Oxley‘s overseas projects finally gaining momentum

There are steady take-ups in London and Cambodia.

Oxley’s overseas diversification is finally bearing fruit. According to OSK DMG, Oxley’s management said that its healthy earnings stream in 1QFY15 was brought about not only by the $3b that it gained in Singapore presales but also by $1.6b in sales from its projects in London and Cambodia.

OSK DMG noted that the group booked contributions from its Singapore projects in Q3, most of which were substantially sold. These projects are expected to deliver more than SGD700m of profits in the course of the next two years.

“Following the recent launch of Royal Wharf Phase 2 in London, UK, Oxley has sold more than 1,400 units in the 3,300-unit development and generating presales of GBP700m. In Cambodia, the group has sold more than half of the residential/small office home office (SOHO) units in its The Bridge flagship project, generating sales of USD170m. The next major launch is Oxley’s KLCC project after legal completion of the land purchase in Jan 2015. With the acquisition of land development rights in Myanmar, the group has now extended its reach to five overseas countries,” noted OSK DMG.