Oxley has launched its prime retail space on Levels 1 and 2 of The Rise @ Oxley for sale, at an asking price of $75 million ($4,557 psf). The freehold commercial space sits in a mixed-use development near the Orchard Road shopping belt in District 9. The retail space comprises 29 shops, with 11 dedicated restaurant units on the first floor and 16 retail units and two restaurants on the second floor. The retail units could also be rented out for alternative uses, subject to approval.

According to URA’s 2014 Master Plan, the site is zoned “commercial and residential” with a plot ratio of 4.2. The potential owner will hold 16,459 sq ft out of a total of 97,408 sq ft, and have full control of the tenancy mix. There will be no additional buyer’s stamp duty charged. Foreigners are also eligible to purchase the site.

The retail units are expected to receive footfall from residents staying at The Rise @ Oxley Residences and visitors from neighbouring offices and schools. It is within a 10-minute walk of the Dhoby Ghaut and Somerset MRT stations. The Rise @ Oxley Residences has a total of 120 freehold apartments, all fully sold, according to Cushman & Wakefield, the marketing agent for the retail site. The expression of interest will close on May 24.