Oxley Garden is on the market for collective sale in conjunction with the bungalow at 5 Oxley Rise have decided to put their property up for collective sale for a total of $200 million. The six blocks of four-storey, walk-up apartments were believed to have been built sometime in the late 1950s by property mogul Cheong Eak Chong, whose primary residence had been the mansion at the top of the hill at 5 Oxley Rise.
A side-gate at the bottom of the garden of 5 Oxley Rise facilitated the comings and goings of family members between the two properties in the past. According to URA, the site is zoned for residential use with a plot ratio of 1.4, under the Master Plan 2019. A new development with a gross floor area of 85,246 sq ft can be built on the site. According to Tan Hong Boon, JLL executive director of capital markets, Oxley Garden is located within the Central Area, hence it does not need to adhere to a minimum size for the new apartments.
Assuming an 85 sq m average size for the new units, however, a developer could build a new condominium block with 93 apartments. If a developer wants to build luxury apartments with an average size of 250 sq m , the site can accommodate 31 apartments CBRE’s Tay: Given the vantage point of the site, the bungalow commands a 360-degree panoramic view of the city