Oxley launching at ‘breakneck speed’

By Cecilia Chow & Timothy Tay / EdgeProp | July 28, 2018 8:00 AM SGT

The Singapore-listed property group is going ahead with its launch plans even in the face of harsh property cooling measures. It asserts that it is well diversified and can withstand the hit better than most.

This was supposed to be a big year for Singapore-listed property group Oxley Holdings. Having amassed $2 billion worth of land last year — including en bloc sites — it had one of the biggest landbanks among property developers in Singapore. The developer had planned a 2018 rollout of eight to 10 projects with a total of 3,900 units by year-end.
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Low (left) and Ching went on a shopping spree from July 10 to 12, buying close to 14 million Oxley shares between them (Picture: Samuel Isaac Chua/ The Edge Singapore)
Oxley has been on track, with a new project launched every month or every other month. So far, it has launched five projects this year. It has also sold a total of 948 units and delivered $1 billion in residential sales in Singapore this year. That was until the government unleashed a ninth round of property cooling measures on July 5. “The measures were sudden and quite provocative,” says Ching Chiat Kwong, Oxley’s executive chairman and CEO.
The measures also sent property stocks tumbling. Oxley’s share price fell 15.85%, from 41 cents at the close on July 5 to 34.5 cents at the close on July 6, before recovering to 37 cents on July 25. “After the property cooling measures, we decided to do a health check on ourselves,” says Eric Low, Oxley’s deputy CEO. “After we did the numbers, we wanted to justify to people that we’re in far better shape than [they] think.”
Oxley held a corporate presentation on July 9 for 59 institutional investors and analysts to demonstrate that beyond the $1 billion in residential sales in Singapore, it has also clocked another $446 million in sales from its overseas projects so far this year.
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Convinced by the corporate presentation, Ching...