International developer Oxley Holdings Limited (Oxley) has announced it will acquire full ownership of integrated property and construction company Pindan Group.
A Singapore publicly listed property developer with a presence across eleven geographical markets, Oxley today made a formal announcement to the SGX regarding its 100 percent ownership of the company.
The acquisition of the remaining 60 percent of Pindan Group Pty Ltd follows Oxley acquiring 40 percent of the company in 2016, and is part of the Pindan Group’s ongoing growth-focused strategy.
Founded in 1977, Pindan will continue to operate across Australia as an integrated property group providing a wide range of construction, development and asset management services.
Through Oxley’s extensive experience and the capital strength it offers, the acquisition will further support the Pindan Group’s expansion.
The acquisition has paved the way for the retirement of Pindan co-founders, Managing Director George Allingame and Director David Pringle.
The Pindan Group executive team will continue to manage the day-to-day operations of the company.
Pindan’s Scott Davison said the acquisition provided the Pindan Group with a renewed strength as it entered its next chapter.
This is significantly positive for the company. We have a very strong construction order book with a positive outlook for the future and look forward to continuing to work with our valued clients and subcontractors. The executive team thanks George and David for their vision more than 40 years ago, and their outstanding service over many years and wish them well in their next chapterScott Davison
Mr Ching Chiat Kwong, Executive Chairman and CEO of Oxley said “We are pleased to acquire full ownership of Pindan Group, an experienced and key player in the Australian property and construction market, as a way of continuing to support its growth alongside ours for the benefit of the community.
As at end August 2019, Oxley had future progress billings on secured sales to the value of S$3.9 billion, of which S$2.2 billion were from Singapore projects and S$1.7 billion from overseas projects.