Tag Archives: Acquires

Oxley Holdings acquires freehold property from interested person

Oxley Holdings, via its wholly-owned subsidiary Oxley Amethyst Pte Ltd, has exercised an option to acquire a property along Balestier Road for $ 38 million from Owen Private Limited.

With a land area of around 1,118.4 sq m, the freehold property is zoned residential with commercial on the first storey at a gross plot ratio of 3.0.

In an SGX filing, Oxley revealed that Owen’s shareholders – Ching Chiat Kwong, Low See Ching and Tee Wee Sien – are also Oxley’s executive chairman and CEO; deputy CEO and substantial shareholder, respectively.

It noted that the three hold 47.5 percent, 42.5 percent and 10 percent, respectively, of the issued share capital of Owen.

But while the acquisition is an interested person transaction, the approval of shareholders will not be needed since the purchase consideration is around 3.5 percent of the group’s latest audited net tangible assets as at 30 June 2017.

Oxley believes that the purchase will enable it “to undertake a larger development project of greater value by amalgamating the property” with No. 3 Tessensohn Road and an adjoining state land.

Separately, Oxley announced that it has taken a 25.5 percent stake in Australian firm Pindan Capital Mermaid Beach (PC Mermaid Beach).

This comes after Oxley Australia subscribed for 4.845 million fully paid ordinary shares in PC Mermaid Beach, which has an issued share capital of A$ 19 million (S$ 19.7 million).

The remaining share capital comprising 14.155 million ordinary shares is held by Pindan Capital Investments, a fully-owned subsidiary of Pindan Group, in which Oxley holds a 40 percent interest.

“PC Mermaid Beach has acquired a 1,417-square metre site in the centre of Broadbeach and Mermaid Beach on the Gold Coast, Australia and intends to undertake a high-rise residential development on the site, subject to obtaining all relevant regulatory approvals,” it said.

Oxley explained that the investment in PC Mermaid Beach is in line with the group’s expansion plans.

 

This article was edited by Keshia Faculin.

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Oxley acquires residential units for $21.53mil

Oxley Holdings, via its fully-owned subsidiary Oxley Topaz Pte. Ltd., has exercised the option to acquire eight residential units at 21 Meyappa Chettiar Road for a total price of $ 21.53 million.

Zoned for residential use, the freehold property has a land area of around 898.1 sq m.

In an SGX filling, Oxley revealed plans to “redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities”.

Oxley noted it had paid a sum of $ 215,300 upon the grant of the options and another $ 861,200 during the exercise of the options. The rest of the purchase price will be paid upon the completion of the acquisition.

It plans to fund the purchase by internal resources and bank borrowings.

Oxley does not expect the acquisition to materially affect the company’s earnings per share or net tangible assets per share for the current financial year ending 30 June 2018.

 

This article was edited by Keshia Faculin.

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Oxley acquires Mayfair Gardens for $311mil

Mayfair Gardens is a 99-year leasehold development that comprises 124 units. (Photo: Knight Frank)

Oxley Holdings Ltd, via its subsidiary Citrine Property Pte Ltd, has acquired Mayfair Gardens for $ 311 million, said marketing agent Knight Frank.

With an additional lease top-up premium of around $ 52 million, the sale price translates to a land rate of around $ 1,244 psf per plot ratio (ppr).

Knight Frank noted that each owner stands to gain a gross sale price of about $ 1.7 million to $ 2.89 million “upon a successful sale, to several conditions being met, including an order of sale by the Strata Titles Board or High Court”.

Featuring six walk-up blocks of 124 apartment units, Mayfair Gardens has a site area of 19,368 sq m or around 208,475 sq ft. It is situated within a coveted residential area, with the development near various amenities, reputable schools and King Albert Park MRT Station.

“The new development could potentially house 387 residential units, assuming 70 sq m on average given its desirable location. At the sale price of $ 311 million, the breakeven price for the new project is estimated at $ 1,780 psf,” said Knight Frank executive director and head of investment & capital markets Ian Loh.

In an SGX filing, Oxley revealed that the purchase price will be funded by bank borrowings and internal resources.

Oxley does not expect the purchase to materially affect the company’s earnings per share or net tangible assets per share for the current financial year ending 30 June 2018.

 

This article was edited by Keshia Faculin.

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