Oxley Holdings’ has purchased a number of properties along the Balestier Road. The rate is around 38 million dollar. Oxley Holdings’ is actually a subsidiary of the wholly owned Oxley Amethyst. Oxley had informed about its interest in buying the properties named 1, 3, 5, 7, 9, 7A, 9A as well as 11 Balestier Road from Owen Pvt Ltd. This piece of the plot has been quite in demand. It has been zoned as a residential complex with a commercial plot. The commercial plot is located on the first floor and has a gross plot of around 3.0.
Oxley Holdings Buy Freehold Land at Balestier Road
According to Oxley, a sum of S$380,000 has been paid for the subsidiary being granted. Another S$1.52 million shall be paid on implementation and the remaining balance would be paid on completion of the transaction. This would be done within 8 weeks from the date on which the exercise of the option has been carried out. Oxley’s executive chairperson and CEO, Ching Chiat Kwong owns about 47.5 % of the company stake. D CEO Low See Ching holds 42.5% and large shareholder Tee Wee Sien also holds a 10% stake in Owen. The new development will be called One Balestier.
Oxley Holdings Purchase from Internal Sources and Bank Borrowings
During a filing to SCX, Oxley had told that the purchase thought was based on the two independent reasons of the property that has been commissioned. It has also come to light that the purchase would be funded by the internal resources and borrowings from the bank. These findings shall be purchased by the internal resources and other bank borrowings.
This property has a land area of about 1,1184 sq km. This holds a freehold tenure with the residential complex. Though, the entire project is residential one the first floor is a complete commercial one. In fact, they are further planning to increase the entire area for developing a completely new project int he entire area.
Amalgamate with No 3 Tessensohn Road
It has also been brought to light that there is no need for the approval of shareholders before purchasing this property. The price of the property is about 3.5 % of the latest tangible assets as of June 30. The company is further planning to get an adjoining state land then amalgamate with this property for developing a mixed-residential and commercial form of development projects. The other property that they are focussing on is the No 3 Tessensohn Road.
According to the reviews made by the audit committee, it has been cleared that the deal has been made purely out of normal commercial terms and is not prejudicial to the interests of the company or its shareholders. This makes it clear that the decision was taken focused on business or personal reasons and has nothing to do with any other profit or help for its shareholders.