The Oxley Garnet, an exclusively owned subsidiary of an eminent property developer Oxley Holdings Limited, has worked out the possibilities to buy six housing units with available ownership along the 208 Yio Chu Kang Road, Singapore. This is for a cost of $8.4 million, stated by the group in a Singapore Exchange (SGX) filing on August 30 (Wednesday).
This 99-year leasehold property is conveniently positioned close to the Serangoon Gardens (a private residential estate in Singapore). It has a total land area of around 14,136 square feet that is outlined for residential use.
The Oxley Garnet proposes to redevelop the property, bound by gaining all the essential approvals from the authorities.
The buying value was arrived at on a keen buyer and willing seller base after bearing in mind the recent market values of properties in the area as well as the redevelopment promising of the site.
The buying will be subsidized by bank borrowings as well as the internal resources, and is anticipated to be completed by November 23 this year.
The deal is not projected to have a material impact on the earnings for every share or either net tangible assets for every share of the company for the recent financial year ending June 30, 2018.
About the New Condo
The new condo known as Parkwood Residences will feature a low rise development up to 5 storey as it has a plot ratio of 1.4 which allow the new development to span 5 storey high. It will present a serene and tranquil environment for the new resident to call home at Parkwood Residences.