Receivers put one-seventh stake in Cheong family’s Oxley Rise mansion on the block

[SINGAPORE] Receivers have put a one-seventh stake in 5 Oxley Rise – a bungalow belonging to the Cheong family of Hong Fok Corporation – up for sale by tender, without disclosing an indicative price.The bungalow was previously the residence of Cheong Eak Chong, one of Singapore’s pioneer real estate developers and founder of Hong Fok Corporation and Tian Teck group. The property was reportedly jointly owned by all seven sons of the late Cheong. A court-ordered receivership sale in real estate is initiated when a property owner defaults on loans or faces severe financial distress. ERA, the sole marketing agent for the sale, did not identify the owner of the one-seventh stake that is up for sale. The joint and several receivers for the one-seventh interest are Joshua James Taylor and Chew Ee Ling of Alvarez & Marsal (SE Asia). The site has a total land area of about 151,204 square feet (sq ft), comprising one plot on which the bungalow sits and another plot with an access road and the neighbouring Oxley Garden condominium. In April 2022, the bungalow plot was put up for sale, asking for offers of more than S$300 million. Situated on a hilltop, 5 Oxley Rise spans some 117,230 sq ft and features a two-storey bungalow and four outhouses. In the same month that year, owners of the neighbouring Oxley Garden condominium launched the property for collective sale at S$200 million asking price. Both tenders closed without a sale in June 2022. A second en-bloc attempt for Oxley Garden in September 2022 at an unchanged asking price of S$200 million also closed with no bids. Pearl Lok, ERA Singapore director of capital markets and investment sales, said given its prime location and “strong potential for future redevelopment”, the property has a “highly compelling proposition”. Located in the prime district, 5 Oxley Rise is in close proximity to Dhoby Gaut MRT interchange. According to the Master Plan 2025, the main plot occupied by the bungalow is zoned for two-storey envelope mixed landed housing. Landed residential prices recorded a 7.6 per cent year on year growth in 2025, latest data from the Urban Redevelopment Authority showed. Based on caveats lodged in January 2026, transactions totalled 1,852. “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,” said ERA. The sale of the partial interest in 5 Oxley Rise is on an “as-is-where-is” basis. The tender closes on Apr 9.