A conglomerate led by Oxley Holdings has participated in the biggest en bloc sale in Singapore this year, with the acquisition of Hong Leong Garden Shopping Centre for S$171.128 million.
The purchase of the mixed development at West Coast Way equates to a land price of between S$804 psf and S$819 psf of potential gross floor area (GFA), at the allowable gross plot ratio of 1.6 and a maximum height of 12 storeys.
Built in the 1980s by the Hong Leong Group, the property houses 72 apartments and 66 shop units and was placed on collective sale in August through a tender exercise which ended on 19 September. The shopping centre is located on a 956-year leasehold site spanning 150,816 sq ft.
Tan Hong Boon, Deputy Managing Director at Credo Real Estate, the company which brokered the sale, said, “The tender exercise was keenly contested, drawing four submissions. Even with the availability of Government Land Sale sites, en bloc sites like Hong Leong Garden Shopping Centre are attractive as developers have the flexibility to do a mix of commercial and residential units in the new development.”
The conglomerate is 65 percent controlled by Oxley Holdings and the remaining 35 percent is held by Unique Consortium, comprising Zap Piling, TEE International Limited, KSH Holdings and Heeton Holdings.
The sale, which is pending approval from the Strata Titles Board, is said to be Oxley’s largest property acquisition yet.
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