SINGAPORE (Jan 20): Second quarter earnings for homegrown property developer Oxley more than doubled to $123.8 million, or 4.23 cents per share, from $47 million a year ago, on higher sales.

Revenue in the three months to Dec more than trebled to $605.7 million mainly due to recognition of revenue from Oxley Tower upon its completion and the handover of certain plots in The Royal Wharf (Phase 1A) handed over to the buyers.

Revenue recognition on the sold units of five of its mixed projects in Singapore and rental income mainly from the group’s 70% stake in Space@Tampines (the industrial property was completed in June 2015 and has occupancy rate of 95%) also lifted sales.

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