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, said it had conducted an expression-of-interest exercise in 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, a library, meeting rooms and an office, 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.
The association is moving its administrative office temporarily to York International Building in 10 Upper Aljunied Link. It is expected to move to its new premises in the first half of 2021.