Oxley on track with sales targets for its Singapore projects

OXLEY Holdings has achieved its sales targets for its residential projects in Singapore, it said in an update on its projects both here and overseas.

In Singapore, 2,858 of 3,923 residential units, or 73 per cent of its development portfolio here, had been sold as at April 30.

Oxley chief executive Ching Chiat Kwong said: "S$1.4 billion of secured revenue from our Singapore projects and S$819 million from overseas projects will flow into the group as construction progresses, based on our effective stake." He added that Oxley is on track to redeem its S$150 million worth of bonds due on May 18, 2020.

In Kuala Lumpur, its KLCC project - which comprises two residential blocks and two hotels - has sold 222 of the 590 residential units available. Project construction has slowed due to the Covid-19 measures, it said, although its main contractor is striving to complete the KLCC Oxley Towers on schedule.

Its Dublin Landings project in Ireland is on track to complete construction this year, with construction expected to restart early next week following a government-enforced shutdown to control the pandemic. All five commercial buildings have achieved practical completion and have been sold to third parties, while one of the eight residential buildings has been handed over to the buyer, Greystar, said Oxley.

Meanwhile, its flagship project, Royal Wharf in London, has sold more than 95 per cent of its 3,380 residential apartments and construction of the project is expected to fully completed by year end. Over 2,800 units have been delivered to buyers as at April 28.

In an update on its project The Peak in Phnom Penh, its new contractor China Railway Urban Construction Group Co has made "remarkable progress" since taking over two months ago, Oxley said in the release to the Singapore Exchange. The Peak consists of 2,358 residential, office and retail units. A total of 85 per cent of the units have been sold, and the project is expected to be completed progressively from mid-2020.

Oxley's unit, Oxley Gem (Cambodia), is locked in a dispute with its former contractor, Sino Great Wall Engineering Co (SGW), over The Peak, and on April 1 commenced formal legal proceedings in Singapore against SGW to seek compensation for alleged damages suffered due to breaches of its contract. For its part, SGW is seeking "outstanding payment" from Oxley Gem, in addition to compensation, a SGW spokesperson had told The Business Times last week.

Shares in Oxley closed at 23 Singapore cents on Thursday, up half a cent.