Oxley Holdings snaps up freehold Ampas Apartment for S$95m

DEVELOPER Oxley Holdings announced on Tuesday night it has agreed to purchase freehold property Ampas Apartment for S$95 million.

The developer had exercised the option to purchase - granted on March 24, 2018 - to purchase all the units in the development, with the intention of redeveloping the site, subject to approval.

Located at 5 Jalan Ampas, the property consists of a land area of around 2,809.3 square metres (sq m). Factoring in the development charge, the acquisition cost will amount to some S$1,073 per square foot per plot ratio, inclusive of balcony area.

Oxley noted the sale is subject to the group obtaining outline planning permission from the relevant authority on the basis that the land can be developed or redeveloped into a residential development of a minimum of 26 storeys tall, with a minimum plot ratio of 2.8 and gross floor area of no less than 7,866.04 sq m.

It shall also comprise a minimum of 120 units averaging 700 square feet (sq ft) each, added Oxley.

The purchase, which will be funded by internal resources and bank borrowings, is not expected to have a material impact on the group's earnings per share or net tangible assets per share for the financial year ended June 30, 2018, Oxley said.

The counter closed at 51 Singapore cents, down 0.5 Singapore cent or 0.97 per cent, before the announcement was made.