Oxley Holdings buys site opposite Serangoon Ville for $8.4 mil
By Timothy Tay
/ EdgeProp |
On Aug 31, Oxley Holdings announced it had purchased six units (#02-01, #02-02, #03-01, #03-02, #04-01 and #04-02) at 208 Yio Chu Kang Road from their respective owners, through its subsidiary Oxley Garnet. The purchase follows Oxley’s acquisition of Rio Casa in May and Serangoon Ville in July through joint ventures.
According to Oxley, the total purchase price is $8,400,000 for the six units which are located opposite Serangoon Ville. The purchase was exercised over six options. The owners were paid $126,000 upon the grant of the options. A further $294,000 was paid to solicitors upon exercise of the options. The balance of the purchase will be paid upon completion of the purchase, which Oxley says will be on November 23.
The purchase price was arrived at on a willing buyer-willing seller basis, taking into account current market prices of properties in the surrounding area, and Oxley’s assessment of the property’s redevelopment potential.
Oxley intends to redevelop the property situated on a 99-year leasehold site of 1,313 sq m that is zoned for residential use, subject to obtaining all the necessary approvals from the relevant authorities.
In July, Oxley Serangoon, a consortium led by Oxley Holdings, acquired the former HUDC estate Serangoon Ville en bloc, for $499 million. This works out to $835 psf ppr, including an estimated differential premium of $195 million, according to ERA, the marketing agent for the collective sale.
Oxley Serangoon’s shareholders are Oxley Holdings (40%), Unique Invesco (20%), Lian Beng (Serangoon) (20%) and Apricot Capital (20%). KSH Holdings’ wholly-owned subsidiary company Kim Seng Heng Realty owns a 37.5% stake in Unique Invesco, while Apricot Capital is owned by Super Group's Teo family.
In May, Rio Casa, a privatised HUDC estate, was sold to JV firm Oxley-Lian Beng Venture for $575 million. The firm announced that it intends to apply for the grant of a fresh 99-year lease for the property and to redevelop the site.
Aerial view of Rio Casa
The joint venture partners of Oxley-Lian Beng Venture are Oxley Holdings, KSH Development, Lian Beng Group and Apricot Capital.
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