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. On Tuesday (Nov 1), the latest collective selling tender for freehold Oxley Garden expired without a bid. Following the failure of a previous tender in June, the prestigious District 9 site was relisted at the same asking price of S$200 million.
JLL and Brilliance Capital listed the residential site for sale in April, shortly after the sale of a neighboring, larger property at 5 Oxley Rise. The owners of 5 Oxley Rise, whose tender also expired without a sale in June, control the access road that divides the Oxley Garden site in two.
JLL stated at the time of the first tender for Oxley Garden 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, built in the 1960s, sits on 58,207 square feet of land and is made up of six blocks of 46 walk-up apartments. JLL stated that the site can be rebuilt into a five-story condominium with a gross floor area (GFA) of 85,246 square feet based on its current gross plot ratio (GPR) of 1.4645.
Without the need for a land betterment payment, also known as a development charge, the property can support a total GFA of up to 93,770 sq ft, including a 10% bonus GFA. At a minimum price of S$200 million and a base GPR of 1.4645, the site’s unit land rate is approximately S$2,346 per sq ft per plot ratio. The unit land rate, including the extra GFA, is around S$2,133 psf ppr. Oxley Garden is located approximately 600 meters from Somerset MRT Station and one kilometer from St Margaret’s Primary School and River Valley Primary School.
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