Oxley confirms talks to buy Chevron House

A Business Times report on Nov 24 said Oxley was in the advanced stages of buying Chevron House. Oxley announced yesterday that it is conducting due diligence, and no definitive agreement has been executed yet.
A Business Times report on Nov 24 said Oxley was in the advanced stages of buying Chevron House. Oxley announced yesterday that it is conducting due diligence, and no definitive agreement has been executed yet.ST FILE PHOTO

Property firm Oxley Holdings has confirmed that it is negotiating to buy the Chevron House building in Singapore's financial district.

Oxley said in an announcement before the market opened yesterday that it is conducting due diligence, and no definitive agreement has been executed yet.

Its comments came in response to a Business Times article on Nov 24 saying that Oxley was in the advanced stages of buying the 32-storey office and retail building from a fund managed by Deka Immobilien of Germany.

The purchase price, according to the article, was expected to be around $660 million, or $2,526 per square foot of net lettable area. Chevron House has 261,280 sq ft of net lettable area on a 29,891 sq ft site. It has 71 years remaining on a 99-year lease that started in December 1989.

Trading in Oxley shares resumed yesterday morning after the counter was halted on Friday, following the publication of the article. The stock last changed hands at 63 cents on Thursday.

A version of this article appeared in the print edition of The Straits Times on November 28, 2017, with the headline 'Oxley confirms talks to buy Chevron House'. Print Edition | Subscribe