The owners of the 209-unit Vista Park in 50-66 South Buona Vista Road has agreed to sell the property via collective sale to Oxley Holdings for $418 million on Thursday (14 December).
The property was acquired by the company’s wholly-owned unit Oxley Spinel Pte Ltd, which intends the refresh the site’s remaining 66-year lease to 99 years and lift certain title restrictions by paying an additional $72 million to the Singapore Land Authority.
Oxley intends to redevelop the property, subject to obtaining all the necessary approvals from relevant authorities.
The site measuring 319,250 sq ft has a permissible height of up to five storeys and a plot ratio of 1.4. This works out to a potential gross floor area (GFA) of around 446,951 sq ft, meaning it could generate some 530 units with an average size of about 800 sq ft.
Meanwhile, another wholly-owned unit of the company, Oxley Vietnam Pte Ltd, has purchased a stake in a housing development in Dong Nai province, Vietnam for a total of US$12 million (S$16.2 million).
This was achieved by acquiring the entire share capital of Centra Cove Pte Ltd, a Singapore-incorporated company engaging in property development and investment holding. In particular, 27 percent and 73 percent of the stake was acquired from Phuong Tuan Long and Teou Chun Tong Jason.
“Centra Cove holds 75 percent of the licensed charter capital of Phu Thinh Land Company Ltd, a company incorporated in Vietnam, of which only 16.81 percent of the charter capital has been paid up.” It is permitted by the local authorities to jointly develop a residential project at Dong Nai province with a state-owned firm.
This article was edited by Keshia Faculin.