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Oxley unit exercises options for Yio Chu Kang property

HOMEGROWN property developer Oxley Holdings said on Wednesday that its wholly-owned subsidiary, Oxley Garnet Pte Ltd, has exercised its options to purchase six units at 208 Yio Chu Kang Road.

The units, which will be sold for a total purchase price of S$8.4 million, make up a 99-year leasehold property; the property has a land area of some 1,313.3 sqm zoned for residential use.

Oxley Holdings said the group intends to redevelop the property, subject to obtaining the necessary approvals from the relevant authorities.

Oxley Garnet had paid S$126,000 upon the grant of the options, and a further S$294,000 upon the exercise of the options. The balance of the purchase price will be paid upon completion of the purchase on Nov 23, or on an earlier date agreed by the parties.

The purchase will be funded by internal resources and bank borrowings, Oxley Holdings said.