Cheong family's Oxley Rise mansion: Receivers offer one-seventh stake for sale
The hilltop bungalow used to be the residence of the late property tycoon Cheong Eak Chong, and seven of his sons owned the property. (Photo: ERA)
Receivers have put a one-seventh interest in the hilltop property at 5 Oxley Rise up for sale by tender, ERA Realty Network announced on Feb 25 as the sole and exclusive marketing agent. An indicative price was not provided, as the interest is being offered on a "view to offer" basis.
In a receivership sale, a court-appointed receiver takes control of an asset to sell it to recover funds, often on behalf of a lender.
The two-storey bungalow at 5 Oxley Rise was previously the residence of the late property tycoon Cheong Eak Chong, founder of Singapore-listed real estate developer Hong Fok Corp and the Tian Teck group. Seven of his sons, each with a one-seventh share, owned the property, according to a title search in 2022, EdgeProp Singapore reported then.
The joint and several receivers for the one-seventh interest that is up for sale are Joshua James Taylor and Chew Ee Ling of Alvarez & Marsal (SE Asia). ERA did not identify the owner of this stake.
Back in April 2022, the sprawling 151,205 sq ft site — made up of one plot on which the bungalow sits, and another plot with an access road and the neighbouring Oxley Garden condominium — had been put on the market via two tenders at a breathtaking combined $500 million.
The bungalow and four single-storey outhouses are on the main elevated plot spanning 117,230 sq ft, located at 5 Oxley Rise. The plot is zoned for two-storey envelope mixed landed housing, according to the Urban Redevelopment Authority’s (URA) Master Plan 2025,
This bungalow plot was offered for sale by tender in April 2022 for $300 million.
Source: EdgeProp LandLens
The other plot, with an area of 33,975 sq ft, comprises the access road and Oxley Garden condo. In April 2022, the owners of the 46 apartments at Oxley Garden also relaunched the property for collective sale at a $200 million reserve price, although that did not materialise.
Situated in the heart of District 9, the bungalow is perched atop a hill with commanding views of its surroundings and is just minutes away from the Orchard Road shopping belt, ERA said in its Feb 25 press release.
It is also well-connected, with easy access to major roads such as Orchard Road, River Valley Road, and the Central Expressway.
Pearl Lok, director of capital markets and investment sales at ERA Singapore, said the receiver’s sale offers a rare opportunity for interested parties to acquire a stake in one of District 9’s last remaining prime assets.
“With its exceptional location and strong potential for future redevelopment, the property represents a highly compelling proposition,” she added.
Landed residential prices in Singapore increased by 7.6% y-o-y in 2025, while sales volumes grew by 11.2% to 1,852 transactions, based on URA caveats lodged in January 2026, ERA noted.
The agency said this sustained demand reflects continued confidence among local high-net-worth buyers, who view landed homes as a stable asset class with strong long-term capital preservation and growth potential.
The sale of the partial interest in 5 Oxley Rise is on an “as-is-where-is” basis. The tender closes on April 9 at 3pm.
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