Oxley sells all units in 2 blocks of London Royal Wharf project for S$277m

SINGAPORE - Property developer Oxley Holdings has agreed to sell all flats within Blocks 20 and 24 of its Royal Wharf development in London for £156.2 million (S$277.1 million).

The buyers - Notting Hill Home Ownership Limited and Notting Hill Housing Trust - paid a deposit of about £7 million on Dec 23, 2016, the date of the sale agreement, Oxley said in a filing to the Singapore Exchange on Tuesday night (Dec 27).

Further sums of about £22.1 million and about £15.3 million will be paid upon the completion of Blocks 20 and 24, respectively, expected to be in 2018. The balance consideration will be paid in 18 equal monthly instalments after the respective completion dates.

The sale was carried out by Oxley's wholly owned unit Oxley Wharf Property 3 Ltd.

Oxley said the deal is not expected to have any material impact on its earnings or assets for the year ending June 30, 2017.