Oxley confirms talks to buy Chevron House; shares to resume trading

OXLEY Holdings has confirmed that it is negotiating to buy the Chevron House building in Singapore's financial district.

Oxley, a property developer, said in an announcement before the market opened on Monday that it is in the process of conducting due diligence, and no definitive agreement has been executed yet.

The company made those comments in response to a Business Times article on Nov 24 saying that Oxley was in the advanced stages of buying the 32-storey office and retail building from a fund managed by Deka Immobilien of Germany.

The purchase price, according to the article, was expected to be around S$660 million, or S$2,526 per square foot of net lettable area. Chevron House has 261,280 sq ft of net lettable area on a 29,891 sq ft site. It has 71 years remaining on a 99-year leasehold that started in December 1989.

Trading in Oxley shares will resume on Monday after the counter was halted on Friday following the publication of the article. The stock last changed hands at 63 Singapore cents on Thursday.