Oxley intends to develop a mixed-use project on the site called Sixteen35 Residences.
Oxley Holdings, via its fully-owned subsidiary Oxley Pearl, has acquired a 99-year leasehold site from Huang Shi Zong Hui (Singapore) for $13 million.
Located at 16 Lorong 35 Geylang, the land area measures about 2,219.6 sq m (23,892 sq ft) and is zoned for residential/institution use.
In an SGX filing released on Monday (5 February), Oxley revealed plans to develop an eight-storey mixed-use project on the site.
To be known as Sixteen35 Residences, the project’s second and third storeys will comprise Huang Shi Zong Hui’s premises, while the fourth to eighth storeys will feature residences.
There will also be a swimming pool, communal facilities and car park at the basement and first storey, said Oxley.
To be funded by internal sources, the acquisition 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”.