Monday, March 12, 2012

Oxley Holdings' unit acquires Seletar Garden for S$96.2m

Oxley Holdings Ltd, through its wholly-owned subsidiary Oxley YCK Pte Ltd, has acquired Seletar Garden (pictured), a freehold mixed-use project comprising 20 apartment units and 10 shop units, for S$96.188 million through an en bloc sale.

The price paid for the property was higher than the forecasted sale price of between S$80 million and S$85 million.

Credo Real Estate, who brokered the deal, said the S$96.188 million price tag for the property translates to around S$890 psf ppr, after factoring in the potential to acquire the adjoining land sites.

“The Singapore Land Authority (SLA) has also granted an in-principal approval for the amalgamation of some adjoining state land parcels for comprehensive redevelopment of the site.”

It noted that apartment owners can receive between S$2 million to S$2.3 million, while shop owners can receive between S$5 million to S$5.4 million.

Additionally, Oxley plans to enter into a joint venture (JV) agreement with Goldprime Investment Ltd and Unique Consortium Ltd for the redevelopment of the property.

Reports said that Oxley will hold a 55 percent stake, while Goldprime Investment and Unique Consortium will hold a 10 percent and 35 percent stake respectively.

View the original article here

Source From Property Guru

No comments:

Post a Comment