Oxley Garden, a prime site in District 9 has been relaunched for collective sale via public tender by real estate firms JLL and Brilliance Capital at a minimum price of S$200 million.
This figure is identical to the asking price that was presented during its last effort to sell the property en bloc.
The freehold residential site, which is located at 1–46 in Oxley Garden, was first made available for collective sale by public tender in the month of April this year.
This came only a short time after the property directly opposite to it, number 5 Oxley Rise, was placed on the market. Both tenders were closed in June 2022 without attracting any buyers.
According to a press release issued by the marketing firm JLL on Monday, more than 80% of the owners of the properties located in Oxley Garden have given their approval for the collective sale at a minimum price of S$200 million.
Oxley Garden was developed in the 1960s and consists of six four-storey blocks that accommodate 46 walk-up flats ranging in size from 1,647 to 1,776 square feet.
The prime site is zoned “residential” and consists of two land parcels totaling 58,207 square feet.
While it has a gross plot ratio of 1.4 and a maximum height of 5 storeys, JLL noted Oxley Garden’s “as-built” gross floor area (GFA) of 85,246 sq ft, which is comparable to a GPR of roughly 1.4645.
This means that the site could have a total GFA of up to 93,770 sq ft, including a 10% bonus GFA, without having to pay a land betterment fee, also called a development charge.
At the property’s S$200 million minimum asking price and base GPR of 1.4645, JLL estimates a unit land rate of around S$2,346 psf ppr. The unit land rate, including a 10% bonus GFA, would be lower at S$2,133 psf ppr.
The Oxley Garden enbloc site is located within the Core Central Region (CCR) of Singapore, around 600 metres from the Somerset MRT Station and within 1 kilometer of River Valley Primary and St. Margaret’s Primary Schools.
The public tender for the Oxley Garden redevelopment site concludes on November 1, 2022, at 3 p.m.