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The_King

Oxley Holdings to sell Mercure and Novotel hotels for S$950 million

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Oxley Holdings has accepted a letter of intent to purchase the Mercure and Novotel Hotels for S$950 million (US$702.6 million), according to a statement late Thursday (10 January).

The LOI is non-binding and is subject to the parties entering into a definitive sale and purchase agreement. The identity of the buyer wasn’t disclosed.

Under the terms, upon receipt of the sum of $9.5 million, the purchaser shall be entitled to carry out property due diligence during the period up to 15 April 2019.

The buyer will then shall pay $38 million on 28 February, and a further $47.5 million on the signing date of the definitive sale and purchase agreement or 15 April.

Oxley in 2013 acquired the land in Stevens Road, where the defunct Pines Club, formerly known as The Pinetree Club, used to be, for $318 million from Exklusiv Resorts. The leasehold estate comes with a 103-year tenure from July 2013. The company in 2014 appointed hotel operator Accor to manage the 254-room Novotel Singapore on Stevens and 518-room Mercure Singapore on Stevens which were opened late 2017.

Oxley shares are up 8.5 per cent to S$0.32 at 10.31 am after trading resumed today. Oxley shares were halted from trading from 3pm on Thursday pending the announcement.

 

 

https://sg.finance.yahoo.com/news/oxley-holdings-sell-mercure-novotel-hotels-s950-million-033726943.html

 

 

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interesting... many lessons for us:

 

Ching Chiat Kwong... Born in 1965 to parents of Shanghainese descent, he’s worked in various jobs including as a tour agent and a police officer. His first foray into real estate was in 1996 when he set up Oxley Construction, which helped build show units for property developers..

 

From Police Officer to Property Developer
In a report about a feature on Mr Ching in The Edge Singapore, it is revealed how Oxley’s CEO and Executive Chairman started out as a member of the Singapore Police Force. He returned to police work after taking up sociology and graduating with honours from the National University of Singapore.


A couple of years later, Mr Ching left the Force to work at a variety of jobs such as selling otah and cleaning sewers at a wet market. These odd jobs kept him while he began his career as a contractor. Soon, he began constructing show-flats for the Fragrance Group (whose CEO we’ve profiled in a previous post) and other property developers.
Building these show-flats enabled Mr Ching to learn the industry’s ins and outs. Having learned what he could, he took a mortgage on his home and began what would become the Tyrwhitt 139 condominium in Little India. According to The Edge, Mr Ching was so nervous the night before the condo’s launch, he woke up vomiting in the middle of the night

 

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