Oxley sells Singapore’s Chevron House complex for S$1.025bn

Listed property developer Oxley Holdings has agreed to dispose of the Chevron House complex in Singapore for as much as S$1.025bn (US$758m).

The 24,273 sq.m. property at 30 Raffles Place features 27 storeys of office accommodation and a 5-level retail podium, according to an announcement.

The purchaser, Golden Compass (BVI), is reportedly a fund managed by US investment manager AEW, according to a Mingtiandi report.

The deal follows an unsolicited offer made by AEW for the asset in March this year.

Chevron House

Oxley said it had commenced refurbishment works on the property in March that would be completed before the deal closed.

The S$1.025bn deal comprises the acquisition of Chevron House’s holding company, Oxley Beryl, and existing bank loans.

Golden Compass will acquire 82.35% of Oxley Beryl for S$210m on first completion, and then pay the outstanding amount and take over the existing loans on final completion.

The deal comes after a strong first quarter in Singapore’s commercial real estate investment market, according to Colliers.

Office and retail property investment quadrupled year-on-year to S$1.1bn (US$800m) due to the Manulife Centre and Rivervale Mall deals.

“We expect favorable fundamentals in the Singapore office market, steady office rental growth and a supply shortfall over 2019-2021 to support investors’ interest for commercial properties,” the advisor wrote in its 1Q19 update.

Oxley Holdings is a Singaporean property developer, with a portfolio of development and investment projects in Singapore, the United Kingdom, Ireland, Cyprus, Cambodia, Malaysia, Indonesia, China, Myanmar, Australia, Japan and Vietnam.

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Benn is a freelance journalist and the publisher of APAC Real Estate. He has reported for the Herald Sun, REFI Europe, S&P Global Market Intelligence, Leader Newspapers, and more.