On Nov 6, Oxley Holdings, via its wholly-owned subsidiary Oxley Amethyst, announced that it has exercised an option to purchase a freehold vacant land plot along Tessensohn Road for $14.5 million.

The price was agreed on a willing buyer-willing seller basis, accounting for current property prices in the area, and the site’s redevelopment potential. $145,000 had been paid to the vendor, Urban Development, at the grant of the option, and a further $580,000 was paid on the exercise of the option.

The balance of the purchase price will be paid upon completion of the purchase, within ten weeks from the date of acceptance of the option, says Oxley.

The land plot is sized at about 4,971 sq ft, and is zoned residential with commercial at the first floor. Oxley says it will redevelop the property, subject to obtaining approvals from the relevant authorities.