Freehold Oxley Garden apartments up for en bloc sale, asking at least S$200m

by Albert02

Freehold Oxley Garden apartments up for en bloc sale, asking at least S$200m

Freehold Oxley Garden apartments up for en bloc sale, asking at least S$200m. OXLEY Garden, a 58,207 square feet (sq ft) freehold plot in prime District 9, will be put up for collective sale soon, following the sale of 5 Oxley Rise, a much larger parcel up the road.

The 4-story Oxley Garden, built in 1986, is being marketed with a minimum price of S$200 million.

A tender will most likely be issued soon.

The plot now houses 46 apartments ranging in size from 1,647 to 1,776 square feet. Based on its existing gross plot ratio (GPR) of 1.4645, the site can be rebuilt into a 5-story condominium with a gross floor area (GFA) of 85,246 sq ft.

JLL Singapore estimates that the GFA could be increased to 92,065 square feet with a GPR of 1.5817, including an 8% bonus GFA.

An access road owned by the owners of nearby 5 Oxley Rise divides the Oxley Garden site in two.

5 Oxley Rise, an iconic mansion on a massive 151,205 sq ft freehold plot, has just been listed for sale and is expected to fetch more than S$300 million.

The land is zoned for landed housing and may be gazetted as a Good Class Bungalow area if the existing house is preserved.

Tan Hong Boon, executive director of capital markets at JLL Singapore, stated that selling both sites would improve their value proposition and benefit both.

“A developer who purchases both sites – 5 Oxley Rise and Oxley Garden – may reconfigure and investigate a comprehensive redevelopment for better site efficiency in design and layout, as well as better visibility in access,” he explained. Similarly with AMO Residence which is slated for June 2002 launch.

According to a factsheet on the sale site, the Oxley Garden plot is “not subject to minimum average size control” and is “within Special Control Area 1.”

According to the Urban Redevelopment Authority website, special control areas “may be subject to security screening requirements,” which the agency will confirm when development plans are submitted.

The site is about 600 meters from Somerset MRT Station, 660 meters from Dhoby Ghaut MRT interchange, and 680 meters from Fort Canning MRT Station.

It’s also close to St. Margaret’s Primary School and River Valley Primary School.

Click the image to read the full details of report.
Source:
https://www.businesstimes.com.sg/real-estate/freehold-oxley-garden-apartments-up-for-en-bloc-sale-asking-at-least-s200m-0

 

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