Oxley chalks up S$4.3b in sales for Singapore residential projects

PROPERTY developer Oxley Holdings on Monday said it has secured S$4.3 billion in sales for its development projects in Singapore.

Around 91 per cent of its residential units here have been sold as at Aug 8, 2021, representing 87 per cent of the total gross development value (GDV), said the group in a bourse filing.

Its effective stake of secured sales amount to approximately S$2.6 billion, while future progress billings from the sold units amount to approximately S$1.7 billion.

Oxley had also on Aug 13 obtained temporary occupation permits (TOP) for its fully-sold freehold development The Verandah Residences - the fourth of its 10 residential development projects in Singapore to achieve TOP.

The remaining projects are expected to obtain TOP progressively in 2022 and 2023.

Located at Pasir Panjang, The Verandah Residences has a GDV of S$249 million, and is expected to make a profit before tax of around S$50 million.

It consists of 170 units in four blocks of five-storey residential units and three two-storey strata landed houses, developed by the group's wholly-owned subsidiary Oxley Amber.

Shares of Oxley Holdings fell one Singapore cent or 4.3 per cent to close at 22.5 cents on Monday.