Oxley Holdings Ltd. subsidiary Oxley Spinel Pte. Ltd. won the public bidding for the 209-unit Vista Park condominium project in Singapore with a bid of about S$418.0 million.
The site at South Buona Vista Road, taken to the market with a S$350 million price tag during its November en bloc sale, has the capacity to hold 530 apartments spanning roughly 446,951 square feet of gross floor area.
Aside from the consideration for the residential development, Oxley intends to pay an additional S$72.0 million to the city-state to refresh the 99-year term lease for the site, which has a total land area of 29,659.1 square meters.
The company said it will use a combination of internal resources and bank loans to settle the acquisition. The purchase is also subject to the buyer obtaining necessary approvals from Singapore's Land Transport Authority and Urban Redevelopment Authority, among other conditions.
As of Dec. 14, US$1 was equivalent to S$1.35.