Property developer Oxley makes first foray into Dublin, Ireland

SINGAPORE - Property developer Oxley Holdings is set to venture into Ireland after emerging as the preferred bidder for a 2.35 hectare commercial site at 72-80 North Wall Quay in Dublin, next to the proposed new headquarters of the Central Bank of Ireland.

Should Oxley win the tender, it will proceed to acquire a long leasehold interest with the right to develop, manage and realise the site.

Oxley was selected as preferred bidder after the completion of a "competitive tendering process" launched in June, said Oxley in a statement to the Singapore Exchange on Wednesday.

Six bidders representing Irish and international investors had also bid for the project.

City planners have made employment the focus of the North Wall Quay site. It has the potential to accommodate more than 60,000 sqm of Grade A office space with a capacity for up to 5,500 employees and over 200 apartments.

The proposed development is expected to make a major contribution to addressing the shortage of high-quality Grade A office space in Dublin central business area, said Oxley.

"We are delighted by the opportunity to invest in Ireland and to deliver a top quality commercial and residential development in Dublin," said Mr Ching Chiat Kwong, chairman and chief executive of Oxley.

The project's planning application stage will begin early next year. Subject to receipt of planning from the Dublin City Council, the bidder could commence construction late next year.

The announcement was made after the stock market closed on Wednesday. Oxley's shares ended unchanged at 50.5 cents.