View of Limassol beachfront, a city on the southern coast of Cyprus. (Photo: Wikimedia Commons)
Oxley Holdings Limited acquired two parcels of freehold land in Cyprus, with the intention of developing them.
This comes after Flitous Properties Limited, a fully-owned subsidiary of the group’s 50 percent owned joint venture firm, Oxley Planetvision Properties Ltd, entered into the sale and purchase agreements for the plots.
Situated at Aoratos, Pyrgos Lemesos, Limassol, Land Plot I and Land Plot II – which measures around 3,178 sq m and 3,011 sq m – have a purchase price of EUR3.15 million (S$5 million) and EUR5.25 million (S$8 million), respectively.
In an SGX filing, Oxley revealed that the acquisition prices were “arrived at on a willing buyer-willing seller basis after taking into account current market prices of properties in the surrounding area and the company’s assessment of the Land Plots’ development potential”.
In fact, a total sum of EUR1.65 million (S$2.6 million) had already been paid after the signing of the agreements. It noted that the rest will be paid upon registration and transfer of the sites in the name of the purchaser, which is set to take place on 8 November.
The acquisitions will be funded by bank borrowings and internal resources.
Oxley does not expect the acquisitions to materially affect the company’s earnings per share or net tangible assets per share for the current financial year ending 30 June 2018.
This article was edited by Keshia Faculin.