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Oxley Holdings acquires freehold property from interested person

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.

Reference from Propertyguru.com.sg - December 27, 2017.