Unsuccessful En Bloc Attempts

Orchard Bel Air en bloc closes without sale

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.

The existing Oxley Garden, where the access road to the development bordering the bungalow at 5 Oxley Rise is also owned by the owners of the bungalow plot (Credit: Google Earth)

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.