[UPDATE] Oxley Garden to be put up for en bloc sale at $200 mil, alongside bungalow at 5 Oxley Rise

SINGAPORE (EDGEPROP) - The owners of Oxley Garden, a low-rise development sitting on a 58,207 sq ft, freehold site, have decided to put their property up for collective sale, alongside the sale of the bungalow at 5 Oxley Rise. This is because the owners of the bungalow also own the access road to Oxley Garden, which borders the property.

The owners of Oxley Garden have appointed JLL and Brilliance Capital as their joint marketing agencies. The existing access road from Oxley Rise splits the Oxley Garden site into two. The four-storey Oxley Garden has just 46 apartments and was built in the 1950s by the late property tycoon Cheong Eak Chong, whose family owns the neighbouring bungalow at 5 Oxley Rise. The apartments were initially built for the family's use. It was only in the mid-1980s that the apartments were put up for sale. The apartments are all three-bedroom units, with sizes of 1,647 sq ft and 1,776 sq ft. The site has been zoned for residential use with a gross plot ratio of 1.4.

Based on the existing plot ratio of 1.4645, the site can be redeveloped into a new five-storey, freehold condominium development with gross floor area (GFA) of 85,246 sq ft. With a gross plot ratio of 1.5817, the GFA is higher at 92,065 sq ft, including 8% bonus GFA.

The indicative asking price for Oxley Garden is $200 million. The site will be launched for collective sale in the coming weeks. “A developer who buys both sites – 5 Oxley Rise and Oxley Garden - may reconfigure and enjoy better site efficiency in design and layout, as well as better visibility in access, thereby achieving a win-win for owners of both sites,” says Tan Hong Boon, JLL executive director of capital markets at JLL.

Very few units change hands at Oxley Garden. In fact, based on caveats lodged since January 1995, there have only been eight recorded transactions. The latest was a decade ago in January 2012, when a 1,647 sq ft unit changed hands for $2.3 million ($1,397 psf).