Oxley Holdings enters deal to sell overseas land parcel for around S$100M

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Oxley Holdings has entered a deal to sell a parcel of land to a party identified only as a “reputable buyer” for around S$100 million, the property developer said in a filing to SGX Wednesday.

The company didn’t provide the location of the plot.

The property had a book value of around S$60 million as of end-June 2020, based on Oxley’s audited financial statements for that fiscal year, the statement said.

If the sale is completed by end-June 2022, it will have a material impact on the expected earnings per share for the fiscal year ending 30 June 2022, and will contribute positively to the group’s cashflow, Oxley said.

The deal is conditional on obtaining regulatory approval for greater development of the site within 12 months, Oxley said.

Oxley said it has received a deposit of 10 percent of the sale price, which is refundable if the deal isn’t completed.