Hong Fok’s Cheong family puts up Oxley Rise mansion for sale, Latest Business News

A sprawling mansion at 5 Oxley Rise, the place Jewish businessman Manasseh Meyer and actual property tycoon Cheong Eak Chong as soon as resided has been put up on the market.

The hilltop, two-storey bungalow which sits on a 151,205 sq ft freehold web site in prime district 9 is predicted to draw provides in extra of $300 million, advertising agent CBRE stated on Monday (April 18).

The property is owned by seven members of the identical household, all sons of the late Mr Cheong, founding father of listed developer Hong Fok Company and Tian Teck group, in line with The Enterprise Instances.

BT listed the seven homeowners as Mr Cheong Hooi Hong, Mr Cheong Keng Hooi, Mr Cheong Kheng Lim, Mr Cheong Sim Lam, Mr Cheong Pin Chuan, Mr Cheong Kim Pong and Mr Cheong Pin Seng. Most of them are concerned with both Singapore-listed Hong Fok Corp or Hong Kong-listed Tian Teck Land.

One among Singapore’s oldest builders, Tian Teck group developed Worldwide Plaza in Anson Highway, which just lately relaunched its collective sale tender for $2.7 billion.

The mansion’s final resident was matriarch Lim Ghee, who died in February 2020, in line with BT.

The general public tender will shut on June 8 at 3pm.

Mr Michael Tay, head of Singapore capital markets at CBRE, stated: “Plum landed websites in Singapore that are bigger than 100,000 sq ft are sometimes tightly held and are hardly ever put up on the market, and as such, this asset class has been confirmed to be resilient by way of varied market cycles. Given its prime location and superior bodily attributes, we predict this trophy asset to draw provides in extra of $300 million.”

The location, which consists of two land plots, provides a uncommon 360-degree panoramic view of town and is zoned for residential (two-storey combined landed) use. Meaning the location may be redeveloped to accommodate a single massive mansion, a strata or a mixed-use landed growth, or a number of good class bungalows (GCBs), topic to the authorities’ approval.

“If bought at about $300 million, this shall be a brand new report worth for residential land in prime district 9,” Mr Samuel Eyo, managing director of Lighthouse Property Consultants, stated.

“Based mostly on present zoning and demand for landed property, it will likely be a good suggestion to construct cluster bungalows to maximise land use and revenue,” he stated.

Some current landed transactions within the neighborhood embrace a Cluny Hill GCB, which transacted at $63.7 million, or a land fee of $4,291 per sq ft per plot ratio, in April 2021. One other GCB in Nassim Highway was bought for $128.8 million in March 2021.

Mr Tay added: “If the present mansion is conserved, we perceive that the URA (City Redevelopment Authority) will think about gazetting the location into a very good class bungalow space.

“With solely 39 gazetted GCB areas in Singapore, this is a chance for builders to create a product inside a model new GCB space. For owner-occupiers, it’s a once-in-a lifetime alternative to amass sprawling land to construct a number of GCBs to accommodate a number of generations,” he stated.

Checklist Sotheby’s Worldwide Realty’s evaluation of information from the URA’s Realis platform confirmed that there have been 12 offers in GCB areas price $322.54 million within the first quarter of 2022, down from 24 offers totalling $700.9 million a 12 months in the past. Within the fourth quarter of 2021, there have been 12 offers price $341.2 million.

Checklist Sotheby’s Worldwide Realty analysis director Han Huan Mei attributed the market slowdown to the newest spherical of property curbs, the Chinese language New Yr vacation lull and uncertainty brought on by the Russia-Ukraine battle.

However Singapore’s fame as a secure haven for traders will nonetheless entice the ultra-high-net-worth international traders to park their funds right here, she stated.

With the comfort of cross-border journey restrictions, Checklist Sotheby’s sees the tempo of luxurious property funding selecting up within the second half of this 12 months.

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