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

  1. #1
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    Default 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

    The 58,000 sq ft plot now houses 46 apartments, with a tender expected to be launched soon

    Apr 20, 2022



    OXLEY Garden, sitting on a 58,207 square feet (sq ft) freehold plot in prime District 9, will soon be put up for collective sale on the heels of the sale of 5 Oxley Rise, a much bigger parcel up the road.

    Built in 1986, the 4-storey Oxley Garden is being marketed with a minimum price of S$200 million.

    A tender is expected to be launched soon.

    The plot now houses 46 apartments ranging from 1,647 sq ft to 1,776 sq ft in size. The site can be rebuilt into a 5-storey 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 marketing agent JLL Singapore, the GFA could be increased to 92,065 sq ft with a GPR of 1.5817, including 8 per cent bonus GFA.

    An access road, owned by the owners of nearby 5 Oxley Rise, splits the Oxley Garden site into two.

    5 Oxley Rise, an iconic mansion located on a huge freehold plot totalling 151,205 sq ft, has just been put on the market and is expected to bag offers of 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 conserved.

    Tan Hong Boon, executive director of capital markets at JLL Singapore, said that the sale of both sites would enhance their value proposition and be mutually beneficial to both sites.

    "A developer who buys both sites - 5 Oxley Rise and Oxley Garden - may reconfigure and explore a comprehensive redevelopment for better site efficiency in design and layout, as well as better visibility in access," he said.

    A factsheet on the site for sale lists the Oxley Garden plot as "not subject to minimum average size control", and as "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 on submission of development plans.

    Situated within the central area, the site is about 600 metres from Somerset MRT Station, about 660 m from Dhoby Ghaut MRT interchange and about 680 m from Fort Canning MRT Station.

    It is also within 1 kilometre of St. Margaret's Primary School and River Valley Primary School.

    https://www.businesstimes.com.sg/rea...-least-s200m-0

  2. #2
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    Default Re: Freehold Oxley Garden apartments up for en bloc sale, asking at least S$200m

    Oxley Garden to be put up for en bloc sale at $200 mil, alongside bungalow at 5 Oxley Rise

    April 19, 2022



    SINGAPORE (EDGEPROP) - The owners of Oxley Garden, a low-rise development sitting on a 58,207 sq ft, freehold site, have decided to put their property up for collective sale, alongside the sale of the bungalow at 5 Oxley Rise. This is because the owners of the bungalow also own the access road to Oxley Garden, which borders the property.

    The owners of Oxley Garden have appointed JLL and Brilliance Capital as their joint marketing agencies. The existing access road from Oxley Rise splits the Oxley Garden site into two. The four-storey Oxley Garden has just 46 apartments and was built in 1986. The existing apartments are typically three-bedroom units, with sizes of 1,647 sq ft and 1,776 sq ft. The site has been zoned for residential use with a gross plot ratio of 1.4.



    Based on the existing plot ratio of 1.4645, the site can be redeveloped into a new five-storey, freehold condominium development with gross floor area (GFA) of 85,246 sq ft. With a gross plot ratio of 1.5817, the GFA is higher at 92,065 sq ft, including 8% bonus GFA.

    The indicative asking price for Oxley Garden is $200 million. The site will be launched for collective sale in the coming weeks. “A developer who buys both sites – 5 Oxley Rise and Oxley Garden - may reconfigure and enjoy better site efficiency in design and layout, as well as better visibility in access, thereby achieving a win-win for owners of both sites,” says Tan Hong Boon, JLL executive director of capital markets at JLL.


    No. 1 to 21 of Oxley Gardens is separated from No. 25 to 46 Oxley Gardens by the access road (Source: EdgeProp Land Lens)

    Very few units change hands at Oxley Garden. In fact, based on caveats lodged since January 1995, there have only been eight recorded transactions. The latest was a decade ago in January 2012, when a 1,647 sq ft unit changed hands for $2.3 million ($1,397 psf).

    https://www.edgeprop.sg/property-new...w-5-oxley-rise

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