SINGAPORE - Property developer Oxley Holdings said on Wednesday (May 11) that its placement of four-year 5.15 per cent retail bonds due 2020 was oversubscribed within the first day of its launch.

The placement on Tuesday to institutional and other investors received valid applications of more than S$25 million in aggregate principal amount of bonds, said Oxley.

As such, Oxley said it reallocated S$25 million in principal amount from the public offer of up to S$125 million to the placement.

This raises the placement offer to S$50 million while the public offer now stands at S$100 million.

The closing date for applications for the bonds under the public offer is May 16 at 12 noon.

The bonds are expected to be issued on May 18 and will start trading on the main board of the Singapore Exchange on May 19.

This is Oxley's second offer in less than a year, and the third retail bond announced in 2016.