Oxley, KSH, SLB and Heeton say Gaobeidian sales launch to be delayed

OXLEY Holdings, KSH Holdings, SLB Development and Heeton Holdings said on Friday that the sales launch of Phase 1 of their Gaobeidian development project in China will be delayed.

Oxley holds an effective interest of 27.5 per cent in the project. KSH has an effective interest of 22.5 per cent, SLB Development's interest is not more than 10 per cent, and Heeton has an effective interest of 7.5 per cent.

The partners said: "Due to circumstances arising from the ongoing trade war between the US and China, based on the advice of the marketing agent, (the companies have) decided to launch for sale the residential units under Phase 1 of the Gaobeidian project after the initial expected date of November 2018, when market sentiment improves."

Construction of the Gaobeidian project has commenced and construction progress is on schedule, the companies added.

In a separate statement, Oxley said that the Urban Redevelopment Authority's revised guidelines on the maximum allowable number of dwelling units for new private flats outside the central area will have "minimal impact" on the group's proposed developments here.

"They (the projects) have been granted Provisional Permission and will not be subject to the revised guidelines," Oxley said on Friday.