SINGAPORE (July 26): Oxley Serangoon, a joint venture company led by Oxley Holdings, announced Wednesday that its bid for the purchase of Serangoon Ville at a price of $499 million has been accepted by the owners of the property.

Spanning some 27,584 sqm at Serangoon North Avenue 1, the Serangoon Ville property is a former HUDC estate which has been privatised.

Oxley Serangoon says it intends to apply for the grant of a fresh lease of at least 99 years for the land, and redevelop the property.

An estimated differential premium of $195 million is payable to the State for the top-up of the lease and for the redevelopment of the site to a gross plot ratio of 2.8.

Oxley Holdings owns a 40% stake in Oxley Serangoon, with Unique Invesco, Lian Beng (Serangoon), and Apricot Capital each owning 20% of the joint venture company.

Unique Invesco is a 37.5%-owned associated company of KSH Holdings, which gives KSH a 7.5% equity interest in Oxley Serangoon.

Unique Invesco is also a 25%-owned associated company of Heeton Homes, which is a wholly-owned subsidiary of Heeton Holdings. This gives Heeton Holdings a 5% equity interest in Oxley Serangoon.

In a separate filing to SGX on Wednesday, Lian Beng Group announced that it has incorporated Lian Beng (Singapore) as a subsidiary.

On Wednesday, shares of Oxley closed half a cent lower at 58.5 cents; shares of KSH closed half a cent higher at 81 cents; shares of Heeton closed half a cent lower at 48.5 cents; and shares of Lian Beng closed half a cent lower at 62.5 cents.