SUBSCRIBERS

Oxley's Chevron House sale a better deal for buyer than seller: DBS analysts

But Oxley says building still undergoing works and was sold with no tenancy agreements

Fiona Lam

Published Thu, May 2, 2019 · 09:50 PM

Singapore

ANALYSTS at DBS Group Research are of the view that the "buyer is the bigger beneficiary" in Oxley Holdings' deal to sell Chevron House for S$1.025 billion, although Oxley and some industry sources disagree.

The sale comes just 16 months after the debt-laden property developer acquired the 32-storey office tower in Raffles Place for S$660 million in December 2017. Oxley has agreed to sell the property to Golden Compass, a wholly-owned unit of US-based real estate fund AEW.