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Oxley inks deal to sell Chevron House for S$1.03b

Oxley inks deal to sell Chevron House for S$1.03b.

DEBT-LADEN property developer Oxley Holdings announced on Tuesday morning that it has signed a deal to sell Chevron House for up to S$1.025 billion, just 16 months after acquiring the prime office building in Raffles Place for S$660 million in December 2017.

Oxley said that on April 29, it entered into a sale and purchase agreement with Golden Compass (BVI) 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 (NLA) of about 261,280 square feet.

Oxley's corporate presentation in February showed that the plan is to increase the building's NLA by 43 per cent to about 374,165 sq ft, subject to approval from the authorities. The S$1.025 billion sale price works out to about S$2,739.43 psf on the increased NLA.

Source: https://www.businesstimes.com.sg/companies-markets/oxley-inks-deal-to-sell-chevron-house-for-s103b?utm_source=emarsys&utm_medium=email&utm_campaign=BT_Newsletter_Debrief&utm_term=Oxley+inks+deal+to+sell+Chevron+House+for+S%241.03b+&utm_content=30%2F04%2F2019

Adapted from The Business Times 30 April 2019