Oxley terminates main contract for construction of Devonshire Residences

OXLEY Holdings Limited has terminated the main contract for the construction of its project, Devonshire Residences, with effect from Jan 6, "without prejudice to its other rights or remedies", it said on Wednesday.

"The main contractor, Admin Construction Pte Ltd, had been placed under creditors' voluntary winding up with effect from Jan 5," the group added.

The group has appointed another contractor to complete the construction of the project. This contract termination is not expected to have a material impact on the earnings per share or net tangible assets per share of the company for the current financial year ending June 30, 2015.