Stevens Road

Oxley's potential $950 mil deal falls through after Gracious Land defaults on $38 mil deposit

SINGAPORE (Mar 20): Oxley Gem, a subsidiary of Oxley Holdings, has terminated the letter of intent (LOI) it received from Gracious Land in Jan for the $950 million purchase of its Mercure and Novotel hotels, after not receiving a subsequent deposit of $38 million when it was due.

In a late night filing on Tuesday, the group says Gracious Land has requested for a refund of the initial $9.5 million deposit it paid for the two hotels on Stevens Road to Oxley Gem.

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