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. Following the sale of 5 Oxley Rise, a much larger parcel up the road, OXLEY Garden, a 58,207 square feet (sq ft) freehold plot in prime District 9, will be put up for collective sale soon.
The four-story Oxley Garden, which was built in 1986, is being sold for a minimum of S$200 million.
A tender will almost certainly be issued shortly.
The land is now home to 46 apartments ranging in size from 1,647 to 1,776 square feet. The site can be rebuilt into a 5-story condominium with a gross floor area (GFA) of 85,246 sq ft based on its existing gross plot ratio (GPR) of 1.4645.
According to JLL Singapore, the GFA could be increased to 92,065 square feet with a GPR of 1.5817, including an 8% bonus GFA.
The Oxley Garden site is divided in two by an access road owned by the owners of nearby 5 Oxley Rise.
5 Oxley Rise, an iconic mansion on a massive freehold plot totaling 151,205 sq ft, has just been listed for sale and is expected to fetch more than S$300 million.
If the existing house is preserved, the land is zoned for landed housing and may be gazetted as a Good Class Bungalow area.
According to Tan Hong Boon, executive director of capital markets at JLL Singapore, 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 improved access visibility,” he explained.
The Oxley Garden plot, according to a factsheet on the sale site, 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. Another new development which is also near o school is AMO Residence.
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