Oxley to clinch $1.4b revenue from Singapore projects

It has sold 73% of its islandwide development portfolio.

Oxley Holdings will recognise $1.4b revenue from the sales of its Singapore development projects, the company revealed in an SGX filing. These projects have secured a total revenue of $2.3b to be recognised progressively.

Also read: Oxley Holdings posts 90% profit plunge to $3.56m in Q2

The company has sold more than 2,858 of the 3,923 units in its Singapore portfolio as of 30 April, or 73% of its islandwide development portfolio. Two of its projects, The Addition and Sea Pavilion Residences, are sold out.

For its KLCC project in Kuala Lumpur, which comprises two residential blocks and two hotels, 222 of 590 residential units have been sold. The project construction has slowed due to the pandemic measures, and the company is planning ahead for after the situation with the main contractor.

Meanwhile, Dublin Landings remains on course to complete construction in 2020. To date, all five commercial buildings have reached practical completion and have been sold to third parties.

Oxley’s flagship project, Royal Wharf in London, comprising more than 3,380 residential apartments, is more than 95% sold and construction of the project is expected to fully complete by end-2020.