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Oxley's hotel development gets TOP, operations expected to start in Q2 FY18
OXLEY Holdings Limited, a homegrown property developer, has announced that its hotel development on Stevens Road obtained the Temporary Occupation Permit (TOP) on Aug 3.
Its hotels, operating under renowned hotel brands "Novotel" and "Mercure", are expected to commence operation in the second quarter of FY2018.
The development comprises a 254-room Novotel hotel, and a 518-room Mercure hotel, with amenities like a 360-seat ballroom, meeting facilities, swimming pools and F&B outlets, with a combined gross development value of approximately S$900 million.
Oxley's executive chairman and CEO, Ching Chiat Kwong, said: "We believe that Singapore's hospitality market is expected to remain strong as the tourism sector continues to show encouraging growth. The growing tourism sector further strengthens our long-term view in investing in quality hospitality assets in Singapore and we are confident that the hotels will contribute positively to our financial performance."
"Furthermore, the timely completion of our hotel development signifies Oxley's capability in managing diversified property portfolios. We will continue to build up our expertise in hotel development and management to grow our hospitality business," Mr Ching added.
Oxley targets to achieve full TOP of the entire development ahead of the commencement of the hotel operations. The auxiliary areas in progress are the extended facilities for the hotels, two commercial units, as well as some external works and a tennis court.
Both hotels are expected to contribute to the group's financial results from second quarter of FY2018.