A prominent mansion located at 5 Oxley Rise, once home to Jewish businessman Manasseh Meyer and real estate tycoon Cheong Eak Chong, has been put on the market. This expansive two-storey bungalow, situated on a 151,205 sq ft freehold site in Singapore’s coveted District 9, is expected to attract bids exceeding $300 million, according to marketing agent CBRE.
The property is owned by seven family members, all sons of the late Mr. Cheong, who founded the listed developer Hong Fok Corporation and Tian Teck Group. The owners include 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, many of whom are connected to either Hong Fok Corp or the Hong Kong-listed Tian Teck Land.
The last resident of the mansion, matriarch Lim Ghee, passed away in February 2020. The public tender for the property will close on June 8 at 3 PM.
Michael Tay, head of Singapore capital markets at CBRE, noted that “plum landed sites in Singapore larger than 100,000 sq ft are typically tightly held and rarely available for sale.” He anticipates that this prime location, coupled with the site’s advantageous attributes, will generate substantial interest and offers above $300 million.
The site, composed of two land plots, provides a unique 360-degree panoramic view of the city and is designated for residential (two-storey mixed landed) use. This zoning allows for various redevelopment options, including the construction of a single large mansion, a strata or mixed-use landed development, or multiple good class bungalows (GCBs), subject to regulatory approval.
If sold at approximately $300 million, this transaction would set a new record for residential land in prime District 9. Samuel Eyo, managing director of Lighthouse Property Consultants, suggested that the development of cluster bungalows could maximize land use and profitability, given the current demand for landed properties.
Recent transactions in the area include a Cluny Hill GCB that sold for $63.7 million in April 2021 and another GCB on Nassim Road that fetched $128.8 million in March 2021. Tay mentioned that if the existing mansion is preserved, the Urban Redevelopment Authority (URA) might consider designating the site as part of a GCB area, creating a unique opportunity for developers and owner-occupiers alike.
Data from List Sotheby’s International Realty revealed that there were 12 deals in GCB areas worth $322.54 million in the first quarter of 2022, a decline from the 24 deals totaling $700.9 million during the same period the previous year. The slowdown in transactions is attributed to recent property curbs, the Chinese New Year holiday lull, and geopolitical uncertainties, particularly due to the Russia-Ukraine conflict. Despite these challenges, Singapore’s status as a safe investment haven continues to attract ultra-high-net-worth foreign investors, with a projected increase in luxury property investments expected in the latter half of the year as cross-border travel restrictions ease.