A massive land plot at 5 Oxley Rise is up for sale by public tender. According to CBRE, the marketing agent for the sale, the plot is one of the last remaining freehold residential landed sites within District 9.
5 Oxley Rise is located on a hilltop and comprises two land plots of approximately 151,205 sq ft. Situated on the site are a two-storey bungalow and four outhouses, enjoying tranquility and sprawling lush greenery.
According to the press release, the bungalow offers “a rare breathtaking 360-degree panoramic view of the city”. More specifically, a National Heritage Board article stated that this view includes the former home of Lee Kuan Yew at 38 Oxley Road.
“Given its prime location and superior physical attributes, we are expecting this trophy asset to attract offers in excess of S$300 million,” said Michael Tay, Head of Singapore Capital Markets at CBRE.
The site was previously in the news around two years ago when Business Times reported that it was expected to go on sale after the death of its last resident matriarch Lim Ghee. Back then, the asking price was supposedly S$250 million. The plot was reportedly owned by seven members of the Cheong family of Hong Fok Corporation and Tian Teck Group.
Flexibility for redevelopment, including a new GCB area?
The land plot is zoned for residential use (2-storey mixed landed). This would mean that potential developers and owners have a few options to redevelop the land. This includes redeveloping it to accommodate a single large mansion, a strata or a mixed-use landed development or multiple Good Class Bungalows (GCB), subject to approval from the authorities.
Tay explained, “If the existing mansion is conserved, we understand that the URA will consider gazetting the site into a Good Class Bungalow Area (GCBA). With only 39 gazetted GCBAs in Singapore, this is a rare opportunity for developers to create a product within a brand new GCBA. For owner-occupiers, it is a once-in-a lifetime opportunity to acquire sprawling land to build multiple GCBs to house multiple generations. Not forgetting, this esteemed asset class has also proven to be resilient through various market cycles due to its tight ownership.”
The tender will close on 8 June at 3pm.
A rare chance to own a piece of Singapore’s history
The site has changed hands several times since the 19th century, and has seen its fair share of drama.
A mansion called Pavilion previously stood on this site and was built in 1847. Famous surgeon and plantation owner Dr Thomas Oxley had lived there for 10 years before leaving for England.
At one point during his residence, he fired several shots at a local burglar who was escaping from his room. It was said that after the incident, Dr Oxley had performed a surgery to remove the pellets from a patient with multiple shot wounds, with the doctor knowing how the patient was wounded.
After his departure, the house was owned by Friedrich Albert Schreiber of German trading firm Behn, Meyer and Co, followed by Catchick Moses, a prominent Armenian businessman who founded The Straits Times. The mansion also served as the temporary site of Government House between 1859 and 1861.
The existing mansion was said to have been commissioned by Manasseh Meyer, a prominent Jewish businessman, in the 1920s. He also commissioned the construction of the neighbouring Chesed-El Synagogue.
In 1934, the house was under the spotlight when it was leased to Japanese mining company Ishihara Sangyo Koshi. Its managing director, Yoshio Nishimura, had died of strychnine poisoning while being questioned by the local police.
In the following year, the house was converted into a private hotel, before being leased out as a private residence.
Do you think 5 Oxley Rise will become a new GCB area? Let us know in the comments section below or on our Facebook post.
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