Oxley Holdings sells retail podium of former Chevron House for $315 mil
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - Property developer Oxley Holdings has announced that its wholly-owned subsidiary, Oxley Beryl, has entered into an expression of interest with a buyer for the retail and banking units that make up the retail podium of the former Chevron House at 30 Raffles Place.
Oxley Beryl is the entity that owns the prime, 32-storey commercial development, which comprises 27 floors of office space and a five-storey retail podium.
According to Oxley in its May 19 announcement, the five-storey podium with banking and retail units will be sold for $315 million. The deal is scheduled to be completed by June 30, 2020.
The divestment of the retail and banking podium comes a year after the sale of the 27 floors of office space in the tower to Golden Compass, a wholly-owned subsidiary of global real estate investment manager AEW Real Estate. The purchase price for the entire building was $1.025 billion.
Upon the completion of the sale of the retail podium, Oxley would have fully divested the asset and will reap $200 million net cash.
Oxley had undertaken asset enhancement works to the retail podium after purchasing Chevron House for $660 million in December 2017.
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