OXLEY Holdings will complete asset enhancement initiative works on Chevron House and expects to achieve final completion of the sale of the 32-storey Raffles Place commercial building no later than the first quarter of 2020.
Golden Compass is to pay S$210 million upon the first completion of the proposed sale, after which 82.35 per cent of the issued and paid-up capital of Oxley Beryl, among others, will be transferred to Golden Compass. The buyer is to then pay the balance of the consideration and discharge Oxley Beryl's bank loans upon the final completion of the sale, after which the remaining shares in Oxley Beryl will be transferred to Golden Compass.
While Oxley previously said it relied on a formal valuation report dated June 30 last year, it said on Tuesday that it had obtained a valuation report on the basis of the AEI works being completed, dated March 12 2019, which indicated a value of S$1.025 billion. Oxley also said it took that report into consideration when deciding the consideration for the proposed sale.