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Author: simonsg   |   Latest post: Wed, 15 Jan 2020, 5:25 PM

 

Oxley Holdings - Acquire 7 Pieces of Freehold Land in Paya Terubong, Penang With Aspen

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  • OXLEY HOLDINGS LIMITED (SGX:5UX), together with ASPEN (GROUP) HOLDINGS LIMITED (SGX:1F3) will be investing MYR165m to acquire seven pieces of freehold land measuring 29.05 acres in Paya Terubong with Geo Valley Sdn Bhd. See Oxley's announcements; Aspen Group's announcements.
  • The proposed development is a mixed-use development comprising residential towers, service apartments, retail lots and a community centre.
  • Oxley will own 30% of the JV. The land is strategically located within a matured neighbourhood in the middle of Air Itam, Farlim and Paya Terubong, and in close proximity to well-known lifestyle amenities such as schools, hospitals, eateries, wet markets, retail shops, supermarkets, tourist spots and services.
  • This prime landbank on the Penang Island is at a choice location where as many as 400,000 people live, work and commute.
  • As detailed plans for the land are not firm yet, we will only adjust our earnings when the development plans are more concrete. We expect impact from earnings to only come from FY21F-22F onwards.

 

Source: RHB Invest Research - 25 Jun 2019

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Labels: Aspen, Oxley

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