The luxurious private condo project, Draycott Eight, located in the prime District 10, has consistently attracted high-end buyers from around the globe. One such buyer was Hong Kong-based Mr Chua and his family, who were among the first 25 buyers at its launch in late 2005.
Back in 2006, the Chua family purchased a 14th-floor, four-bedroom unit spanning 2,896 sq ft for a whopping $5.1 million, equivalent to $1,762 per sq ft, just a year after the development was launched. They were immediately drawn to the ideal location of the condo, which is situated at Draycott Park, a short distance away from the bustling Scotts Road and Orchard Road. Moreover, the family had close relatives who had purchased multiple units in close proximity, further solidifying their decision.
Investing in a condo in Singapore has become a popular option for both local and international investors, thanks to the country’s thriving economy, stable political climate, and exceptional quality of life. Singapore’s real estate market is filled with potential, and among the various options, condos are particularly attractive due to their convenience, amenities, and potential for lucrative returns. In this article, we will delve into the advantages, factors to consider, and necessary steps to take when investing in a condo in Singapore, with a focus on Singapore Projects.
They were so enamored with the condo that they ended up buying the adjoining four-bedroom unit of 2,863 sq ft for $5.65 million ($1,973 per sq ft) just a few months later in November 2006, which they intended to keep as an investment property and rent it out.
Developed by the renowned Wing Tai Holdings, Draycott Eight is located in the affluent neighbourhood of Draycott Drive-Draycott Park, next to prestigious clubs such as The American Club and Tanglin Club. The project boasts three 24-storey blocks with a luxurious private condo space of 136 units spanning over a 153,000 sq ft leasehold site. Two of the towers have four-bedroom apartments, each spanning 2,863 sq ft and 2,986 sq ft respectively, and penthouses measuring between 4,015 to 4,187 sq ft. The third block is exclusively designated for two-bedroom apartments featuring typical and duplexes or “Sky Suites”, offering 1,173 sq ft and 1,798 sq ft spaces respectively.
One of the highlights of the condo is the two-storey, black-and-white conservation bungalow, situated within the development, which was originally constructed in the 1920s and functioned as the residence of the British Air Marshall before being converted into the École Française de Singapour (Singapore French School) for the next 30 years starting from 1967.
Draycott Eight boasts an impressive list of facilities, starting with the conservation bungalow clubhouse, which has been transformed into an impeccable relaxation space for residents. The clubhouse comprises of features like a library, a business centre, a theatre room, a multi-purpose hall, a jacuzzi and sauna, a gym, a games room, and a billiards room. The clubhouse also houses a dining room that is available for residents to organize social events that promote bonding and community spirit. Outside the clubhouse, you can find a 50-meter pool right in front, along with tennis courts, a barbeque area, and a beautifully landscaped garden. All the facilities at Draycott Eight are currently being improved upon. In an email response to EdgeProp Singapore, Chua explained that the “Draycott Eight is serene, with splendid facilities. The maintenance and management of the condo are exceptional as well, thanks to its excellent concierge services.”
In the course of their stay, Chua and his family were particularly fond of the breathtaking views from their apartment’s living room, as well as the bedrooms, offering magnificent sights of Ardmore Park and the Goodwood Hill Estate, featuring iconic black-and-white bungalows surrounded by sprawling gardens.
The condo’s prime location and its spacious unit sizes have made it a desirable living space for senior executives, both local and foreign, prompting Chua to reveal how the units were quite easy to lease out over the years. He went as far as to reveal that rents have been on a progressive rise, with the family’s unit having enjoyed an increase from $11,700 to $17,000 in rental fees within a two-year period, including furniture rental and maintenance charges.
However, with the Chua family now residing abroad, and no longer having the need to maintain their units in Singapore, they have decided to put them up for sale, with List Sotheby’s International Realty’s senior associate vice president, Nancy Tey, serving as the sole sales agent for the property deal.
The condos were given a comprehensive renovation earlier this year, with the original marble flooring in the dining and living areas, bathroom fixtures, kitchen fittings, and timber flooring in all the bedrooms remaining intact, having been installed by the developer back when it was originally launched. A fully renovated unit offers a unique opportunity to make it your way without having to pay for someone else’s tastes. Listed at $7.18 million each, or $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, the units are quite the catch. However, in the event, someone desires to purchase both units, the price becomes $14 million, equivalent to $2,431 per sq ft, according to Tey’s statement.
Tey further shared that the units feature a private elevator, and the units feature just two per floor, a rarity in a development this size. She went on to emphasize that the unit sizes would undoubtedly appeal to a home buyer looking for spacious living quarters, noting that “some families might fancy the idea of buying two adjacent second-floor units to have an eight-bedroom home, as the two spaces share a common corridor at the back.”
Home sellers that are hoping to make a profit from the sale of their property should take comfort in knowing that Draycott Eight has proven to be quite profitable for apartment owners in recent years. The highest recorded profitable transaction was $1.01 million in profits, with multiple other transactions following closely behind. A full eight out of ten recent transactions ended up in profits for the property sellers when compared to its history of price trends.
However, for the person that’s looking to make an even more significant profit from their investment, property owners in Ardmore Park appear to make more profits, with recorded profits ranging between $1.3 million to $5 million, whereas others are still seen to have incurred losses up to 1 million. Units at Ardmore Park have recorded a remarkable upsurge in pricing trends over time, having first crossed the $4,000 per sq ft threshold back in 2012. Since then, the latest price transaction in 2021 saw a unit on the 18th floor sold for $12 million, equivalent to $4,160 per sq ft. A regular unit in the same development could cost about $11 million, while a high-end unit could play as high as $14 million.
In the final analysis, Tey pointed out how Draycott Eight has quite the favourable deal, saying, “the amount you would spend purchasing a unit at Ardmore Park would get you two units at Draycott Eight.” For buyers interested in Draycott Eight, they can reach out to List Sotheby’s Tey, while the rest of the world waits to see what this new deal holds for potential buyers.