SINGAPORE (June 30): Oxley-Worldbridge, the Cambodia-based subsidiary of Oxley Holdings, has purchased a plot of land located on lot 17, Village 14, Sangkat Tonle Basak, Khan Chamkar Morn in Phnom Penh, Cambodia, from Khov Porseang for US$6 million ($8.3 million).

The plot has a freehold tenure with a land area of 1,200 sqm.

In a Friday announcement, Oxley says it intends to use the land for a showroom for its existing project, The Peak, for about three years until the project is completed. It plans to subsequently develop a commercial property on the land plot thereafter.

30% of the consideration price amounting to US$1.8 million has already been paid by Oxley, while the balance will be paid when the land title transfer is completely.

The group does not expect the acquisition to have a material impact on its earnings per share (EPS) or net tangible assets (NTA) per share for FY17.

Shares of Oxley closed 0.85% lower at 58 cents on Friday.