Published March 27, 2012

Oxley buys EastCoast enbloc commercial site


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.

In a separate statement, real estate consultancy Savills which is acting on behalf of European based fund manager SEB, said it has launched the Asia marketing of its sale of Portman Square House, an office building in London's West End.

Savills has been instructed to market the 116,082 sq ft building in Asia, for bids in excess of £pounds;127 million to reflect a net initial yield of 5.33 per cent.

'London remains a safe haven amid current economic volatility and a favourable location amongst an increasing number of funds, family offices and high net worth investors originating from Asia,' said Craig Ward, senior director, Savills Singapore who is handling Asia marketing on behalf of SEB.

Mr Ward said that Portman Square House is a Grade A office building in the West End of London.

The building's current tenants include Cushman and Wakefield LLP, Invesco UK Ltd, Regus and CIB Properties.