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25-03-14, 13:07
http://www.straitstimes.com/archive/friday/premium/money/story/good-response-oxleys-london-launch-20140321
Good response to Oxley's London launch
Published on Mar 21, 2014
http://i.imgur.com/0nKN1f3.jpg
Artist's impression of the Royal Wharf development. In the background are the Millennium Dome and the Canary Wharf business district. -- PHOTO: OXLEY HOLDINGS
By Tee Zhuo [email protected]
LARGE crowds have flocked to the launch of Singapore-listed Oxley Holdings' first British property, in London's Docklands area.
The first phase of the huge Royal Wharf project, stretching 500m along the River Thames, will be launched here today.
A queue began to form several hours before the start of yesterday's London launch. Nearly 1,600 registered weeks ago.
Sales figures were not available at press time given the time difference with London.
But Oxley chief executive Ching Chiat Kwong is hopeful about 25 per cent of the 811 units launched in the first phase will have been sold on the first day.
The site was bought in November last year for £200 million (S$421 million) from London's second largest developer, Ballymore, the project's joint manager.
Oxley borrowed more than $700 million last year. Second-quarter profit this year more than doubled to $25 million from $11.4 million, largely from revenue recognised from local projects such as The Commerce@Irving and Oxley Bizhub.
Since listing in October 2010, Oxley has launched 27 projects in Cambodia, Malaysia, China and Singapore, with most sold out. Royal Wharf is its largest investment.
The 16ha mixed-use site beside the Thames Barrier Park will include 3,385 homes for about 10,000 residents, with a school, retail outlets, offices, leisure facilities and restaurants.
Come 2018, the area will be served by the Custom House station on the high-speed Crossrail line, which will link it to Heathrow Airport and Bond Street.
Mr Ching said developing in London "had always been a dream" for him. He took the opportunity after research showed demand for affordable housing was high given rising prices there.
Commenting on the project's Singapore launch today at the Hilton Hotel, Mr Ching said Singaporeans are "sensible buyers".
"When they see a good product, they will buy it."
Prices range from £235,000 for a studio flat to over £1 million for a townhouse. Agents projected rental yields of up to 5 per cent.
London Mayor Boris Johnson welcomed the development. He said last October he was "thrilled at this demonstration of... confidence".
Ms Doris Tan, director of international residential property services at JLL Singapore, predicts that projects such as Royal Wharf will become increasingly popular.
London's policy to "regenerate other areas further east and south of the river" is an important factor, she said. The city has ambitious plans to transform the rundown Docklands area into its third business district.
As part of the Royal Docks Enterprise Zone, a £1 billion deal was signed last May with Chinese developer Advanced Business Park to create a 14ha commercial centre. Mr Ching said he is "looking forward" to serve the inflow of Chinese professionals, which will create a "melting pot" of different nationalities in the district.
Oxley is one of several local developers looking to London amid a slowing market here after property cooling measures.
City Developments last September made its first acquisition in London - a £80 million site near famous department store Harrods in Knightsbridge.
Lum Chang Holdings bought a 30,099 sq ft London hotel near tourist hotspots Hyde Park and Kensington Gardens for about £26 million in January.
Meanwhile, Mr Ching said he hopes that "a sustainable urban development model can be replicated in other possible sites".
Good response to Oxley's London launch
Published on Mar 21, 2014
http://i.imgur.com/0nKN1f3.jpg
Artist's impression of the Royal Wharf development. In the background are the Millennium Dome and the Canary Wharf business district. -- PHOTO: OXLEY HOLDINGS
By Tee Zhuo [email protected]
LARGE crowds have flocked to the launch of Singapore-listed Oxley Holdings' first British property, in London's Docklands area.
The first phase of the huge Royal Wharf project, stretching 500m along the River Thames, will be launched here today.
A queue began to form several hours before the start of yesterday's London launch. Nearly 1,600 registered weeks ago.
Sales figures were not available at press time given the time difference with London.
But Oxley chief executive Ching Chiat Kwong is hopeful about 25 per cent of the 811 units launched in the first phase will have been sold on the first day.
The site was bought in November last year for £200 million (S$421 million) from London's second largest developer, Ballymore, the project's joint manager.
Oxley borrowed more than $700 million last year. Second-quarter profit this year more than doubled to $25 million from $11.4 million, largely from revenue recognised from local projects such as The Commerce@Irving and Oxley Bizhub.
Since listing in October 2010, Oxley has launched 27 projects in Cambodia, Malaysia, China and Singapore, with most sold out. Royal Wharf is its largest investment.
The 16ha mixed-use site beside the Thames Barrier Park will include 3,385 homes for about 10,000 residents, with a school, retail outlets, offices, leisure facilities and restaurants.
Come 2018, the area will be served by the Custom House station on the high-speed Crossrail line, which will link it to Heathrow Airport and Bond Street.
Mr Ching said developing in London "had always been a dream" for him. He took the opportunity after research showed demand for affordable housing was high given rising prices there.
Commenting on the project's Singapore launch today at the Hilton Hotel, Mr Ching said Singaporeans are "sensible buyers".
"When they see a good product, they will buy it."
Prices range from £235,000 for a studio flat to over £1 million for a townhouse. Agents projected rental yields of up to 5 per cent.
London Mayor Boris Johnson welcomed the development. He said last October he was "thrilled at this demonstration of... confidence".
Ms Doris Tan, director of international residential property services at JLL Singapore, predicts that projects such as Royal Wharf will become increasingly popular.
London's policy to "regenerate other areas further east and south of the river" is an important factor, she said. The city has ambitious plans to transform the rundown Docklands area into its third business district.
As part of the Royal Docks Enterprise Zone, a £1 billion deal was signed last May with Chinese developer Advanced Business Park to create a 14ha commercial centre. Mr Ching said he is "looking forward" to serve the inflow of Chinese professionals, which will create a "melting pot" of different nationalities in the district.
Oxley is one of several local developers looking to London amid a slowing market here after property cooling measures.
City Developments last September made its first acquisition in London - a £80 million site near famous department store Harrods in Knightsbridge.
Lum Chang Holdings bought a 30,099 sq ft London hotel near tourist hotspots Hyde Park and Kensington Gardens for about £26 million in January.
Meanwhile, Mr Ching said he hopes that "a sustainable urban development model can be replicated in other possible sites".