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Oxley Holdings closes S$660M purchase of Singapore skyscraper

Real estate developer Oxley Holdings Ltd. wrapped up the roughly S$660.0 million acquisition of the 32-story Chevron House commercial building at 30 Raffles Place in Singapore via its subsidiary, Oxley Beryl Pte. Ltd.

The skyscraper, occupied by oil giant Chevron, was purchased from German-based property investor Deka Immobilien's Deka Singapore A Pte. Ltd. unit, after a deal for the asset was signed in December 2017.

Oxley plans to refurbish the property and is aiming to increase the building's net lettable area by at least 20% from the existing 24,273 square meters.

As of March 29, US$1 was equivalent to S$1.31.