SINGAPORE (Nov 19): Oxley Holdings’ subsidiary Citrine Property has submitted the winning bid of $311 million for the en bloc purchase of Mayfair Gardens.

Located at Rifle Range Road, Mayfair Gardens is a private residential estate that comprises six walkup blocks of 124 apartment units with sizes ranging from 100 sqm to 200 sqm

With a site area of 19,368 sqm, the property has a leasehold of 99 years starting on July 8, 1983 and is zoned “residential”.

In a Saturday filing, Oxley says it plans to redevelop the property. It also intends to apply to the Singapore Land Authority for the grant of a fresh 99-year lease for the property and to lift certain title restrictions in the lease.

This will cost an additional $52 million.

The purchase will be funded by internal resources and bank borrowings, adds Oxley.

Shares in Oxley closed 3 cents higher at 67 cents.