Property developer Oxley Holdings has achieved a net profit of S$5.5 million in the third quarter, up 686 percent from $0.7 million in the previous quarter.
Revenue for the quarter climbed 275 percent to $22.5 million, from $6 million in the previous quarter. This was mainly attributed to progressive sales recognition from its projects, such as Suites@Katong, Loft@Rangoon, Viva Vista and Parc Somme.
“We are pleased to report a healthy set of results that reflects the success of the unique selling proposition of our projects, which offer a host of lifestyle choices under one roof,” said Ching Chiat Kwong, Executive Chairman and CEO of Oxley Holdings.
“We will continue to build on our strengths in developing such properties that are unique in design and function, in order to bring greater investment value to our buyers.”
For the nine months ending 31 March 2011, the company posted a net profit of S$8.0 million and revenue of S$38.4 million.
To date, Oxley Holdings has launched nine residential projects that have received strong and positive response from the market.
Eight of these projects — Suites@Katong, Loft@Rangoon, Loft@Holland, Vibes@Kovan, Loft@Stevens, Viva Vista, Parc Somme and RV Point — have been fully sold, while the remaining project, Devonshire Residences, is already 95 percent sold.
The recently launched Oxley Bizhub, which could be a new landmark in the Ubi area, is already 42 percent sold. The industrial development features recreational facilities like lush ecogardens, a swimming pool and a gymnasium.
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