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Almost all Singapore residential units sold; Oxley to focus on developed countries such as UK and Ireland

·2-min read

Out of the remaining eight Singapore projects, seven are expected to achieve TOPs within the next six months.

Oxley Holdings announced that as at June 27, 2021, approximately 99% or 3,593 of its residential units in Singapore have been sold.

In a business update, the company said its Singapore projects’ construction progress is on schedule with the easing of Covid-19-related control measures.

Out of the remaining eight Singapore projects, seven are expected to achieve TOPs within the next six months. These are Riverfront Residences, Kent Ridge Hill Residences, Mayfair Gardens, Mayfair Modern, INSPACE, 1953 and Parkwood Residences.

In the overseas market, Oxley has $305 million of unbilled contract value to be recognised. The company will recognise the revenue of overseas projects upon TOP.

Moving forward, Oxley intends to focus its property development activities in developed countries such as the UK and Ireland which are relatively more politically stable and transparent.

Riverscape (formerly known as Deanston Wharf) is located adjacent to Oxley’s flagship Royal Wharf London development. It is easily accessible and well-connected to the public transport network and overlooks Lyle Park and River Thames.

Riverscape will deliver 769 new homes, 1,125 sqm of commercial floorspace and a 170-metre long expansion to the adjoining Lyle Park. The total GDV is $683 million.

In November 2021, Oxley entered into a deal to sell 207 affordable housing units at Riverscape for around GBP51 million. As at June 27, almost 60% of the launched private residential units had been sold.

Meanwhile, Connolly Station or Dublin Connolly is the busiest railway station in Dublin, Ireland, and is a focal point in the Irish route network. On the North side of River Liffey, it provides InterCity, Enterprise and commuter services to the north, north-west, south-east and south-west of the country.

The Connolly development will be a mixed-used development comprising residential units, office blocks and a hotel. The GDV of the project is estimated to be $1.4 billion.

Oxley has begun construction of the Riverscape and Connolly Station projects and the TOP is expected to be by 2025.

The company has also made arrangements for the proposed sale of assets in Vietnam. The proceeds from the sale, if completed, will contribute positively to the company’s cash flows in 3QFY2022.

Shares in Oxley closed 0.2 cents higher or 1.19% up on July 4 at 17 cents.



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