Oxley buys 40% stake in Australian property firm

The deal is worth $34m.

Oxley Holdings, a home-grown property developer with business presence in nine geographical markets, announced that it intends to acquire a 40% stake in Pindan Group Pty, a property and construction company in Western Australia.

Oxley will make an investment of A$32m (~S$34m) in Pindan, comprising the acquisition of shares, that is expected to assist in securing new development projects.

Pindan, established in 1977, is a privately-owned property and construction company based in Western Australia. It has annual turnover in excess of A$500 million with more than A$1 billion work on hand (of which, 20 – 25% are Pindan developments and the remainder being contracts with other developers and State, Federal and Local Governments). It has also recently expanded to other states in Australia, including New South Wales and Queensland.

As of 30 September 2016, Oxley had unbilled contract value of S$2.7b, with S$0.9b from Singapore projects and S$1.8b from overseas projects.