Oxley to sell overseas property for S$100m

A WHOLLY-OWNED subsidiary of property developer 5UX has entered into an agreement to sell a piece of its land overseas for around S$100 million, it said on Wednesday in a stock exchange filing.

The property has a book value of around S$60 million, based on the group's financial statements for the financial year ended June 30, 2020, and the proceeds of the sale will "contribute positively to the cash flow of the group", it said.

The group did not specify which property it was selling, nor the buyer.

Oxley expects the sale, if completed by June 30, 2022, to have "a material impact on the expected earnings per share of the company for the financial year ending June 30, 2022".

A deposit of 10 per cent of the sale price has been paid, and the balance will be paid upon completion of the sale, which is conditional upon obtaining regulatory approval to allow greater development of the site within 12 months from the date of the contract, Oxley said.

It added that none of the directors or controlling shareholders of the company has any interest in the sale, except for a shareholding in the company, if any.

Shares of Oxley closed at S$0.235 on Wednesday, up 0.5 Singapore cent or 2.17 per cent.