RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Oxley buys Mayfair Gardens for $311m

It plans to redevelop the residential site.

Oxley Holdings Limited (Oxley) won the tender for Mayfair Gardens for $311m.

According to an announcement, Oxley plans to redevelop the property, subject to obtaining all the necessary approvals from the relevant authorities.

Oxley intends to apply to the Singapore Land Authority for the grant of a fresh 99-year lease for the property and to lift certain title restrictions in the State Lease.

An estimated lease upgrading premium of $52m is payable for the grant of a fresh 99-year lease.

Mayfair Gardens comprises a leasehold estate for 99 years commencing on 8 July 1983 with a land area of approximately 19,368 sqm.

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