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Oxley, Metro Global form JV to provide hospitality services
MAINBOARD-LISTED lifestyle property developer Oxley Holdings Limited has entered into a joint venture agreement with Metro Global Pte Ltd to offer hospitality services, which include property management.
The joint venture company, Metro Global Solutions Pte Ltd (MGSLP), will be equally owned by Oxley and Metro Global.
MGSLP will start operations in managing a portfolio of properties that is provided by or solicited from Oxley.
Metro Global will manage the business operations and financials of MGSPL, including the provision of personnel support and preparation of annual operating budget.
The formation of a hospitality services business with an "international presence" such as Metro Global provides the synergy to allow Oxley to streamline its business operations, optimise its processes, and as a result lower operation costs and increase profitability for the group, Oxley said on Tuesday.