Singaporean real estate firm Oxley Beryl is planning to sell its former Chevron House’s retail and banking units at 30 Raffles Place building for SGD315m ($222.7m).
In a stock exchange filing, Oxley Holdings claimed that a potential buyer has entered into an expression of interest (EOI) with its Singaporean unit Oxley Beryl.
Golden Compass (BVI), a company in the British Virgin Islands, was the purchaser named in Oxley Holdings’ proposed SGD1.025bn ($724.8m) sale of the property, announced last April.
However, the company did not identify the buyer or confirm whether it is linked to the Golden Compass (BVI).
Oxley Holdings also noted that it would sell its Chevron House retail and banking units for cash through one or more rounds of the publicly-open EOI process.
Chevron House at 30 Raffles Place is a 32-storey commercial building with a floor space of 261,280 sqft.
Under the EOI terms, the potential buyer can elect to ink a binding sale-and-purchase agreement with Oxley Beryl by 15 June 2020.
Oxley also received a refundable deposit of SGD3.15m ($2.2m) from the unknown buyer for the retail and banking units at Raffles Place.
In effect, the property sale is expected to be completed by 30 June 2020.