SINGAPORE - Property developer Oxley Holdings is selling an office tower at Oxley Towers KLCC in Kuala Lumpur for approximately RM406 million (S$118 million) to Alliance Bank Malaysia.

The transaction includes its Grade A office tower and four adjoining parcels of retail units, Oxley said in a bourse filing on Monday.

The 24 floors of the strata-titled office run from Levels 6 to 29 and have a gross floor area of 315,711 sq ft, according to Oxley. The four retail units across the ground and first floors have a net floor area of 9,569 sq ft.

Oxley Towers KLCC, a freehold property, comprises two hotel towers with residences, an office tower and a retail podium linking all the three towers. It is next to the iconic Petronas Twin Towers in the centre of the Malaysian capital.

The property is expected to receive its temporary occupation permit by 2024.

Alliance Bank Malaysia’s plan to relocate its corporate office to the commercial centre of Kuala Lumpur will improve its visibility and branding, the company said.

With the office block earmarked as a “green-certified building”, Oxley added that this will enhance the bank’s sustainability journey.

Oxley shares rose $0.001 or 1 per cent to close at $0.106 on Monday. THE BUSINESS TIMES