SINGAPORE - Niche developer Oxley Holdings said on Thursday that its unit Oxley Deanston entered an agreement to buy a property in London.
Oxley Deanston will buy units one to eight of Deanston Wharf in Canning Town, London at 35 million pounds (S$73.5 million), from Iron Mountain (UK) Services.
It said that the property has a 999-year leasehold starting from June 24, 1987, with a total land area of 22,830 square metres.
The firm intends to turn the site into a residential development with private and affordable apartments.
Oxley Deanston has paid a deposit of 3.5 million pounds, and the remainder will be paid when the acquisition is completed. That is scheduled to be in December 2017.
The acquisition will be funded by internal resources and bank loans, the firm said in a release.
The purchase price of 35 million pounds is about 5.8 per cent of the company's market capitalisation of S$1.268 billion, as at July 8.