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Oxley to buy vacant land in Tessensohn Road for S$14.5m

OXLEY Holdings' wholly-owned unit Oxley Amethyst has exercised an option to buy a freehold vacant land along Tessensohn Road, Singapore from an unrelated third party for S$14.5 million.

The property spans a land area of 462 sq metres and is zoned residential with commercial at the first storey.

Oxley said that it plans to redevelop the property subject to getting relevant approvals from the authorities.

It had paid S$145,000 to the vendor, Urban Development, upon the grant of the option, and a further S$580,000 had been paid upon the exercise of the option. The balance will be paid upon completion of the purchase within 10 weeks from the date of acceptance of the option, said Oxley in an announcement.

The purchase will be funded by internal resources and bank borrowings.

Oxley shares lost two Singapore cents or 2.7 per cent to close at 71 Singapore cents on Friday.