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).
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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.
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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).
