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 failed in June, the prestigious District 9 site was relisted at the same asking price of S$200 million.

The residential site was listed for sale in April by 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, control the access road that splits the Oxley Garden site in half.

At the time of the first tender for Oxley Garden, JLL stated that selling both sites together would improve 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, erected in the 1960s, is made up of six blocks of 46 walk-up flats and lies on 58,207 square feet of ground. Based on its current gross plot ratio (GPR) of 1.4645, JLL estimates that the site can be rebuilt into a five-story condominium with a gross floor area (GFA) of 85,246 square feet.

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, also 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. 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 from St Margaret’s and River Valley Primary Schools.

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