Oxley Garden’s second attempt at S$200 million en bloc closes with no bids

by Albert02

Oxley Garden’s second attempt at S$200 million en bloc closes with no bids

Oxley Garden’s second attempt at S$200 million en bloc closes with no bids. The latest collective selling tender for freehold Oxley Garden expired on Tuesday (Nov 1) without a bid. After a previous tender concluded without a sale in June, the prestigious 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 a neighboring, larger property at 5 Oxley Rise. The owners of 5 Oxley Rise, whose tender also expired in June without a sale, hold 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, is on a 58,207 sq ft land and consists of six blocks of 46 walk-up apartments. Based on its present 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 property can support a total GFA of up to 93,770 sq ft, including a 10% bonus GFA, without the need for a land betterment payment, sometimes known as a development charge. The site’s unit land rate is roughly 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 additional GFA, is approximately S$2,133 psf ppr. Oxley Garden is about 600 meters from Somerset MRT Station and one kilometer between St Margaret’s Primary School and River Valley Primary School.

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Source: https://www.businesstimes.com.sg/property/mobile-spotlight/oxley-gardens-second-attempt-s200-million-en-bloc-closes-no-bids

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