OXLEY Garden is back on the market, after a collective sale by tender closed in June without sealing a deal. Real estate agencies JLL and Brilliance Capital have relaunched the tender at a minimum price of S$200 million, unchanged from the asking price of the earlier en bloc attempt. 

Spanning Nos 1 to 46 Oxley Garden, the freehold residential site was first put up for sale in April, shortly after an adjacent, larger property at 5 Oxley Rise was put on the market. The owners of 5 Oxley Rise own an access road that splits the Oxley Garden site into two. Both tenders closed in June 2022 without sales. 

At the time of the first tender for Oxley Garden in April, JLL said the sale of both sites would enhance their value proposition and be mutually beneficial to both sites, as the developer who bought both sites together could reconfigure and explore a comprehensive redevelopment for better site efficiency and access.

More than 80 per cent of Oxley Garden’s owners have consented to the collective sale at the S$200 million minimum price, according to marketing agent JLL in a press statement on Monday (Sep 19).

Oxley Garden was built in the 1960s, comprising 6 4-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 2 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 5 storeys, JLL highlighted Oxley Garden’s “as-built” gross floor area (GFA) of some 85,246 sq ft, which is equivalent to a GPR of about 1.4645.

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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 S$2,346 psf ppr at the property’s 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 S$2,133 psf ppr.

Oxley Garden joins a growing list of prime properties put up for collective sale where tenders have recently closed without sealing a deal, or have moved into protracted talks with potential buyers.

Last week, the freehold Trendale Tower in the Cairnhill area closed its tender on Sep 13 without seeing any bids. The condo, close to the Orchard Road belt, was put up for sale at a guide price of S$178 million or about S$2,386 per square foot per plot ratio (psf ppr). BT understands that the sellers are in talks with some parties for private treaty negotiations.

A week before that, Orchard Bel Air – another freehold site – closed its tender on Sep 6 with owners going into discussions with potential buyers. Orchard Bel Air was asking S$587.5 million, or about S$2,500-S$2,600 psf ppr.

Owners of 5 Oxley Rise are also said to be in talks with parties after its tender closed in June. The large freehold Oxley Rise site had gone on the market expecting offers in excess of S$300 million.

Located in District 9, Oxley Garden is about 600 metres away from the Somerset MRT Station and within 1 km of St Margaret’s Primary School and River Valley Primary School. The tender for Oxley Garden closes at 3pm on Nov 1, 2022.