Two Units Draycott Eight Sale 14 Mil
Mr Chua, a resident of Hong Kong, and his family were among the first 25 buyers to purchase a unit at Draycott Eight, a luxurious private condo with 136 units, back in late 2005.
The Chua family invested in a spacious four-bedroom, 2,896 sq ft unit on the 14th floor for $5.1 million ($1,762 psf) in June 2006. The location of Draycott Eight, situated at Draycott Park near Scotts Road and Orchard Road, was a major draw for them. Additionally, the family’s close relatives had also purchased units in the same building and across the road, which further influenced their decision to invest in the property.
The Chuas were so pleased with their experience at Draycott Eight that they went on to purchase an adjoining four-bedroom unit of 2,863 sq ft for $5.65 million ($1,973 psf) in November 2006. Originally intended as an investment property for rental purposes, the family decided to hold on to both units for several years.
Developed by Wing Tai Holdings, Draycott Eight is located in the exclusive Draycott Drive-Draycott Park neighborhood in prime District 10. The condo consists of three 24-storey blocks spread across a 153,000 sq ft, 99-year leasehold site. Two of the blocks feature four-bedroom apartments ranging from 2,863 to 2,986 sq ft, and penthouses of 4,015 to 4,187 sq ft. The third block offers two-bedroom apartments, including simplexes of 1,173 sq ft and duplexes or “Sky Suites” of 1,798 sq ft.
One of the notable features of the condo is the two-storey, black-and-white conservation bungalow that sits on the site. Built in the 1920s, the bungalow was formerly the residence of a British Air Marshall before being used as the École Française de Singapour (Singapore French School) for the next 30 years from 1967.
The condo boasts an impressive range of facilities including a library, business center, theater, multi-purpose hall, jacuzzi, sauna, gym, games room, billiards room, and a dining room for hosting parties. Outside, residents can enjoy a 50m swimming pool, tennis courts, barbeque area, and beautifully landscaped grounds. These facilities and the grounds are currently undergoing upgrades.
According to Mr Chua, Draycott Eight is not only a beautiful and peaceful place to live, but it also offers excellent facilities and a top-notch concierge team. Finding tenants for the units has been a smooth process over the years, with many tenants being senior management of both local and foreign companies.
Rental prices have seen steady increases over the years, with the most recent rental being $17,000 per month, including furniture rental and maintenance charges, in December 2022. The Chua family’s decision to sell their units now is due to their relocation overseas and their no longer needing to maintain two properties in Singapore. The units have undergone recent renovations and are currently for sale through Nancy Tey, senior associate vice president of List Sotheby’s International Realty.
The Tampines North district is in a constant state of evolution and exciting developments are on the horizon. The area is expected to experience an influx of new commercial and residential structures, further enriching the already abundant amenities and facilities available. This is great news for residents of the Aurelle of Tampines EC as it brings them closer to essential conveniences and has the potential to boost their property value, making it a prudent investment. An excellent example is the much-anticipated Tampines Street 62 EC, which is set to elevate the area and provide even more advantages for its residents. Make sure to keep an eye out for Tampines Street 62 EC as it continues to transform the Tampines North region.
The two units are priced at $7.18 million each, 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 buyer is interested in purchasing both units, the price will be $14 million ($2,431 psf), according to Ms Tey.
Currently, Draycott Eight is owned by institutional investors, with one block purchased by two Morgan Stanley funds in 2007 and another purchased by Keppel Fund Management (formerly Alpha Investment Partners) in 2010. In 2015, Hong Kong-listed Far East Consortium International acquired the second block from Morgan Stanley, while in 2017, TPG Angelo Gordon (formerly Angelo Gordon) purchased the 22 units from Keppel Fund Management.
The latest transaction at Draycott Eight was in March for a four-bedroom unit on the eighth floor that sold for $6.28 million ($2,169 psf). On the other hand, Ardmore Park, another luxury condo located nearby, has seen transactions ranging from $4,108 to $4,472 psf for four-bedroom units this year. However, units at Draycott Eight are still relatively cheaper due to its 99-year lease.
For those looking to invest in the area, Ms Tey recommends Draycott Eight as a more affordable option, especially for those interested in purchasing two adjacent units to create an eight-bedroom home. The two units currently for sale have undergone recent renovations and are available for purchase by private treaty.
Readers can browse the latest listings for Draycott Eight and Ardmore Park on EdgeProp to explore more about the properties’ features and prices.
