Oxley leapfrogs CDL as Singapore’s largest developer

Romesh Navaratnarajah4 Jun 2018

CEO Ching Chiat Kwong

Oxley’s executive chairman and CEO Ching Chiat Kwong.

Oxley Holdings has surpassed City Developments Limited (CDL) as the city-state’s biggest property developer in terms of the number of sellable homes, reported Singapore Business Review.

In fact, Oxley and its joint venture partners are set to build more than 4,000 units with a total gross development value of $5 billion, after they purchased a number of residential sites last year in preparation for the recovery in the housing market.

More: Oxley planning up to 7 S’pore projects for rest of 2018

“It started acquiring sites in mid-2017. Its well-timed acquisitions have given it a considerable land-cost advantage,” said Maybank Kim Eng analyst Derrick Heng.

Among its notable purchases is its joint acquisitions of two en bloc sites – Rio Casa in Hougang Avenue 7 and Serangoon Ville in Serangoon North Avenue 1 – ­for $575 million and $499 million respectively.

These strategic purchases now allow Oxley to launch its units at competitive prices given that land costs in Hougang, Serangoon and Bidadari have since increased significantly.

Aside from that, private home sales have rebounded since 2017, with the majority or 8,500 units sold last year consisting of homes priced between $1 million and $1.5 million.

“Our calculations indicate that Oxley’s average selling prices are $1.1 million to $1.4 million, which sit nicely in this range,” Heng noted.

“With improving sentiment in the housing market, we expect developers to sell 12,000 private homes this year, up 13 percent over the 10,600 sold in 2017. We expect Oxley to capture a sizeable part of this demand, which could potentially bump up its market share of completions from 1.7 percent since 2012 to almost 8.0 percent over the next five years,” he added.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg


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