Oxley Holdings to acquire a plot of land in Cambodia for US$6m

DEVELOPER Oxley Holdings' subsidiary has entered into an agreement to acquire a plot of land in Cambodia for US$6 million, the group announced in a Singapore Exchange filing on Friday.

The freehold land has a land area of 1,200 sq m located in the country's capital city Phnom Penh and will be funded by internal resources and bank borrowings.

The group intends to use the land plot for the location of a showroom for the group's existing project, The Peak, for an estimated period of three years until the completion of the project. Thereafter, the group plans to develop a commercial property on the land plot, it said.