Oxley Holdings subsidiary, Oxley Rising, today agreed to acquire a land parcel in Kuala Lumpur, Malaysia, for RM446.7 million (S$175.9 million) from the executors of the estate of Leong Mai Leng.

The freehold site has an area of about 12,575 square metres.

It is currently occupied by six bungalows and located within the Kuala Lumpur City Centre (KLCC) area, which comprises prime plots of land and properties in the heart of Kuala Lumpur city.

Within close proximity are Petronas Twin Towers, Suria KLCC, Grand Hyatt, Mandarin Oriental, and various luxury condominiums, such as Four Seasons Place, Dua Residency, Binjai Residency and The Troika, as well as a diverse array of amenities including shopping malls, upmarket restaurants, nightspots and international schools.

Oxley intends to redevelop the land, subject to obtaining all the necessary approvals from the relevant authorities.