Thirty-eight out of The Draycott’s 132 condo units were recently put on sale in the market. According to news from Property Report (last updated in July 2014), investors can expect them to fetch about S$198 million ($155.6 million) in total.
This residential project was developed by Tan Chwee Boon Pte Ltd. in 1980. Since the completion of this 34-story high-rise tower, its easily recognizable cylindrical architectural design has allowed it to be an iconic landmark in the city since the 80s.
According to Karamjit Singh, a property industry veteran and the current CEO of the real estate consultancy firm Delasa, “When The Draycott was built in the 1980s, it was the new icon of luxury and prestige.” Back then, it set a new standard in luxury condo living with its distinctive architecture while it towers over the other neighboring residences around the vicinity. While its unique design set it apart decades ago, The Draycott maintained its high-value today. Its prime location in Draycott Park, Tanglin, Holland , District 10 makes it an excellent investment and ideal luxury living space. It also offers easy accessibility to various nearby attractions and amenities, excellent connectivity to other parts of Singapore, and full-scale condo facilities.
A total of 132 units are spread across its 34 floors, and tenure is freehold. The Draycott offers various condo types, including a two-bedroom-unit (1,300 to 1,700 square feet), a three-bedroom-unit (2,600 to 2,800 square feet), and a four-bedroom-unit (2,637 square feet). The 38 out of 132 condos for sale represent about 31 percent of the entire building. Thirty of those are all located entirely within one column in the tower block, and they boast beautiful views of Goodwood Hill.
Thirty-one percent is no small number, and Singh says that it’s because en bloc sales usually happen in cycles. “The property market is experiencing a low point now, with the cumulative weight of the suppressive measures at its peak, especially with foreigners needing to pay 18 percent stamp duty,” he adds.
Because of this, prices of high-end residences along the area of Orchard Road went down from its high back in 2007.
Compared with other residential projects in the vicinity, The Draycott’s valuation of S$20,451 per square meter actually offers a discount. Similarly, three condominium units at the nearby Ardmore Park were sold only for an estimated S$37,566 per sqm in the second half of 2013, while a unit as Four Seasons was sold only at s$25,000 per sqm. This means that it’s a good season for investors looking to purchase cheaper luxury properties at The Draycott and other residential developments in the vicinity.
Why do properties in The Draycott make good investments?
The Draycott is situated at one of the most desirable real estate locations in Singapore. It’s developed in Draycott Park, part of the famous ‘billionaire’s belt’ along with Ardmore Park and Draycott Drive. The prestigious neighborhood, surrounded by vast greenery spaces, houses the properties of several tycoons and many of Singapore’s elite.
Although The Draycott is located in a quiet neighborhood that offers a change of pace from the frenzy of the city, a wide assortment of nearby amenities and attractions are still available at the convenience of its residents.
It’s in close vicinity with Singapore’s most famous retail district, Orchard Road. Residents can easily take a few-minute stroll from their condo to the shopping boulevard and enjoy the long stretch of shopping malls, sidewalk cafes, restaurants, and more. Several elite member-only clubs such as The American Club are also within reach.
Various amenities such as hospitals, clinics, supermarkets, food joints, and recreational centers are within walking or driving distance. Elite schools and institutions such as Raffle Girls’ School (Secondary) and Anglo-Chinese School (Primary) are also nearby.
Residents also enjoy easy accessibility. Private vehicle owners will find it convenient that The Draycott is located nearby main roads such as Balmoral Road and major expressways such as Pan Island Expressway. People who travel via public transportation can also just walk to several bus stops and MRT stations.
More than its prime location, The Draycott also has a wide variety of condo facilities such as a swimming pool, a gym, a BBQ pit, a children’s playground, and a covered car park.