Oxley Holdings Ltd. subsidiary Oxley Amethyst Pte. Ltd. exercised its option to purchase eight adjoining sites along Singapore's Balestier Road for a combined S$38.0 million from Owen Pte. Ltd.
Zoned for residential use with commercial on the first floor, the properties at 1, 3, 5, 7, 9, 7A, 9A and 11 Baletier Rd. have a total land area of about 1,118.4 square meters and a 3.0 gross plot ratio.
The Singapore-listed developer intends to combine the eight sites with the adjacent 462-square-meter site along the city-state's Tessensohn Road that Oxley Amethyst agreed to buy in November for S$14.5 million from Urban Development Pte. Ltd. The wider site will be developed into a mixed residential and commercial project, the company noted in a filing.
Completion of the purchase, to be funded using a combination of internal resources and bank loans, is subject to approval of the company's shareholders.
As of Dec. 26, US$1 was equivalent to S$1.34.