You may have heard of a 99-1 property ownership arrangement, but have you ever considered owning a one-seventh share of a sprawling bungalow in prime District 9?

This unique sale is the outcome of a court-ordered receiver’s sale, involving a property that is truly intriguing.

The property in question is 5 Oxley Rise, a vast 151,204 sq ft plot featuring a grand two-storey bungalow with single-storey outhouses and an access road along its eastern boundary.

Situated just minutes away from Orchard Road shopping belt and Dhoby Ghaut MRT station, this hilltop bungalow plot is on an exceptionally large freehold parcel in a prime district.

Despite its size, 5 Oxley Rise is not classified as a Good Class Bungalow. Approximately 117,229 sq ft of the plot is zoned for two-storey mixed landed housing as per the latest Master Plan.

ERA Singapore has been appointed as the marketing agent for the sale of the one-seventh interest in the property by the Joint and Several Receivers, Joshua James Taylor and Chew Ee Ling of Alvarez & Marsal (SE Asia).

How 5 Oxley Rise got divided into seven shares

In 2022, the bungalow was listed for sale at $300 million, potentially making it one of the most valuable residential plots in Singapore at that time.

Previously owned by Cheong Eak Chong, a pioneer real estate developer in Singapore, the property was inherited by his seven sons, each receiving a one-seventh interest and leading to the fractional ownership arrangement.

However, the fact that one-seventh of the property is under receivership implies financial challenges faced by one of the inheritors, leading to the court-ordered sale.

Buyers of the one-seventh share become co-owners of the land but must collaborate with other owners for any decisions regarding the property's use, alteration, or monetization.

What a 1/7th share actually gives the buyer

Owners of the one-seventh share can participate in property-related decisions but do not have independent rights to utilize the property without the consent of other owners.

It is uncommon for such fractional ownership to be exposed to the open market, as most high-value landed assets are resolved privately within families.

This type of fractional ownership is not uncommon in some inheritance situations, but it’s rarely exposed to the open market.

The sale of the one-seventh stake in 5 Oxley Rise is scheduled to close on Thursday, 9 April and is based on an "as-is-where-is" premise.