ERA Realty Network has been appointed as the sole and exclusive marketing agent for the sale of a one-seventh interest in the property located at 5 Oxley Rise in the prime District 9.
Previously the residence of the late property tycoon Cheong Eak Chong, who passed in 1984, the property features a two-storey bungalow with single-storey outhouses on sprawling elevated grounds. The property was divided among seven of Cheong’s sons, each with a one-seventh share.
While ERA did not share a guide price, 5 Oxley Rise was marketed at $300 million in 2022.
Including an access road bordering its eastern boundary, the site has a total land area of 14,047.4 sqm. According to the Urban Redevelopment Authority (URA) Master Plan 2025, the main plot of 10,891 sqm is zoned for two-storey envelope mixed landed housing.
Perched atop a hill with commanding views of its surroundings, the development enjoys a prime location just minutes from the Orchard Road shopping belt, offering residents convenient access to a wide range of retail, dining and lifestyle options.
The development is well-connected, with easy access to major roads such as Orchard Road, River Valley Road and the Central Expressway (CTE).
It is also located close to Dhoby Ghaut MRT interchange, which serves three MRT lines.
Pearl Lok, director of capital markets and investment sales at ERA Singapore, says: “This presents a rare opportunity for interested parties to acquire a stake in one of District 9’s last remaining prime assets. With its exceptional location and strong potential for future redevelopment, the property represents a highly compelling proposition.”
According to the latest URA landed property price index, landed residential prices recorded a 7.6% y-o-y growth in 2025, alongside a 11.2% increase in transaction volume, totalling 1,852 transactions, based on URA caveats lodged in January.
See also: Pair of adjoining shophouses in Chinatown up for sale
The sustained demand reflects continued confidence among local high-net-worth buyers, who view landed homes as a stable asset class with strong long-term capital preservation and growth potential, says ERA.
The sale of the opportunity is on an “as-is-where-is” basis. The tender for the opportunity closes at 3pm on April 9. ERA was appointed by the joint and several receivers, Joshua James Taylor and Chew Ee Ling of Alvarez & Marsal (SE Asia).
