See Latest News: AEW Chevron House
Oxley Holdings shares gained the 3 per cent boost on Friday, Great news for the famous property developer in Singapore as well as its investors.
Current reports suggest that Oxley would sell Chevron House for S$1.025 billion which was bought by the company just 15 months back on Dec 17, at the price of S$660 million.
Located in Raffles Place Singapore, the building is a 99-year leasehold commercial property since December 1989, which means 70 years lease is still remaining and continue to the provided date.
On Thursday, the property group has accepted expression of interest (EOI) from AEW, a real estate fund based in the US to attain the Chevron House. The EOI is depending on the conduct of due diligence and not legally binding.
Oxley Holdings was trading at up 3 per cent at 34 Singapore cents on Friday at 12.41 pm. At that time, around 16.5 million shares were exchanged; this marks it as one of the top traded counters on the country bourse occurs in the morning trade.
The office building has 261,280 square feet of a net lettable area divided as follow: retail space of 45,613 sq. ft. present on five floors, and offices of 215,667 sq. ft. on the levels six to 32, making them having 27 floors in total.
Nonusable 15,000 sq. ft. gross floor area (GFA) is also present, mentioned in the previous reports.
Last month, the Oxley’s presentation provided the idea of the net lettable area of the building to augment by 43 per cent containing the area of 374,165 sq. ft.; however, it requires the consent of the authorities and needs approval.
On an increased NLA, the S$1.025 billion amount will soar to S$2,739.43 psf.