Its profit gain was primarily due to fair value gain of investment properties both in Singapore and overseas.
Home-grown property developer Oxley’s profit soared 121 percent to $67.4 million in the first quarter of 2019, from $30.6 million over the same period last year, primarily due to fair value gain of investment properties in Singapore and Dublin.
Revenue, however, dropped 75 percent to $59.9 million in Q1 2019, from $238.8 million in Q1 2018, mainly due to lower contributions from its project in the United Kingdom.
In an SGX filing, Oxley revealed that the group’s total unbilled contract value stands at $3.7 billion as at 12 March 2019, about $2 billion of which was attributable to Singapore projects while around $1.7 billion was attributable to overseas projects.
It noted that the group launched 10 development projects in Singapore since April 2018, and response from buyers has been overwhelming. In fact, the company sold over 2,168 units, with sales amounting to $2.4 billion.
Oxley executive chairman and CEO Ching Chiat Kwong expects sales momentum for its Singapore residential portfolio to improve further prior to the end of the current financial year.
The property developer also expects to see an improvement on the group’s cash flow and gearing, on the back of the sale of the property at 30 Raffles Place as well as two commercial buildings in Dublin Landings.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com