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Oxley appointed to redevelop part of core city centre in Dublin, Ireland

OXLEY Holdings will develop mixed-use properties on a 1.96 ha site in the core city centre of Dublin, under an agreement with Ireland's national public transport provider Córas Iompair Éireann.

These will include residential, commercial, hotel and student accommodation near Connolly Station.

This is part of a scheme by Córas Iompair Éireann to enhance passenger experience in the station and revamp the city centre.

Oxley can develop the site in one or more phases, and upon completion of the works in each phase, it will be granted a 300-year ground lease on the relevant development.

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Oxley said in a Singapore Exchange (SGX) announcement that it expects to "enjoy significant opportunities to receive rental income through sub-letting the entire or part of the developed site" given its size and preliminary plans.

Oxley is required to pay the Irish government an annual site licence fee of two million euros (S$3.2 million), plus the higher of a premium rent of 3.5 million euros or or 10 per cent of the annual rental income from the development.

Ching Chiat Kwong, executive chairman and chief executive, said in the statement: "This was a testament that our first development project in Dublin, Dublin Landings, has won Oxley the trust and confidence from the Irish government; and Oxley has made good progress in establishing its reputation and penetrating its foothold in Ireland."

He added that the project will help Oxley grow its income stream in the long term.

Oxley closed at S$0.47, two Singapore cents higher, on Wednesday.