Oxley Holdings acquires land in Phnom Penh
By Angela Teo
/ The Edge Property |
Oxley-Worldbridge (Cambodia), a subsidiary of Oxley Holdings, has acquired a plot at No 17 Village No 14, Tonle Bassac Commune, Chamkamorn District, Phnom Penh, Cambodia from Khov Porseang for US$6 million.
Oxley says it intends to use the 12,916 sq ft site to house a showroom for its ongoing Cambodian mixed-use development The Peak (below). Once the residential, commercial and retail development in Phnom Penh is completed in 2020, Oxley plans to develop a new commercial property on the site.
Oxley and Khov Porseang arrived at the purchase price for the freehold land by examining current market prices of properties in the vicinity of the site. The properties include Oxley Holdings’ The Peak and its residential and commercial development The Bridge, both in Village No 14, also in the same commune and district.
Source: Oxley Holdings
Upon signing the acquisition agreement, Oxley paid US$1.8 million, or 30% of the purchase price, and will pay the remainder upon completion of the land title transfer. The purchase will be funded through internal resources and bank borrowings.
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