Oxley Holdings to focus on developed countries that are ‘more politically stable, transparent’

Yong Jun Yuan

Published Mon, Jul 4, 2022 · 09:48 PM

OXLEY Holdings : 5UX 0% said in a business update on Monday (Jul 4) that it intends to focus its property development activities in developed countries such as the United Kingdom and Ireland as it deems them to be “relatively more politically stable and transparent”.

In its update, the property developer noted that it has S$305 million of unbilled contract value in the overseas market that will be recognised as revenue upon projects obtaining their temporary occupation permits (TOPs).

It also highlighted its Riverscape development, which overlooks Lyle Park and River Thames in London, UK, as well as a mixed-use development located at Connolly Station, which is at the busiest railway station in Dublin, Ireland.

The Riverscape development, in which the company has a 50 per cent stake, has a total gross development value (GDV) of S$683 million. The company also owns a 90 per cent stake in the Connolly Station development, which has an estimated GDV of S$1.4 billion. Both projects are expected to obtain TOP status in 2025.

Meanwhile, Oxley noted that as at Jun 27, approximately 99 per cent, or 3,593 units of the group’s residential units in Singapore, excluding fully completed and sold projects, have been sold.

It added that construction progress of the projects is on schedule with the easing of Covid-related control measures, and 7 out of the remaining 8 projects are expected to achieve TOPs in the next 6 months.