The Rio Casa, which was launched in April for collective sale, was sold for S$575 million. This was over the asking price of $450 million. According to source, a consortium that is Oxley-led, comprises the Oxley Holdings, KSH Holdings and Lian Beng Group came up with the decision to purchase the Rio Casa estate.
Based on the tender submitted and disclosed, 70% of the property belongs to Oxley-Lian Beng Venture Pte Ltd, which is divided as 35% for Oxley Holdings and 35% for KSH Holdings. The other 20% was secured by Lian Beng Group, while the remaining 10% belongs to the Teo family’s Apricot Capital.
On Wednesday, May 24, 2017, the consortium confirmed the news that the property owners already accepted the offer. The Rio Casa, with a total land area of 36,811.1 square meters, a privatized estate formerly owned by HUDC, is now sold to Oxley-led consortium.
There is a plan for application of grant for a fresh 99-year lease term with plans of redeveloping it.
Based on received information, the estimated S$208 million differential premium will be the payable amount to the estate in line with the lease and with the redevelopment plan in order to maximize the property to its plot ratio of 2:8.
Each Rio Casa owner will receive around $2 million.