Oxley Holdings, a Singapore-based property developer specialising in residential-cum-commercial developments, has continued its aggressive land-banking expansion with the latest acquisition of a 606 sq m freehold plot at Joo Chiat Road for around S$8 million.
Situated at 339, 339A, 339B and 339C Joo Chiat Road, the site comprises a residential and commercial property, which is zoned for mixed-use redevelopment.
“The purchase price of S$8 million was 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 property’s redevelopment potential,” said Oxley.
It plans to redevelop the property into a mixed development comprising both apartments and commercial space.
Based on the S$8 million price tag for the site, the acquisition is equivalent to 1.3 percent of Oxley’s market capitalisation of S$625.4 million as of 3 April 2012, based on a share capital of approximately 1.49 billion shares.
Oxley said it is funding the acquisition through internal resources and bank borrowings.
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