View of the residential property at 208 Yio Chu Kang Road. Source: Google Maps
Oxley Garnet, a wholly-owned subsidiary of property developer Oxley Holdings, has exercised options to purchase six housing units with vacant possession at 208 Yio Chu Kang Road for a total of $8.4 million, the group said in an SGX filing on Wednesday (30 August).
Located near Serangoon Gardens, the 99-year leasehold property has a land area of approximately 14,136 sq ft that is zoned for residential use.
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Oxley intends to redevelop the property, subject to obtaining all necessary approvals from the authorities.
The purchase price was arrived at on a willing buyer-willing seller basis after taking into account current market prices of properties in the area and the redevelopment potential of the site.
The purchase will be funded by internal resources and bank borrowings, and is expected to be completed by 23 November 2017.
The deal is not expected to have a material impact on the earnings per share or net tangible assets per share of the company for the current financial year ending 30 June 2018.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email firstname.lastname@example.org