Oxley Holdings splurges US$4.129m in land acquisition in Cambodia

It'll be funded by internal resources and bank borrowings.

In a release, Oxley Holdings Limited announced that the Group’s 49%-owned associated company, Oxley-Worldbridge (Cambodia) Co., Ltd., had on 12 June 2013 entered into a sale and purchase agreement for the acquisition of a plot of Land #19 with Land Record No. #5932-11 105 d4, and Cadastral Registration No. #12021013-0019, dated in Phnom Penh on 25 July 2008, located at Village 13, Sangkat Srah Chork, Khan Daun Penh, Phnom Penh, Kingdom of Cambodia, at the purchase price of USD4,129,200 from Home Ground Investment Co., Ltd.

The Land has a freehold tenure and an area of approximately 2,294 square metres. The Purchaser intends to develop the Land, subject to obtaining all the necessary approvals from the relevant authorities.

The purchase price of USD4,129,200 was arrived at on a willing buyer-willing seller basis after taking into account current market prices of properties in the surrounding area and the Group’s assessment of the Land’s development potential. No formal valuation of the Land has yet been conducted.

The Group’s portion of the Purchase Price will be funded by internal resources and bank borrowings.