PROPERTY developer Oxley Holdings announced on Tuesday morning that it has signed a deal to sell Chevron House for S$1.025 billion.
Oxley said that on April 29, it entered into a sale and purchase agreement with Golden Compass for the latter to buy the entire interest in its wholly-owned subsidiary, Oxley Beryl, and take over the existing bank loans for an aggregate value of up to S$1.025 billion. Oxley Beryl owns Chevron House at 30 Raffles Place, a 32-storey commercial development comprising 27 levels of office space and a five-storey retail podium with an existing net lettable floor area of 24,273 square metres.
Oxley said the proposed sale is expected to have a positive impact on its net tangible assets per share and earnings per share for the current financial year ending June 30, 2019.It will complete the alterations, additions and asset enhancement works on the property, which started on March 1, before the final completion of the proposed sale.The consideration was arrived at through arm’s length negotiations, taking into account the enterprise value of Oxley Beryl, said Oxley.
Completion of the proposed sale is subject to certain conditions precedent, including shareholders’ approval if required by the Singapore Exchange .
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Source: BusinessTimes - 🏆 15. / 51 Read more »