Ching Chiat Kwong, Executive Chairman and CEO at Oxley Holdings.
Oxley Holdings announced on Thursday (19 January) that its net profit surged by 58 percent to $130.9 million during the last six months of the preceding year, compared to the same period in 2015.
At the same time, the Singapore-based developer’s revenue increased by 19 percent year-on-year to $732.2 million due to the sale of units at five local mixed-use projects, take-up and delivery of units at The Royal Wharf Phase 1A, and income recognition on Oxley Tower upon its completion last December. It was also boosted by rental income primarily from its 70 percent stake in industrial property Space @ Tampines.
As of 31 December 2016, Oxley recorded total unbilled sales of $2.6 billion, of which around $0.49 billion was attributable to projects in Singapore, while about $2.11 billion was derived from overseas developments. Revenue to be recognised by the group amounts to approximately $3 billion.
Meanwhile, 99 percent and 93 percent of the units under Phase 1A and Phase 1B of its Royal Wharf development in London have been sold respectively as of January this year.
Last month, the group unveiled the first phase of its maiden residential and commercial project in Batam, Oxley Convention City, with 45 percent of the launched units being taken up.
“We made consistent good progress and achieved several milestones during the past few quarters. The geographical expansion and diversification will not only mitigate single country risk and generate more growth opportunities, but should also enhance our revenue stream and continually improve our financial position,” said Oxley’s Executive Chairman and CEO, Ching Chiat Kwong.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
