Oxley Holdings seeks SGX listing

Residential-cum-commercial developer IPO proceeds to fund acquisition of new land sites and strengthen market position.

The recent property cooling measures have not held back homegrown lifestyle property developer, Oxley Holdings, from eyeing a listing. Oxley Holdings lodged its preliminary offer document today, en route for a listing on the Catalist board of the Singapore Exchange Securities Trading Limited (SGX-ST).

The property developer, which specialises in residential-cum-commercial developments, plans to use its IPO net proceeds to fund the acquisition of new land sites, partially finance the acquisition of five existing land sites, as well as for general corporate and working capital requirements, according to an Oxley report.

Oxley’s residential developments cater to the growing needs of young home buyers who value quality living and a finer lifestyle. They are generally located at easily accessible prime areas, well connected to business districts, and shopping and dining locations. Some developments feature commercial units, which provide convenient access to amenities.

To date, three of Oxley’s launched projects, Suites@Katong, Parc Somme and Loft@Rangoon have been fully sold while Viva Vista has been approximately 94% sold.

As at 27 August 2010, the capital value of the properties held by Oxley Holdings for development amounted to approximately $443 million, based on independent valuation.

Mr Ching Chiat Kwong, Executive Chairman and CEO of Oxley Holdings, said, “With the unique market position that we occupy, and the positive long-term prospects of Singapore’s property market, we are hopeful that our listing will enable us to strengthen our market position.”

Oxley Holdings has indicated in its preliminary offer document that it intends to recommend and distribute dividends of at least 50% and 30% of its net profits attributable to shareholders for FY2011 and FY2012, respectively, and at least 20% of its net profits attributable to shareholders for FY2013, FY2014 and FY2015.

Collins Stewart Pte. Limited is the Sponsor, Underwriter and Placement Agent for this IPO.