 Oxley chairman Ching Chiat Kwong (extreme right) and deputy CEO Eric Low (extreme left) at the launch yesterday. Photo: CompanyOxley Holdings yesterday officially launched “Dublin Landings”, its new docklands development in Dublin, Ireland and its first venture in the country. Oxley had secured the development rights in 2015, and the project -- with an estimated gross development value of €700 million -- will be jointly developed by Oxley and Ballymore Group, one of the largest privately-owned property groups in Europe. Oxley’s Executive Chairman and CEO, Ching Chiat Kwong, and Deputy CEO, Mr. Eric Low, together with the senior management of Ballymore, attended the launch event. |
The 2.35 hectare site is situated along Dublin’s North Wall Quay, in the same block as Central Bank of Ireland’s New Headquarters. The project will consist of 700,000 sq ft of flexible Grade A office and retail space, and 273 luxury residential apartments.
The five new office buildings are expected to be delivered by 2020, and the construction of the first two buildings (300,000 sqft) has started.
National Treasury Management Agency of Ireland is anticipated to be the first tenant, taking 83,000 sqft.
Oxley’s Executive Chairman and CEO, Mr. Ching Chiat Kwong, said, “Its prime location in the central business district caters well to the increasing demand from global financial institutions and other companies. Furthering our partnership with Ballymore, the project will tap into our partner’s local expertise and resources, and we are confident that Dublin Landings will be a success. After establishing our presence in London with the Royal Wharf project, Dublin Landings will be another milestone for Oxley in building our image in the European market. Our steady progress in overseas expansion will enhance our project and revenue pipeline for sustained growth.”
| Stock price | 44 cents |
| 52-week range | 37.5 – 46 cents |
| PE (ttm) | 6.29 |
| Market cap | S$1.29 billion |
| Shares outstanding | 2.93 billion |
| Dividend yield (FY16) |
4.3% |
| Revalued Net Asset Value/share | $1.14 (RHB Research estimate) |
| Source: Bloomberg, RHB | |
Mr. Sean Mulryan, Chairman and Group Chief Executive of Ballymore Group, commented, “I am delighted to be developing a project of this scale in Dublin City Centre. The Docklands area and North Wall Quay, specifically, has great potential and we are looking forward to harnessing that. Dublin Landings will showcase our design expertise in Docklands development and will bring to life our vision of creating a vibrant community within the area.”
Designed to be home to 5,500 people who will live and work in the area, Dublin Landings will create a vibrant new community in an exciting part of the city. Amenities within the development will include rooftop gardens and terrace, an 11,000 sqft gym, a concierge service for residential tenants, secure underground parking and electric car charging.
The immediate locality has experienced and continues to see significant development activity including the development of The Point Village, The Gibson Hotel and the Convention Centre Dublin. With its attractive location, superior design, world-class infrastructure, and transport links, Dublin Landings has a rarity value unmatched in the city.
See also: OXLEY: Gearing up for the next big and profitable project, in Dublin