Irish bad bank Nama has named Singapore-based developer Oxley Holdings as preferred bidder for a key 5.9-acre site in Dublin docklands.
Oxley will acquire a long leasehold on the site with the right to develop and manage properties. Nama will retain the freehold interest and will receive an income stream plus a percentage of profits on future sales.
The site at 72-80 North Wall Quay was tendered in June 2014, and received bids from six Irish and international investors.
Oxley proposes to develop 60,000 sq ft of grade-A office space and 200 apartments.
The developer is expected to submit a planning application in early 2015, and the construction is expected to begin in late 2015 or early 2016.
Oxley has a presence in Cambodia, Malaysia and China, and entered the UK market in the first half of 2014 with the launch of Royal Wharf, a waterfront project in east London developed in partnership with Ballymore.
Oxley executive chairman and CEO Ching Chiat Kwong said: “This is the first venture for Oxley in Ireland. We are delighted by the opportunity to invest in Ireland and to deliver a top-quality commercial and residential development in Dublin”.
