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Singapore-listed property developer Oxley Holdings has corroborated that it is in talks to purchase the 33-storey Chevron House building in Raffles Place, revealed an SGX filing on Monday, 27 November.
“The company wishes to clarify that whilst it is in negotiations with the owner of the property, no definitive agreement has been executed, and the group is in the process of conducting due diligence reviews in connection with the proposed acquisition.”
It announced this following a report from the Business Times on Friday (24 November) that it is close to acquiring the office skyscraper with a net lettable area (NLA) of 261,280 sq ft.
In particular, the publication revealed that Oxley was in advanced stages of negotiations to buy the aforementioned property for about S$660 million or $2,526 psf based on its NLA.
Previously, a Goldman Sachs-linked fund bought Chevron House for $730 million or $2,780 psf in September 2007 from CapitaLand, IP Property Fund Asia and NTUC Income Insurance Co-operative. The first firm held a 50 percent stake, while the other two each controlled a 25 percent interest in the building completed in 1993.
This article was edited by Keshia Faculin.
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