Two-bedroom loft in Draycott 8 in the Block for $2.8 mil, a popular choice since North Gaia do not offer any 2 bedder units

Two-bedroom loft apartments located at Draycott 8 in the prestigious district 10 will be offered for auction by the owners for the price range that is $2.8 millions at Singapore Realtor’s Inc (SRI) auction on the 29th of July.
The North Gaia EC booking is a new development located in Yishun Ave 9. The total land size is approximately 21,518.8 square metres with a maximum gross floor area (GFA) of 60,240 square meters. The project is estimated to have a total of 600 units. It was approved for development seven years ago and is situated near Yishun MRT station. The project has 616 units and two basement carpark levels. Its facilities include a tennis court and swimming pool.
Draycott 8 is situated in the prestigious Ardmore Park-Draycott Park neighborhood. The luxury condominiums in the vicinity of Ardmore Park include Sculptura Ardmore, Le Nouvel Ardmore along with One Draycott. The area is also home to numerous landed homes on Stevens Road and Goodwood Hill.
The location is centrally situated and is close to it’s Orchard Road shopping belt. There are several major roads, including Scotts Road, Orchard Road and Bukit Timah Road. In addition close MRT stations are Newton Interchange on the North-South and Downtown Lines and Orchard Station on the North-South Line.
Draycott 8 can be described as an 99-year leasehold development which has been completed in the year the year 2005 by Wing Tai Holdings. The development is comprised of three 24 storey blocks.
The residential block located at 6 Draycott Park is comprised of two-bedroom units and lofts that range from 1,173 sq feet to 1,798 square feet. In addition, 8 and 10 Draycott Park is comprised of four-bedroom apartments with sizes ranging from 2,863 sq feet to 3,348 sq feet, plus penthouses that range from 4,015 sq. ft. to 4,187 sq feet.
The auction property is a 1,561 square foot two-bedroom loft located on the 21st floor. It can be accessed via an elevator that is private. The estimated price is $1,793 per square foot. The living room has an oversized ceiling with a double volume. Since it was completed about 15 years ago rent transactions for Draycott 8 have stabilized in line with rental transaction information that was compiled by EdgeProp Singapore (See Chart 1). Rents for a month are at Draycott 8 are on average $4.7 monthly psf (pm) as well as rents ranged between $3.8 pm to $6.7 per sq ft over the last 15 years. This is equivalent to an average rent yield of 2.8 percent.
In the last two years, the rents for units that range from 1,100 square feet to 1,800 square feet at the development ranged between $5,500 pm ($4.80 per square foot per hour) for a two-bedroom unit that was leased in January, to $8,000 at night ($5.20 per square foot at 5:20 pm) for another two-bedroom unit that was leased in October of 2020.
This year two units have been sold in Draycott 8. The most recent is a 1,173 square foot 2 bedroom unit on the 5th floor , which was auctioned off for $2.38 million ($2,029 per sq ft) on the 24th of June. A 2,863 square foot, four-bedroom apartment located on the 17th floor was as well offered for $5.9 million ($2,061 per square foot) the 18th of May.
In contrast, the nearby construction One Draycott is selling its units for more than $3000 per square foot. The freehold development of 64 units was created by SDB Asia, the Singapore property division of Malaysian listed Selangor Dredging Bhd, and it was officially launched in June. In June of last year, the developer has sold a 797 square foot section for $2.45 millions ($3,076 per square foot) and was which was followed by the 732 sq ft property for $2.28 millions ($3,112 per square foot) the following month.
It is expected that the SRI auction for the loft apartment with two bedrooms located at Draycott 8 will take place on the 29th of July.

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