SINGAPORE (EDGEPROP) – Oxley Garden has been relaunched for collective sale via tender at a minimum price of $200 million. More than 80% of owners of the freehold low-rise development have consented to the sale, say marketing agents JLL and Brilliance Capital.
The development was launched for collective sale in April at the same minimum price. It was put up on the market alongside a bungalow at 5 Oxley Rise that was put for sale at $300 million as the bungalow owners also own the access road to Oxley Garden, which borders the property. The tenders for both properties closed in June without finding a buyer.
The four-storey Oxley Garden has just 46 apartments and was built in the 1950s. The apartments are all three-bedroom units, with sizes of 1,647 sq ft and 1,776 sq ft.
Oxley Garden sits on two land lots with an area of approximately 58,207 sq ft. The land is zoned for residential use with a gross plot ratio of 1.4 and an allowable height of up to five storeys.
According to JLL and Brilliance Capital, the development has an “as-built” gross floor area (GFA) of 85,246 sq ft or an equivalent gross plot ratio of about 1.4645. Inclusive of a 10% bonus GFA, a new development at the site can accommodate a total GFA of up to 93,770 sq ft, with no land betterment charge payable.
The minimum price works out to a land rate of about $2,356 psf per plot ratio (psf ppr) at the current gross plot ratio of 1.4645. Factoring in an additional 10% bonus GFA, the land rate would be adjusted to $2,133 psf ppr.
Oxley Garden is 600m away from the Somerset MRT Station (North-South Line) and 660m from the Dhoby Ghaut MRT Station (interchange for the North-South, North-East and Circle Lines). Schools within a 1km radius include St. Margaret’s Primary School and River Valley Primary School, while tertiary institutions include the School of The Arts and the Singapore Management University.
The tender for Oxley Garden will close on Nov 1 at 3pm.
