The public tender sale of Orchard Bel Air closed on Sep 6, 2022 without a bid. Its owners have entered into discussions with potential buyers under the 10-week private treaty phase.
Located at the doorstep of the soon-to-open Orchard Boulevard MRT Station, the prime District 10 condominium was put up for sale at S$587.5 million on Jul 27.
The 71-unit development’s 99-year leasehold tenure started in Aug 1980, and it has a land area of about 93,126 square feet (sq ft). Under the Master Plan 2019, it has a gross plot ratio (GPR) of 2.8 and a building height control of up to 36 storeys. No development charge is payable. Taking into consideration the 7 per cent bonus gross floor area allowed for balconies, the price translated to approximately S$2,526 psf ppr.
The last successful large-scale en bloc sale in the Orchard Boulevard vicinity was Park House, located just across the road from Orchard Bel Air. Park House was sold for S$375.5 million or S$2,910 psf ppr in Jun 2018.
Meanwhile, the sale of two Prime District 9 sites – 5 Oxley Rise and Oxley Garden – also closed without sales on Jun 8 and Jun 14 respectively.
Launched on Apr 19, 5 Oxley Rise is a rare freehold landed site with an enormous size of 151,205 sq ft. According to the Business Times, (BT)t its sellers are talking to a few parties in private.
5 Oxley Rise is situated on a hilltop. It comprises 2 land plots, with a 2-storey bungalow and 4 outhouses surrounded by sprawling greenery on site. According to the Master Plan 2019, the site is zoned for residential (2-storey mixed landed) use.
The bungalow is an iconic mansion steeped in a rich heritage, where numerous notable figures in Singapore’s history have resided. These include Manasseh Meyer, a Jewish businessman responsible for constructing the neighbouring Chesed-El Synagogue, and Cheong Eak Chong, one of Singapore’s pioneer real estate developers and founder of Hong Fok Corporation and Tian Teck group.
Adjacent to 5 Oxley Rise is Oxley Garden, which was also launched for sale in April, at a minimum price of S$200 million. Built in 1986, the 4-storey Oxley Garden sits on a 58,207 sq ft freehold plot which is split into 2 by an access road owned by the owners of 5 Oxley Rise. The owners have recently relaunched the Oxley Garden for sale at the same minimum price. The tender will close on Nov 1, 2022.