Oxley Holdings Ltd. subsidiary Oxley Jasper Pte. Ltd. is exercising its option to purchase all the units in the freehold Ampas Apartment development at 5 Jalan Ampas, Singapore, for S$95.0 million, subject to certain conditions.

The site spans approximately 2,809.3 square meters and zoned for residential use. The Singapore-based real estate developer said it plans to submit a proposal for a new building at the site, which will stand at least 26 stories high, with total gross floor area spanning at least 7,866.04 square meters. The proposed project will also contain at least 120 units each measuring 700 square feet on average. Obtaining an approval for the development is one the conditions to be satisfied for the deal to push through.

The company said it will fund the purchase using internal resources and bank loans.

As of March 27, US$1 was equivalent to S$1.31.