An associate company of Oxley Land has acquired a majority stake in Golden Flower Group, which is controlled by the family of Indonesian businessman Nico Po, and owns a residential site located at 55 Devonshire Road.
The deal is believed to have valued the freehold site at approximately $1,380 psf ppr inclusive of a $2-million development charge.
Several analysts have estimated that the lump-sum value of the freehold site would be almost $50 million for the transaction. In 2007, Golden Flower purchased the site for $42 million.
The 13,404-sq-ft site formerly housed Mayer Mansion, a 10-unit apartment development. It is zoned for residential use with a plot ratio of 2.8, the ratio of maximum potential gross floor area to land area, under Master Plan 2008.
Oxley could redevelop the site into a new project with around 120 units averaging 300 sq ft each.