Oxley-led consortium secures Rio Casa for S$575m in en bloc deal

A CONSORTIUM comprising Oxley Holdings, KSH Holdings, Lian Beng Group and the private investment firm of Super Group's Teo family has secured a residential property in Hougang for S$575 million.

Under this en bloc deal, the tender was submitted by Oxley-Lian Beng Venture Pte Ltd where Oxley and KSH Development each has a 35 per cent stake, Lian Beng has a 20 per cent stake and the Teo family's Apricot Capital holds 10 per cent.

The offer was accepted by the strata owners of the property on Wednesday, the consortium said.

The property known as Rio Casa is a former HUDC estate that has been privatised and sits on a land area of about 36,811.1 square metres.

The buyers plan to apply for the grant of a fresh 99-year lease for the property and to redevelop it, subject to obtaining all the necessary approvals from the relevant authorities.

An estimated differential premium of S$208 million is payable to the state for the top-up of the lease and for the development of the site to a gross plot ratio of 2.8.

This deal came on the heels of the first residential collective sale this month of One Tree Hill Gardens near Orchard Road to Lum Chang Holdings for S$65 million. Separately, a unit of BBR Holdings also exercised a call option on Thursday for a mixed-use property Goh & Goh Building at S$101.5 million.