SINGAPORE: Oxley Garden continues to be relaunched for group sale by tender at a reserve price of S$200 million, advertising agent JLL said on Monday (Sep 19).
Built in the 1960s, the low-density residential development located close to Orchard Road within District 9 includes 46 walk-up apartments in six four-storey blocks, JLL mentioned in a news release. The organization is overseeing the sale with Elegance Capital.
“More than 80 per cent of the owners have consented to the collective sale at a minimum price of S$200 million, inch JLL said.
“The property consists of two land a lot with a total land area of approximately fifty eight, 207 sq feet. ”
The particular freehold site was once offered for collective sale in Apr at the same reserve price.
Under the 2019 Urban Redevelopment Power (URA) Master Plan, the Oxley Backyard site is zoned for residential use at a gross storyline ratio (GPR) of just one. 4 with an permitted height of up to five storeys, JLL mentioned.
“However, the property has an ‘as-built’ major floor area (GFA) of some 85, 246 sq ft or an comparative GPR of about 1 . 4645, ” the organization added.
“Inclusive of 10 percent bonus GFA, it could accommodate a total GFA of up to 93, 770 sq ft without land betterment cost – formerly ‘development charge’ – payable. ”
At the S$200 million book price, the property has an unit land price of about S$2, 346 per sq ft per plot proportion at the base major plot ratio of just one. 4645, JLL observed.
Taking into account the particular 10 per cent reward gross floor area, the unit land rate is about S$2, 133 per sq feet per plot percentage.
The tender for Oxley Garden closes at 3pm on Nov 1, 2022.