SINGAPORE (Dec 27): Oxley Holdings’ wholly-owned subsidiary Oxley Amethyst has exercised the option to purchase a cluster of properties along Balestier Road in Singapore for $38.0 million.

Oxley on Tuesday after market close announced it is purchasing the properties known as 1, 3, 5, 7, 9, 7A, 9A and 11 Balestier Road from Owen Private Limited in an interested person transaction.

Owen is 47.5% owned by Oxley’s executive chairman and chief executive officer, Ching Chiat Kwong. Oxley’s deputy CEO Low See Ching and substantial shareholder Tee Wee Sien also hold 42.5% and 10% stakes in Owen, respectively.

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