Oxley Holdings splurges RM446.7m on Malaysian asset

Check out their other projects in the pipeline.

According to OSK, Oxley Holdings bought a plot of prime freehold land measuring about 12,575sqm which houses six bungalow buildings known as 149 to 159 Jalan Ampang, at RM446.7m from an estate sale, located within the Kuala Lumpur City Centre (KLCC) area.

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The plot of land which the group intends to redevelop the land, subject to obtaining all the necessary approvals is in close proximity to PETRONAS Twin Towers, Suria KLCC, Grand Hyatt, Mandarin Oriental, and various luxury condominiums. They have other projects in the pipeline which includes a mixed-development site which will proffer more than 3,400 residential units along with a mix of commercial, retail, leisure and educational facilities and it will sit on a site with a gross effective area of about 363,000 sq m, at London's Royal Wharf. In addition, Oxley who owns a 10% stake in GD Capital also has land use rights for two plots in the Xuancheng Economic and Technical Development Zone in Anhui province in China also allows Oxley to participate with up to 30% interest in the development of five other land parcels in the same economic zone. Oxley reported that its net profit for the first quarter ended September surged SGD6.6m to SGD250.8m on the back of a 13-fold jump in revenue to SGD686m.