Boutique property developer Oxley Holdings has acquired McDonald’s Place for S$150 million.
In a statement released on Tuesday, Oxley said its subsidiary Oxley Sanctuary had purchased all seven strata commercial units in the freehold development located at King Albert Park from Valewood Investments Pte Ltd.
The freehold two-storey commercial building is sited on a land area of 5,535 square metres that is zoned for commercial and residential use with a plot ratio of 3.
The developer said it intends to set up a joint venture with Unique Rezi and Luxe Development to redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities.
Oxley will hold a 55 per cent share in the proposed joint venture, Luxe Development – a wholly owned subsidiary of Lian Beng Group – will own 15 per cent, with the balance 30 per cent share held by Unique Rezi.
The acquisition is not expected to have a material impact on the earnings per share or net tangible assets per share of Oxley for the current financial year ending June 30, 2012.
Source : Channel NewsAsia – 11 Apr 2012
