Oxley’s executive chairman and CEO Ching Chiat Kwong.
Oxley Holdings plans to launch up to seven property projects in Singapore over the next nine months in a bid to take advantage of the ongoing recovery in the private housing market, according to an SGX filing on Monday (26 Mar).
At a results briefing in January, the developer revealed that its upcoming local developments for the year, including joint ventures, have a combined gross development value (GDV) of about $5 billion. Of this, $3 billion is attributable to Oxley.
These include Lotus @ Pasir Panjang along Pasir Panjang Road, which has a GDV of $216.8 million, Mayfair Gardens in Rifle Range Road ($720 million) and Vista Park ($826.6 million).
But its two biggest local projects are the redevelopments of Serangoon Ville in Serangoon North Avenue 1 ($1.35 billion) and Rio Casa in Hougang Avenue 7 ($1.44 billion).
Meanwhile, Oxley announced on Monday that it has raised around $78.1 million in net proceeds via the issuance of 156.8 million ordinary shares to subscribers, including prominent institutional investors from Singapore, Malaysia, Hong Kong, and the UK.
Due to strong interest from institutional funds, the issuance was raised from 98 million shares to 156.8 million shares. Each share was sold for $0.51, translating to an 8.8 percent discount to the firm’s volume weighted average price of $0.559 on 14 March.
DBS Bank, Credit Suisse and Maybank Kim Eng Securities served as joint placement agents for the issuance, which is expected to improve the trading liquidity of Oxley’s shares.
“We welcome our new shareholders to the growth story of Oxley Holdings. The share placement attracted prominent investors, which demonstrated the strong confidence that these institutional investors have in Oxley’s long-term prospects,” said its executive chairman and CEO Ching Chiat Kwong.
The company plans to use the net proceeds from the issuance for working capital purposes, like financing development projects.
Check out the latest property launches in Singapore.