Oxley Holdings' plan to redevelop mixed site in KL falls through

SINGAPORE - Oxley Holdings' bid to buy and build a mixed development on a prime site in Kuala Lumpur has fallen through.

The mainboard-listed company said on July 14 that the Malaysian government has cancelled the purchase of the site at Jalan Hang Tuah in Kuala Lumpur by Malaysia-incorporated TCK Capital following a tender exercise in 2011.

The 99-year leasehold site has an area of 4.7 acres (about 1.9 hectares).

In May 2013, Oxley said it would pay RM267.85 million (S$111.5 million) for TCK, which it is buying from Messrs Teoh Chin Kee and Kah Lee Hwa after TCK was awarded the land following a tender of RM190 million.

It is not known why the Malaysian government changed its mind.

A deposit of RM8 million that was paid earlier has been refunded to Oxley Malaysia.

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