SINGAPORE (April 12): Oxley Holdings is acquiring properties in the Mediterranean island resort of Cyprus for S$42 million (RM132.7 million).
Oxley Planetvision Properties, a 50%-owned joint venture company, has entered into a sale and purchase agreement to acquire the entire issued share capital of Flitous Properties and Jemina Properties from seller Bank of Cyprus.
Incorporated in Cyprus, Flitous Properties and Jemina Properties are the owners of certain properties located in the District of Limassol, Cyprus, with total area of 70,771 sqm and 25,677 sqm respectively.
The total consideration for the proposed acquisition is EUR28.0 million (S$41.7 million or RM131.76 million), of which EUR2.8 million has been paid to the seller upon the signing of the agreement. The balance amount of the consideration will be paid on completion of the proposed acquisition which is to take place by April 15, 2017.
The consideration was arrived at through arm’s length negotiations, taking into consideration the market value of the properties. Based on the valuation report dated April 10, the market value of the properties is EUR30.69 million.
A favourite tourist destination, Cyprus also grants citizenship to those who invest in property and meet certain other requirements, whereby successful applicants gain the right to live, work, study and invest in all 28 EU member countries.
Shares of Oxley closed yesterday at 58 Singapore cents. — theedgemarkets.com.sg