Oxley BizHub 60% sold

PropertyGuru

28 April 2011 at 12:00 pm

Oxley Holdings has set a new price standard in the Ubi area with its recent 60-year leasehold industrial project, Oxley Bizhub.

Of the 364 units released, 60 percent was sold by Oxley Holdings during the soft launch of the project, at an average price of S$677 psf of strata area. Most of the Singaporean buyers purchased multiple units.

The prices at Oxley Bizhub are believed to be higher than those at other 60-year leasehold properties in the area, which go up to just slightly more than S$400 psf.

Located near the Tai Seng and MacPherson MRT stations, the leasehold development will comprise four tower blocks and three podium blocks. It will also feature a total of 728 strata-titled factory and warehouse units, ranging between 915 and 3,423 sq ft in size.

Oxley Bizhub will offer recreational facilities, such as a swimming pool and gymnasium, differentiating it from most strata-titled industrial properties.

"The market's positive response to our first industrial project testifies to the good market demand for such uniquely-designed, lifestyle-oriented industrial property," said Ching Chiat Kwong, CEO and Executive Chairman of Oxley Holdings.

Industrial real estate market watchers have been observing Oxley Bizhub, to get a sense of how buyers respond to the higher prices.

"I think it's quite a healthy take-up rate, considering that they are breaking (price) records," said Tan Boon Leong, Industrial Director at Colliers International.

As a result, prices of industrial properties in the Ubi area will increase by "a notch or two", according to Mr. Tan. However, he does not anticipate that they will match levels at Oxley Bizhub, since the project is new and offers a different concept.

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