Oxley buys developer Centra Cove for $16.18m

It has a stake in a firm that can develop a residential project in Vietnam.

Oxley Holdings Limited (Oxley) bought a developer and investment holder Centra Cove Pte Ltd (Centra Cove) for $16.18m (US$12m).

According to an announcement, Centra Cove, a company incorporated in Singapore, engages in the business of real estate development and investment holding. The companies Phuong and Teou are the legal and beneficial owners of 27% and 73%, respectively, of the issued and paid up share capital of Centra Cove.

Centra Cove holds 75% of the licensed charter capital of Phu Thinh Land Company Limited (PT Land), a company incorporated in Vietnam, of which only 16.81% of the charter capital has been paid up.

PT Land is allowed by the People's Committee of Dong Nai Province to jointly develop a residential project at Dong Nai province with a state-owned construction and development company.