SINGAPORE - A unit of Oxley Holdings is buying a 99-year leasehold property in Yio Chu Kang Road for $8.4 million with plans to develop it, said the firm yesterday (Aug 30).

It said the Oxley Garnet subsidiary exercised options to buy six units at 208 Yio Chu Kang Road, which has a land area of about 1,313.3 square metres and is zoned for residential use.

"The group intends to redevelop the property, subject to ... approvals from the authorities," Oxley said in a statement.

The owners of the Yio Chu Kang units have been paid $126,000, and another $294,000 to their solicitors.

The rest of the $8.4 million will be paid on Nov 23 or earlier, when the purchase is complete, subject to several conditions.