Homegrown developer Oxley Holdings posted a 74 percent plunge in net profit for the fourth quarter ended 30 June 2014 to $9.8 million compared to $38 million in Q4 2013.
Group revenue in the period also fell 70 percent to $82.9 million from $277.3 million the year before.
In a statement, Oxley said that sales of new homes have been significantly dampened by the latest rounds of cooling measures which were introduced in 2013.
“However, the impact of this is partially mitigated as most of the group’s 27 launched projects are full sold,” the group added.
Oxley’s recent launches in Singapore include Floraville/Floraview/Floravista and Eco-tech@Sunview, with take-up rates of 26 percent and 74 percent respectively.
The group will monitor the market closely before launching its remaining two residential projects located in Oxley Rise and Joo Chiat Road, and its industrial project at Tampines Industrial Crescent.
Going forward, it will also continue to adopt a prudent approach to land acquisitions.
Meanwhile, Oxley has made good progress in its overseas ventures.
Launched in March, the Royal Wharf project in London has attracted strong buying interest, with 99 percent of the 811 units launched under Phase 1 now sold.
Over in Phnom Penh, The Bridge has sold 81 percent of its 762 launched residential units under the first phase. The mixed residential and commercial development is a 50/50 joint venture with Cambodia’s World Bridge Land.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
