SINGAPORE (July 12): Oxley Holdings announced that wholly-owned subsidiary Oxley Amber has been granted an option to purchase a property at 231 Pasir Panjang for $121 million.

Oxley says it plans to redevelop the freehold property, which has a land area of approximately 8,326 sq m that is zoned for residential use.

The propose purchase will be funded by internal resources and bank borrowings.

Oxley says the proposed transaction is not expected to have a material impact on its earnings per share or net tangible assets per share for the current financial year ending June 30, 2018.

Shares of Oxley closed flat at 57 cents on Wednesday.