SINGAPORE (Aug 30): Oxley Holdings announced Wednesday that wholly-owned subsidiary Oxley Garnet has exercised options to purchase six units at 208 Yio Chu Kang Road for a total price of $8.4 million.

The 99-year leasehold property sits on a land area of around 1,313.3 sqm that is zoned for residential use.

In a filing to SGX on Wednesday, Oxley says it intends to redevelop the property, subject to necessary approvals from relevant authorities.

The group says the purchase will be funded through internal resources and bank borrowings.

The purchase is not expected to have a material impact on Oxley’s earnings per share or net tangible assets per share for the current financial year ending June 30, 2018.

Shares in Oxley closed 1 cent lower at 57 cents on Wednesday.