SINGAPORE (Aug 15): Oxley Holdings announced Tuesday that it expects to commence operations for its $900 million hotel development along Stevens Road in the second quarter of FY2018.
Oxley says in a filing to SGX today that the development, which comprises a 254-room Novotel hotel and a 518-room Mercure hotel, obtained its Temporary Occupation Permit (TOP) on Aug 3.
Located minutes away from Singapore’s Orchard Road shopping belt, the Oxley’s maiden hotel development also includes a 360-seat ballroom, meeting facilities, swimming pools, a fitness centre, and F&B outlets.
Oxley says it targets to achieve full TOP of the entire development ahead of the commencement of the hotel operations.
“The growing tourism sector further strengthens our long-term view in investing in quality hospitality assets in Singapore and we are confident that the hotels will contribute positively to our financial performance,” says Oxley executive chairman and CEO Ching Chiat Kwong.
“Furthermore, the timely completion of our hotel development signifies Oxley’s capability in managing diversified property portfolios. We will continue to build up our expertise in hotel development and management to grow our hospitality business,” Ching adds.
Shares of Oxley Holdings closed 1 cent higher at 55 cents on Tuesday.