PROPERTY developer Oxley Holdings revealed on Monday that its wholly-owned subsidiary has purchased a plot in Geylang for S$13 million, with the intention of turning it into an eight-storey mixed-use development to be named Sixteen35 Residences.
Its subsidiary - Oxley Pearl - had entered into a sale and purchase agreement with Huang Shi Zong Hui Singapore (Huang Clan Association) on Feb 5 for the 99-year leasehold plot at Lot 98849K of Mukim 24 along 16, Lorong 35 Geylang.
The plot, which currently houses the clan association's headquarters, has an area of about 2,219.6 square metres and is zoned for residential/institution use under the Urban Redevelopment Authority's 2014 Master Plan.
The consideration for the sale was arrived at a willing buyer-willing seller basis after taking into account current market prices of properties in the surrounding area and Oxley's assessment of the redevelopment potential of the land.
Sixteen35 Residences will house the clan association's new premises on the second and third storeys, and residential flats from the fourth to eighth storeys, Oxley said in a filing with the Singapore Exchange.
It will also have communal facilities, a swimming pool and a car park in its basement level, Oxley added.
Upon completion, Oxley will transfer the clan association's units to its trustees to be held in trust for the association as a beneficial owner. The mixed-use development is expected to be completed within 40 months from the handover date of the plot by the clan association.
Oxley shares finished S$0.03 or 4.3 per cent lower at S$0.665 on Monday.