Oxley Holdings Ltd. is selling the Chevron House commercial building in Singapore for nearly S$1.03 billion to an unnamed U.S.-based real estate fund.

The divestment will involve the transfer of the Singapore-listed developer's Oxley Beryl Pte. Ltd. subsidiary, which owns the 32-story property at 30 Raffles Place. It is being made after the March 14 acceptance of an expression of interest for Oxley Beryl's entire and paid up share capital.

Oxley Beryl formally gained ownership of the building occupied by oil giant Chevron in March 2018, following the completion of its S$660.0 million deal with Deka Immobilien GmbH's Deka Singapore A Pte. Ltd. subsidiary. Back then, Oxley Holdings intended to increase by at least 20% the net lettable area of the property from 24,273 square meters.

The latest nonbinding agreement concerning Chevron House is conditional upon, among other things, the satisfactory completion of a due diligence process and the signing of a definitive sale-and-purchase deal.

The vendor gave the U.S.-based real estate fund an exclusive dealing period that will last for 45 days from March 14. The exclusive dealing period could be extended by another seven days.

As of March 14, US$1 was equivalent to S$1.36.