By Cheryl Tay:
Property developer Oxley Holdings has exercised its option to buy 71/73/73A Oxley Rise (pictured) for S$130 million, reported The Business Times.
Located in District 9, the freehold property has a land area of about 25,630 sq ft and was reportedly sold by trustees of The Sir Manasseh Meyer Synagogue and School Trust. At present, the site comprises a two-storey building which houses the Manasseh Meyer International School.
The price translates to S$1,453 psf ppr, inclusive of the S$26 million estimated development charge (DC), assuming the site is redeveloped into a 60:40 residential / commercial project.
Zoned residential and commercial with a 4.2+ plot ratio, the site could be developed into a new project of up to 10 storeys with a maximum gross floor area (GFA) of 107,646 sq ft.
Knight Frank brokered the transaction via a private treaty deal. The site was previously marketed through an Expression of Interest (EOI) that ended on 1 December 2011.
According to market watchers, Oxley may develop apartments on the upper levels and strata shops and / or office units on the lower floors, catering to the current strong demand for strata commercial space.
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