Oxley Holdings has signed a deal to sell Chevron House for $1.025 billion, after acquiring the prime office space for $660 million in December 2017.

Located at 30 Raffles Place, Chevron House is a 32-storey commercial development with 27 levels of office space and a five-storey retail podium with a net lettable floor area of 261,274 sq ft.

In a filing to the Singapore Exchange on April 29, Oxley said it has entered into a sale and purchase agreement with Golden Compass (BVI). The latter is a subsidiary of US-based real estate fund AEW.

AEW will buy the entire interest in Oxley’s wholly-owned subsidiary, Oxley Beryl, and take over the existing bank loans for an aggregate value of up to $1.025 billion. Oxley Beryl owns Chevron House.

The proposed sale is expected to have a positive impact on Oxley’s net tangible assets per share and earnings per share for the current financial year ending June 30. Oxley will complete the alterations, additions and asset enhancement works on the property, which started on March 1, before the final completion of the proposed sale.