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Oxley receives aggregate S$210m from first completion of Chevron House sale

PROPERTY developer Oxley Holdings has received aggregate proceeds of S$210 million following the first completion of its S$1.025 billion sale of Chevron House, the mainboard-listed company announced in a bourse filing on Friday.

Oxley has transferred 82.35 per cent of the issued and paid-up capital of Oxley Beryl, which owns Chevron House, to purchaser Golden Compass (BVI).

Accordingly, Oxley has received an aggregate sum of S$210 million, less the retention sum of S$41.4 million and costs borne by Oxley for the asset enhancement works.

Following the first completion, Oxley still owns 17.65 per cent of Oxley Beryl. The latter is no longer a subsidiary of Oxley Holdings.

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Chevron House at 30 Raffles Place is a 32-storey commercial development comprising 27 levels of office space and a five-storey retail podium with net lettable floor area of about 261,280 sq ft. Oxley had paid S$660 million for the Raffles Place development in December 2017.

Shares of Oxley closed flat at S$0.30 on Friday.