Oxley sells 73% of Singapore projects, to recognise S$2.4b in revenue

Tue, Apr 07, 2020

Claudia Chong

MAINBOARD-LISTED developer Oxley Holdings said on Monday that it has sold 73 per cent of its Singapore development portfolio, which comprises 3,923 units in total.

The group is set to recognise S$2.4 billion in secured revenue from its Singapore projects. The sum will be recognised over the next two years.

The bulk of the secured revenue comes from sales at Riverfront Residences, in which Oxley has a 35 per cent stake, and Affinity at Serangoon, in which the group has a 40 per cent stake.

Oxley is set to recognise S$900 million in secured revenue from Riverfront Residences, which is 86 per cent sold. It will also recognise S$608.4 million from Affinity at Serangoon, which is 68 per cent sold.

Oxley said the sales achieved will contribute positively to its cash flow as construction progresses and projects achieve their temporary occupation permit (TOP).

In the past two years, the group has sold over S$3.2 billion worth of properties. Two Oxley projects - The Addition and Sea Pavilion Residences - are fully sold. Oxley will recognise revenue of S$16.6 million from The Addition, and S$17.1 million of revenue from Sea Pavilion Residences.

Kent Ridge Hill Residences, in which Oxley has a 100 per cent stake, is 55 per cent sold, and the secured revenue amounts to S$280.4 million.

The group said it is "confident of its prospects given the earnings visibility coupled with the ongoing sales momentum".

Shares in Oxley ended trading at 19.9 Singapore cents on Monday, down 0.1 Singapore cent or 0.5 per cent.