Real estate developer Oxley Holdings on Thursday said its unit won the tender for the purchase of Vista Park in South Buona Vista Road at S$418 million.
The deal comes just a day after it purchased Chevron House for S$660 million, along with a local property developer Centra Cove for US$12 million.
Vista Park, which is at the edge of Kent Ridge Park and faces the sea, is on a 319,250 sq ft site with a balance lease of about 60 years, the company said in a regulatory filing.
The property comprises a leasehold estate of 99 years commencing on 8 January 1979 with a total land area of approximately 29,659.1 square metres and is zoned residential.
Oxley Spinel, the unit of Oxley Holdings, 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.
To date, owners controlling about 82 percent of share value and strata area in the development have agreed to the sale. The transaction will be subject to approval by the Strata Titles Board.
Oxley said it would fund the acquisition through internal resources and bank borrowings.
Shares in Oxley Holdings were unchanged S$0.63 on the Singapore Exchange. The stock has gained 57 percent in an year.