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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 buys Vista Park via en bloc sale for $418m

The owners of the 209-unit Vista Park in 50-66 South Buona Vista Road has agreed to sell the property via collective sale to Oxley Holdings for $ 418 million on Thursday (14 December).

The property was acquired by the company’s wholly-owned unit Oxley Spinel Pte Ltd, which intends the refresh the site’s remaining 66-year lease to 99 years and lift certain title restrictions by paying an additional $ 72 million to the Singapore Land Authority.

Oxley intends to redevelop the property, subject to obtaining all the necessary approvals from relevant authorities.

The site measuring 319,250 sq ft has a permissible height of up to five storeys and a plot ratio of 1.4. This works out to a potential gross floor area (GFA) of around 446,951 sq ft, meaning it could generate some 530 units with an average size of about 800 sq ft.

Meanwhile, another wholly-owned unit of the company, Oxley Vietnam Pte Ltd, has purchased a stake in a housing development in Dong Nai province, Vietnam for a total of US$ 12 million (S$ 16.2 million).

This was achieved by acquiring the entire share capital of Centra Cove Pte Ltd, a Singapore-incorporated company engaging in property development and investment holding.  In particular, 27 percent and 73 percent of the stake was acquired from Phuong Tuan Long and Teou Chun Tong Jason.

“Centra Cove holds 75 percent of the licensed charter capital of Phu Thinh Land Company Ltd, a company incorporated in Vietnam, of which only 16.81 percent of the charter capital has been paid up.” It is permitted by the local authorities to jointly develop a residential project at Dong Nai province with a state-owned firm.

 

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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Oxley buys freehold mixed-use site for $14.5m

A wholly-owned unit of Oxley Holdings has exercised an option to purchase a 462 sq m freehold site at Tessensohn Road for $ 14.5 million, revealed an SGX filing on Friday (3 November).

The vacant land zoned for residential with commercial at the ground floor is being acquired by Oxley Amethyst Pte Ltd from unrelated firm Urban Development Pte Ltd.

Previously, Oxley Amethyst paid $ 145,000 when the option was granted on 5 October and paid another $ 580,000 when it decided to proceed with the transaction.

The property is being sold with vacant possession, and the consideration’s remaining balance will be paid upon the deal’s completion within ten weeks from the of acceptance of the option.

Oxley said that the sale is conditional upon obtaining the approval (Qualifying Certificate) from the Land Dealings (Approval) Unit on or before the completion date.

The transaction will be funded by bank borrowings and internal resources, with the seller’s stamp duty to be shouldered by the buyer. The purchase price will also include the goods and services tax, if applicable.

Furthermore, the deal is not expected to have any material impact on the group’s earnings per share or net tangible assets per share for the current fiscal year ending 30 June 2018.

 

This article was edited by Keshia Faculin.

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