Oxley sells rights to rents in London project for £34.5m

PROPERTY developer Oxley Holdings said on Monday that it has sold its rights to the ground rents for phases one and two of its premier London waterfront development, Royal Wharf, in London.

The rights were sold to Adriatic Land East Limited for £34.5 million (S$72.5 million). Oxley said the sale is expected to contribute positively to its net tangible assets per share and earnings per share for the financial years ending June 30, 2016 and 2017.

Royal Wharf is Oxley's first development launched outside of Singapore. The 999-year leasehold land parcel, which extends nearly 150,000 square metres and stretches 500 metres along the River Thames, will accommodate about 3,400 homes, a new school, a retail high street along with space for restaurants, offices as well as a new waterfront park when completed.

First phase of the development is expected to be completed in the summer of 2016.