Deals
Oxley Sells Singapore Office Tower in a $753 Million Deal
- Oxley sells Chevron House for S$365 million more than it paid
- Dwindling supply, solid demand fueling rental growth in city
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Singapore’s office market is running hot -- so much so that debt-laden Oxley Holdings Ltd. just sold a building for S$365 million ($268 million) more than it paid less than 18 months ago.
Oxley agreed to sell Chevron House, a 32-story tower in the central business district, to Golden Compass (BVI) Ltd. for S$1.025 billion in cash and assumed debt, according to a statement late Monday. Oxley bought the property, which comprises 27 levels of office space and a five-story retail podium, for S$660 million in December 2017. Golden Compass is controlled by AEW, a U.S.-based real estate fund manager.