Tuesday, March 27, 2012

Oxley buys EastCoast enbloc commercial site

Business Times: Tue, Mar 27
OXLEY Holdings Ltd has made the first purchase of a commercial en bloc site in 2012, according to a statement released yesterday.

GRTH Building, located at 66 East Coast Road, was bought for $76.1 million through a collective sale facilitated by Mount Everest Properties Pte Ltd, the manager of the sale.

The freehold 22,147 square foot property has a potential gross floor area of about 66,441 sq ft, with unit land price for the site about $1,298 per sq ft per plot ratio of potential gross floor area, inclusive of development charge. This sets a new record for East Coast Road property, with Paramount Hotel being sold at $1,178 per sq ft per plot ratio previously.

The property site zoned for commercial use with a 3.0 plot ratio, has the potential for various redevelopment options such as hotel, commercial or residential purposes, pending approval from the authorities.

And the new property development looks set to complement the stretch of East Coast Road which is being rejuvenated by new condominiums such as The Shore Residences, shopping malls like 112 Katong, and trendy eateries...

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