Newly listed property developer Oxley Holdings has posted an eleven-fold jump in net profit for the first quarter, as the company recorded revenue from its maiden property projects.
Revenue for the first quarter 2011 hit $9.9 million, attributed to good sales recognitions from projects like Suites @ Katong, Loft @ Rangoon and Parc Somme.
So far this year, the company has launched a total of five projects, which include Parc Somme, Viva Vista, RV Point, Suites @ Katong and Loft @ Rangoon. It said the RV Point project is now 96 percent sold, while other projects have been fully sold.
Ching Chiat Kwong, Oaxley’s chief executive, told The Business Times that the company will launch freehold projects at Kovan Road, Telok Kurau Road, Stevens Road, Holland Road and Devonshire Road with a total of 338 housing units and 28 retail shops by the end of this year.
Oxley said it is “cautiously optimistic” on the business outlook for the next 12 months.
It added that significant factors that may affect the company in the next 12 months are the projection of the property market in connection with the property cooling measures, as well as the performance of the global and Singapore economies.