Oxley Garden tries for collective sale again at unchanged $200m minimum price

SINGAPORE – Oxley Garden has been jointly relaunched for sale by tender by real estate agencies JLL and Brilliance Capital at a minimum price of $200 million, unchanged from its earlier collective sale attempt’s asking price.

Spanning Nos. 1 to 46 Oxley Garden, the freehold residential site was first launched for collective sale by public tender in April shortly after the adjacent property, 5 Oxley Rise, was put on the market. Both tenders closed in June without sales.

More than 80 per cent of Oxley Garden’s owners have consented to the collective sale at the $200 million minimum price, according to marketing agent JLL in a press statement on Monday.

Oxley Garden was built in the 1960s, comprising six four-storey blocks that collectively house 46 walk-up apartments ranging from 1,647 sq ft to 1,776 sq ft in size.

The site is zoned “residential” and made up of two land plots with an approximate total land area of 58,207 sq ft. While it has a gross plot ratio (GPR) of 1.4 with an allowable height of up to five storeys, JLL highlighted Oxley Garden’s “as-built” gross floor area (GFA) of about 85,246 sq ft, which is equivalent to a GPR of about 1.4645.

This means the site can accommodate a total GFA of up to 93,770 sq ft inclusive of a 10 per cent bonus GFA, without having to pay a land betterment charge or what was formerly known as a development charge.

JLL estimates a unit land rate of about $2,346 psf per plot ratio (ppr) at the property’s $200 million minimum asking price and base GPR of 1.4645. Including a 10 per cent bonus GFA, the unit land rate would be $2,133 psf ppr.

Located in District 9, Oxley Garden is about 600m away from Somerset MRT Station and within 1km of St. Margaret’s Primary School and River Valley Primary School.

The tender for Oxley Garden closes at 3pm on Nov 1, 2022. THE BUSINESS TIMES