SINGAPORE (Mar 27): Oxley Holdings is acquiring the property known as Ampas Apartment from the respective owners of the units in a collective sale.

On Tuesday, subsidiary Oxley Jasper exercised the option to purchase all the units in the development at 5 Jalan Ampas for $95 million.

Taking into account the development charge payable, the acquisition cost will amount to approximately $1,073 psf ppr, inclusive of balcony area.

The property is a freehold property with a land area of approximately 2,809.3 sqm.

Oxley intends to redevelop the property into a residential development with no less than 26 storeys, with a plot ratio of no less than 2.8 and gross floor area of no less than 7,866.04 sqm.

Oxley says the purchase price of $95.0 million was arrived at after taking into account current market prices of properties in the surrounding area and the company‘s assessment of the property’s redevelopment potential.

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

Shares in Oxley closed at 51 cents on Tuesday.