SINGAPORE (Feb 27): OCBC Group Research is maintaining Roxy-Pacific at “hold” given sales of RV Altitude and Fyve Derbyshire which were launched in January have come under expectations with only 14-15% sold.
“Moving forward, we believe that the group will be exercising considerable prudence in landbanking in Singapore, given the heightened risks to property development,” says OCBC analyst Joseph Ng,
In Singapore, Roxy-Pacific has another four Singapore projects in the pipeline, with launches largely to be during 2Q-3Q19.
SINGAPORE (July 6): After warning of “market exuberance” in the property market for the past six months, the Singapore government has finally raised Additional Buyer’s Stamp Duty (ABSD) rates by 5 ppts and tightened Loan-to-Value (LTV) limits by 5 ppts.
In terms of demand, sales momentum is expected to turn cold. According to a Friday report by DBS Group Research, the combined impact of these measures raises the cost of ownership on an assumed $1.5 million property purchase by $75,000 for first-time buyer and $150,000 for investor.
SINGAPORE (May 14): Roxy-Pacific reported 1Q18 earnings increased 19% to $7.0 million, compared to $5.91 million in 1Q17.
Revenue came in at $46.4 million, 29% lower than $65.4 million a year ago, mainly due to lower contribution from the Property Development and Property Investment segments, partially offset by higher revenue from Hotel Ownership segment.
SINGAPORE (Feb 19): DBS says developers are turning more choosy in adding to their Singapore landbank.
They are also becoming more cautious in their pricing strategy after more land sites were awarded at reserve price levels rather than at a premium.
Property sales were off to a good start in January as total transactions -- primary and secondary markets -- doubled compared to a year ago, says lead analyst Derek Tan in a Monday report.
SINGAPORE (Jan 26): Roxy-Pacific Holdings has sucessfully acquired a prime District 10 property for redevelopment through an en bloc sale.
Subsidiary RP Ventures along with a JV partner TE2 Development have entered into a conditional agreement to acquire The Wilshire for $98.8 million.
TE2 Development is a private family office of Tong Eng Group’s Managing Director, Teo Tong Lim.
Located in the neighbourhood of Holland-Farrer Roads within 700km of the Farrer Road MRT station on the Circle Line, the 20-unit freehold condo block was developed in 1984.
SINGAPORE (Dec 12): DBS Group is the first brokerage to initiate coverage of Roxy-Pacific with a “buy” rating and target price of 69 cents.
This given the developer is poised to hit the Singapore market with seven freehold residential developments next year with a gross development value of $0.5 billion.
While the market may have overlooked Roxy for its size, DBS says Roxy was one of the earliest to stock up on its landbank in the current market cycle, three of which will be launched within 1Q18.
