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Potential New Price Benchmark for Commercial Sites

Apr 15, 2011 - Samantha Loveridge
The industrial development at Ubi Road is going to be on the market soon for a potentially benchmark price of at least $600 psf. Oxley Holdings are the company behind the sale of the building, known as Oxley Bizhub, and could create a new guideline price for commercial property in the area.
 
There are concerns about the height of the price as Oxley won the site last year for just $169psf. The site has a 60-year leasehold, is close to two MRT stations (Tai Seng and MacPherson), and is zoned for Business 1 development making it accessible to light industries. Oxley Bizhub is advertised as having three podium blocks and four tower blocks. This will mean that there will be 728 units available starting at 915sq ft in size.
 
The site is unusual as it offers not only under- and above-ground car parks, but also a swimming pool and gym. Usually recreational facilities like these are fairly rare at commercial or industrial sites.
 
However, the abnormally high price of the property means that the cheapest unit could cost as much as $600,000. Market watchers who anonymously spoke to The Business Times said that other units offering the same amount of leasehold all fall around the $400psf guide price. The price for Oxley Bizhub is unheard of in the area.
 
If the sale completes then it will be down to a few factors, mostly a good location and the availability of recreational facilities. Combine these with a currently optimistic industrial market and the new cooling measures in the residential market and it could be possible that the sale goes through despite the high price.
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Related Categories: Non-Residential

Tags: commercial property, Oxley Bizhub, property listing, real estate company, Singapore property prices, Singapore property pricing, Singapore real estate

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