Oxley Holdings Ltd (SGX: 5UX) is a home-grown property developer which is mainly engaged in property development and investment. Last week, Oxley shares added 10.5% to end at S$0.315, the highest close since early October 2018. What could be the reason behind the euphoria? Sale of Stevens Road hotels On Thursday (10 January) after the stock market closed, Oxley announced that it had accepted a letter of intent (LOI) for the purchase of its Mercure and Novotel hotels at Stevens Road for S$950 million. The buyer of the hotels was not revealed in the announcement. The LOI is intended to be non-binding and is subject to the parties entering into a definitive sale and purchase agreement. Under the terms of the LOI, upon receipt of S$9.5 million, the purchaser can carry out due diligence until 1