By Timothy Tay/ EdgeProp Singapore|February 5, 2020 5:07 PM SGT
SINGAPORE (EDGEPROP) – A two-storey commercial podium at The Rise @ Oxley is on the market for $62.5 million. This translates to about $3,800 psf on the strata area. The sale will be conducted through an Expression of Interest (EOI) exercise and managed by the marketing agent CBRE.Located at 71 Oxley Rise, The Rise @ Oxley is a 10-storey mixed-use development that comprises the two-storey commercial podium and 120 residential units across the remaining upper levels. The podium has a total strata area of 16,459 sq ft, which represents a share value of 28% of the entire development.The first floor has 11 strata units comprising 6,276 sq ft, that come with F&B use approval and full F&B provisions, such as water points, floor traps, and exhaust ducts. Meanwhile, the 18 strata units on the second floor have a total strata area of 10,183 sq ft, and two of these units have approval for F&B use.
The podium at The Rise @ Oxley has a strata area of 16,459 sq ft, which is 28% of the development’s share value (Picture: CBRE)
“Apart from 3,879 sq ft of space on Level 2 that are currently leased to an established childcare centre, the rest of the units in the commercial podium are to be sold with vacant possession. Subject to approval from the MCST [Management Corporation Strata Title], the successful buyer has potential signage rights onto both Clemenceau Avenue and Oxley Rise,” says CBRE. Clemence Lee, senior director of capital markets at CBRE, says: “Given that the subject property is being predominantly sold on vacant possession basis, the potential buyer can explore repositioning and curating an exciting tenant mix.”In addition, the vendor is offering income support of 4% gross yield in the first year to the successful buyer. Lee expects the property will enjoy capital and rental appreciation in the “mid-term”, given the government’s plans to rejuvenate Dhoby Ghaut into a family-friendly lifestyle zone. Lee adds, “Opportunities to own a freehold street-fronting commercial podium in prime locations are extremely rare. At an attractive price of $3,800 psf on strata area, this is an opportunistic buy for investors and owner-occupiers to acquire a well-located freehold commercial podium.”
The purchase is open to locals and foreigners, with no imposition of additional buyer’s stamp duty or seller’s stamp duty on the sale. The EOI exercise closes on March 12.
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