Oxley Holdings to acquire River Valley property for $8m

Oxley Holdings said the company’s wholly-owned subsidiary, Oxley Mosaic, had on July 27 has agreed to purchase the property known as 308 River Valley Road, Singapore 238349 from Fefco Fine Home Furnishings (S) at a purchase price of $8 million.

The property comprises a freehold two-storey shophouse which is sited on a land area of 251.3 square metres that is zoned for commercial with residential use. The group intends to redevelop the Property, together with its existing properties at 300, 302, 304 and 306 River Valley Road, subject to obtaining all the necessary approvals from the relevant authorities.

Oxley said the acquisition will be funded by internal resources and bank borrowings.