Oxley Holdings announced that as at August 8, 2021, approximately 91% of its Singapore residential units has been sold, representing 87% of the total GDV or approximately $4.3 billion. The Group’s effective stake of secured sales amount to approximately $2.6 billion while future progress billings from the sold units amount to approximately $1.7 billion.
The Verandah Residences is the fourth of the Group’s ten residential development projects in Singapore to achieve TOP, closely following the heels of The Addition, Sea Pavilion Residences and Sixteen35 Residences. The remaining projects are expected to obtain TOP progressively in 2022 and 2023.
Overseas, Oxley’s residential development in Dublin Landings comprising 298 apartments was fully completed in June 2021. Seven out of the eight residential blocks have been sold and handed over to the buyer, Greystar. Sale of the remaining block to Dublin City Council is underway and expected to be completed during 3Q2021. The balance of the sales proceeds (except for a retention sum) is expected to be received by end of 3Q2021.
In addition to the residential development, there are five commercial buildings developed by the Group at Dublin Landings. All the commercial buildings had been completed and sold.
See also: Oxley prices $70 mil notes due 2024 with 6.9% p.a. coupon
Total consideration from the development and sale of the commercial and residential developments is EUR745 million. Oxley is entitled to EUR592 million while National Asset North Quay DAC receives the balance.
In Cambodia, 86% of the development project part of The Peak - an integrated development - has been sold, and more than 80% of the sale proceeds were progressively collected from the buyers, Oxley says in a press release.
In China, Oxley (27.5%) is part of a joint venture with KSH Holdings (22.5%), Liang Beng Group (12%), Heeton Holdings (7.5%) and two other partners in the Hubei-based Gaobeidian project. KSH Holdings has said in a question answer session ahead of its AGM that over 570 units have been sold for Phase 1 of the project, with an average selling price of approximately RMB 7,600 per sqm.
“The PRC government has approved the controlled selling price for the project with a cap of not more than RMB 8,000 per sqm. Construction of the existing launched Phase 1 is currently in progress, with approximately 80% of the construction completed to date. Construction is expected to be completed in FY2022,” KSH said.
Photo: Dublin Landings by Oxley Holdings
