According to an SGX filing on March 1, 2019, Oxley Holdings, a prominent developer in Singapore, has spelled out that it anticipates gaining a greater amount of revenue from both its local and international developments compared to what was reported a moment ago.
“The group has local developments worth about S$2.9 billion, including Affinity at Serangoon as well as RiverFront Residences, both in District 19 and soon to be launched overseas properties such as those in Cambodia, London, Cyprus, and Malaysia are valued about S$4.6 billion,” pointed out the group’s CEO Ching Chiat Kwong.
CEO Ching was responding to an article published on Business Times in late February that claimed Oxley Holdings anticipates getting S$2 billion from its residential developments in Singapore and approximately S$500 million from its developments in Cambodia, London, Cyprus, and Malaysia.
The report also stated that the group has 10 projects in Singapore, nine of which have been availed for sale. Overall, these developments are expected to provide approximately 3,800 units, with 50 percent of the units already taken up. To name a few, they are Kent Ridge Hill Residences and The Addition at Potong Pasir.
In the report published on Business Times, CEO Ching emphasized that the group bought a big chunk of its local residential land in the initial phase of the en bloc sales fever in 2017 before prices skyrocketed.
“Once we launch all the remaining projects, the market will experience a tangible difference since we are most likely the cheapest when it comes to psf prices. We boarded the bus first and others followed suit.”
Eric Low, who holds the position of deputy CEO and executive director at Oxley Holdings, stated that the group’s residential properties are majorly envisioned for the mass market. These residential developments are mostly located in heartland neighbourhoods, including Potong Pasir, Yio Chu Kang, Serangoon, Kent Ridge, Geylang, Hougang, and Pasir Panjang. Their prices are between $1,300 and $1,700 psf. Deputy CEO Low added that Mayfair Gardens and Mayfair Modern, with a median price of $1,900 psf, are the group’s most expensive projects. Moreover, CEO Ching stated in the report that he is confident that the group will pay off its debt amounting to S$1.6 billion due in the coming three years, through selling units at the completed projects in Singapore as well as overseas.