They intend to redevelop the property.
Oxley Kyanite, held by both Oxley Holdings and SLB Development, bought Pei Fu Industrial Building at 24 New Industrial Road for a price of $76.25m.
According to an announcement, the building is a freehold industrial property with a land area of approximately 5,792.1 sqm. “The group intends to redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities,” the two said.
SLB Development holds 51% of Oxley Kyanite. Its board members Ong Kay Koon and Owi Kek Hean each have a shareholding interest not more than 1% in Oxley. Meanwhile, Oxley deputy CEO holds 1.3% of SLB.
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