SINGAPORE (May 28): RHB Securities is maintaining its “buy” call on Oxley Holdings with a revised target price of 29 cents. This is down 2 cents from its previous 31 cent call, analysts Jarick Seet and Lee Cai Ling outline in a May 27 note.

The move follows the property developer’s entrance into an expression of interest (EOI) with a buyer for the sale of its retail and banking units at Chevron House for $315 million on May 21.

Oxley has not identified this buyer or mentioned if it is linked to Golden Compass – the purchaser named in its proposed $1.03 billion sale of Chevron House in April 2019. Part of this saw Oxley divesting the retail and banking units of the commercial development. The 32-storey property in Raffles Place has a net floor lettable area of 261,280 sq ft.

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