Oxley Tower units snapped up in a jiffy

[reporter2]

http://www.businesstimes.com.sg/sub/...23940,00.html?

Published March 31, 2012

Oxley Tower units snapped up in a jiffy

Cafes and shops sold out in buying frenzy, 60% of office units taken up

By MICHELLE TAN


IF NOT for the Oxley Tower signboard in the lobby, it would have looked like yet another line of Singaporeans queueing up for their share of freebies.

It was a buying frenzy at the Oxley Tower launch yesterday with anxious buyers frantically flipping through price lists and dishing out cheques to their agents on standby.

Response for the rare freehold strata development located in the heart of Singapore's central business district (CBD) - at 138 Robinson Road - was immense with all its shop and cafe units receiving interest from more than one buyer, triggering the need for two phases of ballots (carried out at 12.30pm and 4.30pm respectively) to place the units to their 'lucky' new owners.

Cafe units ranged from 398 to 807 square feet in size with prices starting from $6,200 per square foot (psf) to $7,200 psf (averaging $6,653 psf).

For shops, units ranged from 118 sq ft to 409 sq ft, with prices starting from $3,800 psf and extending to $6,000 psf (averaging $4,820 psf).

The developer, Oxley Consortium, also released 56 out of 104 office units (947 sq ft to 1,346 sq ft) straddled across level 5 to level 18 of the tower, at prices ranging from $2,800 psf to $3,490 psf (averaging $3,048 psf) at the launch yesterday.

In total, the freehold strata development comprises 121 shops, eight cafes and 104 office units.

In addition, the development also has space for a gym or spa and three restaurants. However, the company said that it will consider selling these units only upon receiving expressed interest from prospective buyers.

As of yesterday evening, all of the development's cafe and shop units were sold out. The office units also saw brisk sales with 60 per cent of the units finding buyers as well.

Oxley Tower is expected to receive its temporary occupation permit (TOP) sometime in December 2018.

[Regulators]

I hope nobody would buy any retail units for this development. Off peak hours this place would be a ghost town and think about it, who would ever think of shopping in that area on weekends or after work?

[DC33_2008]

Some of these shops at 408sqft are larger than a MM unit.

http://www.businesstimes.com.sg/sub/...23940,00.html?

Published March 31, 2012

Oxley Tower units snapped up in a jiffy

Cafes and shops sold out in buying frenzy, 60% of office units taken up

By MICHELLE TAN


IF NOT for the Oxley Tower signboard in the lobby, it would have looked like yet another line of Singaporeans queueing up for their share of freebies.

It was a buying frenzy at the Oxley Tower launch yesterday with anxious buyers frantically flipping through price lists and dishing out cheques to their agents on standby.

Response for the rare freehold strata development located in the heart of Singapore's central business district (CBD) - at 138 Robinson Road - was immense with all its shop and cafe units receiving interest from more than one buyer, triggering the need for two phases of ballots (carried out at 12.30pm and 4.30pm respectively) to place the units to their 'lucky' new owners.

Cafe units ranged from 398 to 807 square feet in size with prices starting from $6,200 per square foot (psf) to $7,200 psf (averaging $6,653 psf).

For shops, units ranged from 118 sq ft to 409 sq ft, with prices starting from $3,800 psf and extending to $6,000 psf (averaging $4,820 psf).

The developer, Oxley Consortium, also released 56 out of 104 office units (947 sq ft to 1,346 sq ft) straddled across level 5 to level 18 of the tower, at prices ranging from $2,800 psf to $3,490 psf (averaging $3,048 psf) at the launch yesterday.

In total, the freehold strata development comprises 121 shops, eight cafes and 104 office units.

In addition, the development also has space for a gym or spa and three restaurants. However, the company said that it will consider selling these units only upon receiving expressed interest from prospective buyers.

As of yesterday evening, all of the development's cafe and shop units were sold out. The office units also saw brisk sales with 60 per cent of the units finding buyers as well.

Oxley Tower is expected to receive its temporary occupation permit (TOP) sometime in December 2018.

[carbuncle]

I hope nobody would buy any retail units for this development. Off peak hours this place would be a ghost town and think about it, who would ever think of shopping in that area on weekends or after work?

Those no-lifers who stay in One Shenton, The Clift, Lumiere etc.... lor

Work in CBD during weekdays, weekends also hang out in CBD...

[terence]

i though grade A office rents are stagnant if not coming down....

[Jonathan0503]

I hope nobody would buy any retail units for this development. Off peak hours this place would be a ghost town and think about it, who would ever think of shopping in that area on weekends or after work?

As I have mentioned, strata title for retail and shops will not work well.

Time will tell. There are many of such developments around and you can compare it with the successful retail malls