Oxley Garden's second en bloc bid of S$200 million is unsuccessful

Nov 01, 2022

The latest collective sale tender for Freehold Oxley Garden expired on Tuesday (Nov 1) without a bid.

After a previous tender closed without a sale in June, the prime District 9 site was relisted at the same asking price of S$200 million.

The residential site was first listed for sale in April by real estate firms JLL and Brilliance Capital, shortly after the sale of an adjacent, larger property at 5 Oxley Rise.

The owners of 5 Oxley Rise, whose tender also expired in June without a sale, own an access road that divides the Oxley Garden site in two.

JLL stated at the time of the first tender for Oxley Garden that the sale of both sites would enhance their value proposition and be mutually beneficial to both sites, as the developer who purchases both sites together could reconfigure and explore a comprehensive redevelopment for improved site efficiency and access.

The four-story Oxley Garden, built in the 1960s, sits on a 58,207 sq ft plot and consists of six blocks of 46 walk-up apartments.

Based on its existing gross plot ratio (GPR) of 1.4645, JLL stated that the site can be rebuilt into a five-story condominium with a gross floor area (GFA) of 85,246 square feet (sq ft).

The site can accommodate a total GFA of up to 93,770 sq ft, including a 10% bonus GFA, without the need for a land betterment charge, also known as a development charge.

The site's unit land rate is approximately S$2,346 per sq ft per plot ratio at a minimum price of S$200 million and a base GPR of 1.4645. (psf ppr).

The unit land rate, including the bonus GFA, is approximately S$2,133 psf ppr.

Oxley Garden is about 600 metres from Somerset MRT Station and one kilometre from St Margaret's Primary School and River Valley Primary School.

Other prime properties that have had collective sale tenders closed without a deal in recent months include the freehold Trendale Tower in Cairnhill and the leasehold Orchard Bel Air on Orchard Boulevard.