SINGAPORE (Dec 27): Oxley Holdings’ wholly-owned subsidiary Oxley Amethyst has exercised the option to purchase a cluster of properties along Balestier Road in Singapore for $38.0 million.

Oxley on Tuesday after market close announced it is purchasing the properties known as 1, 3, 5, 7, 9, 7A, 9A and 11 Balestier Road from Owen Private Limited in an interested person transaction.

Owen is 47.5% owned by Oxley’s executive chairman and chief executive officer, Ching Chiat Kwong. Oxley’s deputy CEO Low See Ching and substantial shareholder Tee Wee Sien also hold 42.5% and 10% stakes in Owen, respectively.

In a filing to SGX, Oxley says the purchase consideration was based on the lower of two independent valuations of the property that it had commissioned.

The purchase will be funded by internal resources and bank borrowings.

The property has a freehold tenure and total land area of approximately 1,118.4 sqm. It is zoned residential with commercial on first storey at gross plot ratio 3.0.

Further, the company plans to acquire an adjoining strip of State land and amalgamate the property with No. 3 Tessensohn Road, which it acquired in November, to develop a mixed residential and commercial development project.

This story, written by Stanislaus Jude Chan for The Edge Singapore, first appeared on Dec 27.