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Oxley to redeem retail bonds due 2019 with scheduled cash inflow from foreign, local sales

Goola Warden
Goola Warden8/6/2018 07:30 AM GMT+08  • 9 min read
Oxley to redeem retail bonds due 2019  with scheduled cash inflow from foreign, local sales
SINGAPORE (August  6): Eric Low, deputy CEO of Oxley Holdings, has his eye firmly fixed on the company’s cash flow. Based on its corporate presentation in July, the market is anticipating a cash inflow of $368 million for the second half of this calend
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SINGAPORE (August 6): Eric Low, deputy CEO of Oxley Holdings, has his eye firmly fixed on the company’s cash flow. Based on its corporate presentation in July, the market is anticipating a cash inflow of $368 million for the second half of this calendar year. (Oxley has a June year-end.) The cash assumptions are based on an expected cash flow of $230 million from the Royal Wharf development in London, and $138 million from the sale of Dublin Landings Office Blk D.

Royal Wharf is, arguably, Oxley’s magnum opus. In 2013, as a mid-sized developer known for building shoebox units in Singapore, the company acquired a 15.2ha site in a distressed sale from Ballymore Group which, at the time, had to repay Ireland’s National Asset Management Agency. The total gross development value (land cost plus construction and possible margin) of Royal Wharf is estimated at £1.5 billion ($2.04 billion).

By June last year, Oxley had launched all the 3,082 units and, as at March 31 this year, 3,052 units had been sold. Oxley has handed over more than 1,000 units and has unbilled progress billings of $1.2 billion. Royal Wharf will be fully completed by 2020.

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