Oxley Holdings makes foray into Japanese property market

Homegrown lifestyle property developer Oxley Holdings has made its foray into the Japanese property market. It has acquired Chiba Port Square, a mixed development located in the heart of Chiba City’s port area in Greater Tokyo.

This follows an announcement by Oxley earlier in November that it was planning to buy the property for ¥3.55 billion (S$39.5 million) from Masuya Home Company.

With a site area of 20,072.5 square metres, the development consists of a 28-floor office building known as Portside Tower, including a 21-floor hotel called Candeo Hotels Chiba.

Oxley intends to hold the property for investment purposes.

Mr Ching Chiat Kwong, chairman and CEO of Oxley, said: “We are excited about the prospects in the Japanese property market. The Japanese yen has fallen to its lowest level since 2007 in recent weeks. The weak yen, coupled with the government’s efforts to invigorate the economy, made this an opportunity not to be missed.”

Oxley said the deal will strengthen its investment property portfolio, which currently comprises Space@Tampines, an industrial property, as well as two hotel developments.

Source : Channel NewsAsia – 17 Dec 2014

Join The Discussion

Compare listings