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Oxley could see major windfall in China even as it rides Singapore property upcycle

Goola Warden
Goola Warden10/23/2017 08:00 AM GMT+08  • 8 min read
Oxley could see major windfall in China even as it rides Singapore property upcycle
(Oct 23): Ching Chiat Kwong, chairman and CEO of Oxley Holdings, has been busy preparing his company for another upcycle in the local property market. Over the past year, Oxley has snapped up a slew of residential property sites through collective sales,
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(Oct 23): Ching Chiat Kwong, chairman and CEO of Oxley Holdings, has been busy preparing his company for another upcycle in the local property market. Over the past year, Oxley has snapped up a slew of residential property sites through collective sales, making it the developer with the largest landbank in Singapore, according to some analysts. Oxley has also accumulated a stake in United Engineers and is now its second-largest shareholder. This month, Oxley will open its two hotels with a total of 772 rooms on Stevens Road.

Yet, a small investment that Oxley made in China four years ago might turn out to be the biggest driver of its earnings and share price over the next few years. The investment in question is a piece of land in Gaobeidian, a county in Hebei province, south of Beijing. In August, Oxley announced in a presentation that its share of the gross development value from this project was $3.86 billion.

That is larger than the estimated GDV for its planned redevelopment of Rio Casa, which is likely to be $1.42 billion, as well as Serangoon Ville, which has an estimated GDV of $1.28 billion. Other local plots that Oxley is redeveloping are even smaller. Lotus @ Pasir Panjang has an estimated GDV of $216.78 million, and 494 Upper East Coast Road can be redeveloped into a project valued at $31.9 million.

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