Business

Oxley Holdings wins bid to buy clan's 99-year leasehold plot

Property developer Oxley Holdings emerged as the most suitable candidate out of more than 80 parties for the purchase of a 99-year leasehold plot owned by the Huang Shi Zong Hui Singapore (Huang Clan Association), Edmund Tie & Company said yesterday.

Edmund Tie, the agent for the sale, also said it had conducted an expression-of-interest exercise in December 2014 on the 2,219.6 sq m site, which has a plot ratio of 2.8, with the intention of seeking joint-venture proposals to redevelop the property.

This followed news on Monday that the property developer's wholly owned subsidiary Oxley Pearl bought the plot in Lorong 35 Geylang for $13 million, with plans to turn it into an eight-storey mixed-use development to be named Sixteen35 Residences.

The plot, which houses the clan association's headquarters, is zoned for residential/institution use under the Urban Redevelopment Authority's 2014 Master Plan.

Sixteen35 Residences will house the clan association's future 22,500 sq ft premises on the second and third storeys. The facilities include a multi-purpose hall, a cultural and heritage exhibition room and a library, and will be transferred back to the association for use as its headquarters.

Oxley will inherit the apartment units for sale, which will be from the fourth to eighth storeys.

The development will have communal facilities, a swimming pool and a basement carpark.

The consideration for the sale took into account current market prices of properties in the surrounding area and Oxley's assessment of the land's development potential.

Clan association chairman Ng Poh Wah said it has had the vision of having an upgraded headquarters for many years.

"We are proud to announce this milestone on behalf of all our members," he said. - THE STRAITS TIMES

Property