Business

Oxley unit buys Yio Chu Kang property

A unit of Oxley Holdings is buying a 99-year leasehold property in Yio Chu Kang Road for $8.4 million with plans to redevelop it, said the company yesterday. Its Oxley Garnet subsidiary has exercised options to buy six units at 208, Yio Chu Kang Road, which has a land area of about 14,100 sq ft and is zoned for residential use.

The move adds to the list of collective sales in a hot en-bloc market. It comes just after Monday's news of freehold condominiums Amber Park and Jervois Gardens being put up for collective sale, and last Friday's notice of the 78-unit Sun Rosier condominium off Bartley Road joining the fray.

The owners of the Yio Chu Kang units have been paid $126,000, with a further $294,000 going to their solicitors. The rest of the $8.4 million will be paid on Nov 23 or earlier, when the purchase is completed.- THE STRAITS TIMES

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