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For sale: OG family's plum properties

ON THE MARKET: The former OG building located at 228 Orchard Road, a freehold property that is currently leased to Courts Singapore, is now up for sale by expression of interest.


    Jan 13, 2014

    For sale: OG family's plum properties

    AN EXPRESSION of interest (EOI) has been launched seeking buyers for the former OG building at 228 Orchard Road near Somerset MRT station, along with seven residential properties - including Good Class Bungalows (GCBs) in Cornwall Gardens, Rochalie Drive and Swettenham Road - owned by the Tay family that owns the OG department-store group.

    BT understands that OG and the Tays are testing the market and exploring options for their substantial real-estate holdings. In addition to the seven residential properties being put up for EOI, the family is said to own a string of others.

    The EOI closes on Feb 14 and potential buyers may make offers for any or all of the properties listed.

    Knight Frank, which is marketing the properties, launched the EOI on Friday for 228 Orchard Road, a freehold property that is currently leased to Courts Singapore.

    Market-watchers expect the five-storey building with three basement levels to fetch more than $200 million or around $4,500 per square foot (psf), based on the existing gross floor area of 44,314 sq ft.

    Over the past six months, freehold strata retail units in the vicinity have changed hands in the resale market at around $6,500-$7,200 psf in Far East Plaza, $3,700-$8,600 psf in Lucky Plaza and $2,500-$4,900 psf in Orchard Towers, said Knight Frank.

    The property-consulting group's director and head of investment and capital markets, Mr Ian Loh, said: "A prime, freehold retail mall along Orchard Road is hard to come by. This is an opportunity for investors to own a prime asset in the Orchard Road shopping corridor."

    Among the properties in GCB areas that the Tays have put on the market is 20 Rochalie Drive, a two-storey bungalow on land area of 16,960 sq ft and built-up area of around 6,070 sq ft. It has five bedrooms and a pool.

    Also available for sale is 6C Swettenham Road, a double-storey bungalow with a pool sitting on about 12,000 sq ft of land. Its built-up area of 5,400 sq ft includes five bedrooms.

    The third GCB is 33 Cornwall Gardens, an old bungalow on 24,387 sq ft of land. All three bungalows are vacant.

    A 1,755 sq ft, three-bedroom apartment at the Botanic Gardens View development at 9 Taman Serasi is also on offer.

    The other three properties are located in the upscale waterfront housing district of Sentosa Cove.