Oxley Holdings unit acquires McDonald's Place

PropertyGuru

10 April 2012 at 11:03 pm

The iconic McDonald's Place (pictured) at the junction of Clementi Road and Bukit Timah Road has been sold to Oxley Sanctuary, a wholly-owned subsidiary of Oxley Holdings, for approximately S$150 million (S$2,918 psf).

Oxley said the acquisition price was decided on a willing-buyer-willing-seller basis, based on the current market value of properties in the surrounding area and after assessing the site's redevelopment potential.

Knight Frank, the sole marketing agent for the property, said that given the potential gross floor area (GFA) of 16,604 sq m, including an estimated development charge (DC) of around S$65.8 million, the price tag works out to a land price of about S$1,207 psf ppr.

Located along King Albert Park, the property is home to McDonald's corporate headquarters, a McDonald's outlet and Cold Storage. The two-storey commercial building is situated on a 5,534.8 sq m site zoned for residential-cum-commercial development, with a maximum plot ratio of 3.0.

Oxley Holdings said it plans to redevelop the property jointly with KSH Holdings, Lian Beng Group and Heeton Holdings. It added that the acquisition will be funded through internal resources and bank borrowings.

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