Oxley to recognise revenue of $2.4 bil from Singapore projects

SINGAPORE (April 6): Oxley Holdings has sold nearly three quarters of its Singapore development portfolio as of March. Based on its effective stake in all these projects, it will be able to recognise $2.4 billion in revenue in the coming two years, said Oxley on April 6. A total of 2,848 units out of 3,923 units, from a dozen different projects launched have been sold thus far, the company said.

Most of these projects are fully owned by Oxley, while three of the projects, Riverfront Residences, Affinity at Serangoon and INSPACE, are joint ventures.

Across these projects, there are still a total of 1,075 unsold units, but if calculated based on Oxley’s effective stake, that’s 697 units unspoken for.

Two of Oxley’s wholly-owned projects - The Addition and Sea Pavilion Residences – are 100% sold. Another two, The Verendah Residences (picture) and Sixteen35 Residences are both left with just one unit unsold.

The project with the biggest number of unsold units is The Kent Ridge Hill Residences. Out of the development’s 548 units, 245 units remain.

Even amid the deepening economic woes, the company is confident of its prospects, given the earnings visibility, and coupled with the ongoing sales momentum.

“We would like to thank our investors for staying the course with us in this volatile and challenging environment,” said Ching Chiat Kwong, Oxley’s executive chairman and CEO.