Oxley Holdings, via its fully-owned subsidiary Oxley Topaz Pte. Ltd., has exercised the option to acquire eight residential units at 21 Meyappa Chettiar Road for a total price of $21.53 million.
Zoned for residential use, the freehold property has a land area of around 898.1 sq m.
In an SGX filling, Oxley revealed plans to “redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities”.
Oxley noted it had paid a sum of $215,300 upon the grant of the options and another $861,200 during the exercise of the options. The rest of the purchase price will be paid upon the completion of the acquisition.
It plans to fund the purchase by internal resources and bank borrowings.
Oxley does not expect the acquisition 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.