Roxy sitting pretty as it casts its net wide

ROXY-PACIFIC Holdings may be feeling the chill of the Singapore residential market but it is in no hurry to slash prices - the listed developer and hotel operator is sitting on pre-sale revenues of S$955.4 million, 2.6 times its record fiscal 2013 revenue and a sum that will be progressively recognised as profits until fiscal 2017.

In addition, the group has cast its net beyond its home market and its core development segment in sourcing for deals. Group executive chairman Teo Hong Lim tells The Business Times that Roxy is looking at office and residential projects in Australia, under-utilised hotels in Japan that can be optimised, and potential sites in Kuala Lumpur.

While it has had no luck yet with the bidding for hotel sites in government land tenders, the group is still keen to add hospitality assets to its portfolio to generate more recurring income. Roxy currently runs only one hotel in Singapore - Grand Mercure Roxy Hotel in the east which is managed by international ho…