out that prices for units at Ardmore Park is more expensive due to it being a freehold condo, whereas Draycott Eight is a 99-year leasehold one. Comparatively, prices of units at Draycott Eight is relatively cheaper, which translates to higher yields for investors purchasing these units due to a lower entry price.

There have been many listings for the Draycott Eight, with the last transaction in March 2021. And there have been quite a few profitable transactions in the estate. (Source: EdgeProp Buddy)

One of the reasons why there have been plenty of listings for units at Draycott Eight, and there have also been many profitable transactions in the condo, with the latest transaction in March 2021.

Read also: Rise in private home ownership among those under 35

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The initial goal was to hold the second unit they purchased as an investment property, but it seems as if the Chua family does not require two apartments in Singapore anymore. So, they’ve decided to put them up for sale. Nancy Tey, senior associate vice president of List Sotheby’s International Realty, is the appointed sales agent.

Both units were renovated earlier this year. The marble flooring in the living and dining area, the kitchen, and bathroom fittings are the original ones provided by the developer and are still in good condition. (Source: EdgeProp Buddy)

Both apartments were renovated in early 2021, but the marble and timber flooring are still the original ones provided by the developer. The marble flooring in the living and dining area, the kitchen, and bathroom fittings are the original ones provided by the developer and are still in good condition