SINGAPORE: Oxley Garden has been relaunched for collective sale by tender at a reserve price of S$200 million, marketing agent JLL said on Monday (Sep 19).
Built in the 1960s, the low-density residential development located near Orchard Road in District 9 consists of 46 walk-up apartments in six four-storey blocks, JLL said in a news release. The company is overseeing the sale with Brilliance Capital.
"More than 80 per cent of the owners have consented to the collective sale at a minimum price of S$200 million," JLL said.
"The property consists of two land lots with a total land area of approximately 58,207 sq ft."
The freehold site was previously offered for collective sale in April at the same reserve price.
Under the 2019 Urban Redevelopment Authority (URA) Master Plan, the Oxley Garden site is zoned for residential use at a gross plot ratio (GPR) of 1.4 with an allowable height of up to five storeys, JLL said.
"However, the property has an 'as-built' gross floor area (GFA) of some 85,246 sq ft or an equivalent GPR of about 1.4645," the company added.
"Inclusive of 10 per cent bonus GFA, it can accommodate a total GFA of up to 93,770 sq ft with no land betterment charge – formerly 'development charge' – payable."
At the S$200 million reserve price, the property has a unit land rate of about S$2,346 per sq ft per plot ratio at the base gross plot ratio of 1.4645, JLL noted.
Taking into account the 10 per cent bonus gross floor area, the unit land rate is about S$2,133 per sq ft per plot ratio.
The tender for Oxley Garden closes at 3pm on Nov 1, 2022.