SINGAPORE (Feb 5): Oxley Holdings announced that its wholly-owned subsidiary, Oxley Pearl, is acquiring a 99-year leasehold estate located at 16 Lorong 35 Geylang for $13 million from Huang Shi Zong Hui or Huang Clan (Singapore).

The land has an area of about 2,220 sqm that is zoned for residential/institution.

The group intends to construct an eight-storey mixed-use development comprising the clan's premises at the second and third storeys, as well as and residential flats from the fourth to eighth storeys with swimming pool and communal facilities and car park at the basement and first storey to be known as Sixteen35 Residences.

The group will be funding this acquisition through internal resources.

Shrares in Oxley closed 3 cents lower at 66 cents on Monday.