Oxley buys freehold Apartment 8 at Potong Pasir for S$21.53m

PROPERTY developer Oxley Holdings has exercised options to purchase all eight units of the Apartment 8 freehold development in the Potong Pasir neighbourhood for S$21.53 million in total.

The sellers of the development, located at 21 Meyappa Chettiar Road, have already been paid S$215,300 in aggregate upon the granting of the options, and a further S$861,200 upon the Oxley's exercise of the options. The balance will be paid upon completion of the purchase, scheduled to be March 2018.

Oxley says it intends to redevelop the property, which sits on a 898.1 square metre site that is zoned for residential use.

The developer is funding the purchase through internal resources and bank borrowings, and says the purchase is not expected to have a material impact on the company's financials.