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Oxley sells 80% stake in subsidiary to Catalist-listed Rich Capital Holdings

MAINBOARD-listed Oxley Holdings has sold an 80 per cent stake in its subsidiary, Oxley Batam, to Catalist-listed real estate company Rich Capital Holdings in a deal worth S$10.39 million.

Oxley continues to hold the remaining 20 per cent in Oxley Batam, which has ceased to be an Oxley subsidiary.

Oxley Batam is involved in a joint venture to construct, develop, manage and operate Oxley Convention City, an integrated development occupying a land area of 280,000 sq ft in Batam, Indonesia.

The project consists of three 32-storey buildings, holding, in total, 1,635 units of residential units, a 20-storey hotel block with 520 rooms, a 29-storey office tower with 320 strata office units and a convention centre. The residential and hotel towers sit atop a three-story podium with 130 units of retail and dining space.

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According to Rich Capital, some 25 per cent of the 1,193 residential units and 31 per cent of the 100 retail space launched to date has been sold, and Oxley Convention City is expected to obtain its temporary occupation permit in October 2020.