SEE: Oxley Holdings receives $106.4 mil investment by funds managed by Dignari Capital Partners
The Peak project in Cambodia, which has been 86% sold, has received the temporary occupation permit (TOP) for its retail component. The residential and office towers are expected to be completed, also around 3QFY2021. “Upon their completion, Oxley should finally be able to realise the fruits of its labour, strengthen its balance sheet, and still pay attractive dividends to shareholders,” writes Seet. Singapore’s property scene also looks to be stable for now. As at Jan 31, about 3,293 units – or 84% of the group’s total portfolio – have been sold, with $3.7 billion to be collectively progressively from buyers. During the circuit breaker period from April to June 2020, Oxley showcased their units to potential buyers through virtual showrooms, and saw pent-up demand for its homes, according to Seet.
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“From April to early August last year, the company issued over 280 options-to-purchase to buyers, garnering sales of more than $330 million. Construction activities in Singapore have gradually returned to full operation, and Oxley can look forward to higher revenues and profit recognition in FY2021,” he adds.