Hong Leong garden shopping Centre also known as NEWEST is located at West Coast Way was puchased by Oxley Holdings for S$171.128 million, the biggest en bloc sale in Singapore this year. The land price will be equates to between S$804 psf and S$819 psf of potential gross floor area (GFA), at the allowable gross plot ratio of 1.6 and a maximum height of 12 storeys. The former devlopment was built by Hong leong group in the 1980s by the Hong Leong Group which comprised of 72 apartments and 66 shop units. This site is sitting on a 956-year leasehold with the land size of 150,816 sq ft.
The current site is located next to the Hundred Trees condominium. It is zoned for “Residential with Commercial at 1st Storey” under the 2008 Master Plan. It has an allowable height of up to 12 storeys and a gross plot ratio of 1.6. Credo said that the Singapore Land Authority (SLA) has also granted approval to enlarge the site area by combining the adjoining state land parcel of nearly 13,482 sq ft. This means that the property can be enlarged to 164,298 sq ft, with a total gross floor area (GFA) of approximately 262,877 sq ft.