Real estate developer Oxley Holdings on Wednesday said it purchased Chevron House for S$660 million, along with a local property developer Centra Cove for US$12 million.
Deka Singapore sold Chevron House, a 32-storey commercial development comprising 27 levels of office space and a 5-storey retail podium, after weeks of negotiations.
Oxley said last month it was in talks with the owner of Chevron House to acquire the property.
Chevron House, formerly called Caltex House, has a net lettable floor area of 24,273 square metres. Situated in the financial district of Raffles Place, it is close proximity to buildings like Singapore Land Tower, Hitachi Tower, Change Alley and The Arcade.
Oxley intends to fund the deal through internal resources and bank borrowings, and expects it to have no impact on its financials.
Separately, Oxley announced it purchased Centra Cove from unrelated third parties Phuong Tuan Long and Teou Chun Tong Jason.
Shares in Oxley Holdings fell 1.6 percent to S$0.63 on the Singapore Exchange. The stock has gained 57 percent in an year.