Oxley Holdings, over the next few months, stands to reap results from its early acquisitions of landbank in 2017 as Singapore's property cycle turns up.

ericlow2017Eric Low, deputy CEO of Oxley Holdings.
NextInsight file photo.
After CityDev, Oxley has the second largest landbank in Singapore.

Oxley has been moving fast to secure approvals to launch its projects in 1H2018, in order to be ahead of other developers.

Oxley's deputy CEO, Eric Low, gave a firmer timeline at last Thursday's 1HFY18 briefing when he said "by August", Oxley would hopefully have launched all its projects.

Stock price 

69 cents

52-week range

42-70 cents

PE (ttm)

8.9

Market cap

S$2.25 billion

Shares outstanding

3.24 billion

Dividend yield
(ttm)

0.9%

1-yr return

65%

Source: Bloomberg

The first batch -- including East Coast and Pasir Panjang projects -- would be launched in March.

Oxley's portfolio of to-be-launched Singapore projects -- including JVs -- have a gross development value (GDV) of about S$5 billion, of which S$3 billion is attributable to Oxley.

This will be a key revenue driver for Oxley over the next few years, on top of the S$1.8 billion of presales achieved in ongoing projects, mainly overseas.

(S$1.3 billion is attributable to its very successful Royal Wharf project in London. See Oxley's 1HFY18 Powerpoint presentation material.)

Property

Stake

Tenure

GFA
(sqft)

GDV

GDV attributable

494 Upper East Coast

100%

FH

19,472

$32m

$32m

Lotus @ Pasir Panjang

100%

FH

128,159

$217m

$217m

Serangoon Ville

  40%

LH

831,350

$1.35 b

$540 m

Rio Casa

  35%

LH

1,109,447

$1.44 b

$504 m

Vista Park

100%

LH

446,939

$827 m

$827 m

Mayfair Gardens

100%

LH

342,647

$720 m

$720 m

3 Tessensohn Road

100%

FH

54,497

$105 m

$105 m

Apartment 8

100%

FH

20,303

$37.5 m

$37.5 m

208YCK

100%

FH

19,784

$28.4 m

$28.4 m

Total

$4.76 billion

$3.0 billion


According to Oxley, "most" of its sites are enjoying an uplift in land value as neighbouring plots were acquired later by other developers at higher per sq ft per plot ratios.
 
chingchiatkwong16Ching Chiat Kwong, chairman of Oxley.
NextInsight file photo.
For example, through an en-bloc sale, Oxley bought Mayfair Gardens in Rifle Range Road at 1,244 psf ppr while Allgreen later paid an average of $1,800 psf ppr for three developments (Royalville, Crystal Tower and a 4th Avenue government land sale).

See pages 15 & 16 of Oxley's presentation material.


"Oxley will launch ahead of other developers and when the others launch at higher prices, our projects will sell further," said Oxley chairman Ching Chiat Kwong.

UOB Kayhian, in a report in Oct 2017, said: "Oxley is a key beneficiary of the property upcycle in Singapore."


Share Prices

Counter NameLastChange
AEM Holdings0.8000.045
Alliance Mineral0.310-0.005
AusGroup0.0410.002
Avi-Tech Electronics0.380-
Best World Int.1.2200.010
China Sunsine1.180-0.030
DISA Limited0.008-
Dutech Holdings0.2500.030
Federal Int. (2000)0.2700.010
Food Empire0.550-0.005
Geo Energy0.225-0.010
Golden Energy0.315-0.010
GSS Energy0.130-0.003
Heeton Holdings0.5250.005
ISOTeam0.330-
KSH Holdings0.595-0.015
Lian Beng Group0.500-0.005
Miyoshi0.052-0.001
Nordic Group0.495-
Oxley Holdings0.3400.005
REX International0.041-
Riverstone1.100-0.010
Roxy-Pacific0.430-
Serial System0.146-
Sing Holdings0.410-
Sino Grandness0.200-0.005
Straco Corp.0.7300.015
Sunningdale Tech1.410-
Sunpower Group0.595-
The Trendlines0.102-
Tiong Seng0.330-0.010
Trek 2000 Int.0.114-
Uni-Asia Group1.350-0.010
XMH Holdings0.2800.010
Yangzijiang Shipbldg1.0800.040

NextInsight RSS

rss_2 NextInsight - Latest News

Online Now

We have 1361 guests and no members online