Singapore-based property developer Oxley Holdings Ltd. plans to sell the Mercure and Novotel hotels in Singapore for S$950.0 million.
The company's Oxley Gem Pte. Ltd. unit accepted a nonbinding letter of intent from an undisclosed buyer for the acquisition of the properties at 28 and 30 Stevens Road.
The buyer will be required to pay S$9.5 million to undertake due diligence on the property during the period up to April 15.
The buyer will also be required to pay S$38.0 million on Feb. 28 and another S$47.5 million on the earlier of the signing date of the definitive sale and purchase agreement or April 15.
As of Jan. 9, US$1 was equivalent to S$1.35.