As one of Singapore’s largest property developers, Oxley Holdings has launched over 3,800 units across 10 projects since 2018 and sold close to 95% of its properties to date.

Among its projects, four — The Addition, Sixteen35 Residences, Sea Pavilion Residences and The Verandah Residences — have obtained their temporary occupancy permit (TOP). Additionally, these projects are already all sold out. Meanwhile, the group’s remaining projects are expected to be completed progressively in 2022 and 2023.

Despite safe-distancing measures as a result of the Covid-19 pandemic affecting sales showrooms and the overall sentiment in the property market last year, Oxley has managed to emerge from the crisis stronger. Oxley posted a respectable set of results for FY2021 ended June, with revenue increasing by 33% y-o-y to $1.4 billion, while profit before tax from continuing operations of $109.1 million was a significant turnaround compared with a loss of $251.3 million in the previous year.

“Oxley is pro-actively managing the construction activities in order to complete the projects expeditiously and monetise the sales proceeds to further reduce borrowings and strengthen the group’s cash flow,” says Ching Chiat Kwang, executive chairman and CEO of Oxley Holdings.

In Singapore, the pandemic may have caused a slight bump in the property market during the “circuit breaker” period, but sentiment strengthened after measures were lifted due to pent-up demand. This, along with low interest rates and expectations that home prices will increase further as the economy recovers from the pandemic, led home buyers to search eagerly for properties, causing both demand and property prices to increase in Singapore.

Although the 2Q2021 private home prices showed a lower increase of 0.8% from the 3.3% rise in the previous quarter, Singapore is coming out from its recent Phase Two (Heightened Alert), and a larger increase in private home prices is expected in 3Q2021.

The way market watchers and analysts see it, Singapore will continue to attract wealthy and foreign investors, and thus is expected to continue to pull in strong investments. However, it seems that the majority of mass-market projects have already been launched, which would then result in a limited supply of new mass-market homes.

---

---

Eric Low, executive director and deputy CEO of Oxley Holdings, says: “With limited new projects in the market and property prices continuously increasing, this could pose a high barrier of entry to local investors. So, they can either decide to play the resale property game, or they can look overseas for opportunities. With so many opportunities outside of Singapore, investors should take the opportunity and venture outside, but of course not without doing their own due diligence.”

Proven track record

Properties in Singapore are well-known for their high quality and strict standards, thanks to the local property developers that hold their names high. For Oxley, it has its track record of quality developments and has vowed to bring its high standards to its overseas developments.

In London, UK, Oxley has completed and fully sold a township project, Royal Wharf, which comprises a 394,026 sq m (about 4.24 million sq ft) waterfront development that boasts a 500m south-facing riverside walk along the River Thames. The mixed-use development comprises 3,385 apartments and townhouses, as well as approximately 11,000 sq m of commercial area consisting of office space, retail and F&B spaces. With over 45% of designated open spaces and play areas, the development also features a riverside park linking the Royal Wharf Pier, Royal Wharf Amphi-Theatre and Riverside Walk.

Meanwhile in Dublin, Ireland, Oxley has fully sold Dublin Landings. Sitting on the North Bank, within Dublin’s financial and technology district, Dublin Landings’ emergence as the new commercial heart of the Irish capital is being underwritten by reputable occupants such as the Central Bank of Ireland. The development includes 65,000 sq m of flexible Grade-A office and retail space, as well as 298 units of luxury residential apartments

Elsewhere, Oxley has also seen success with The Bridge, a freehold, mixed residential and commercial development located in Phnom Penh, Cambodia. This property was developed in a joint venture with Cambodia-based Worldbridge Land and stands at an impressive 45 storeys high. This development occupies a land area of 10,090 sq m and consists of a five- storey retail podium with two distinct tower blocks interlinked by two skybridges. It also has a residential development with 2,334 units.

The above developments are all fully sold. “We have been successful in London, Dublin and Phnom Penh. We managed to bring the Singapore quality of properties to these cities and we saw a very positive response from our buyers — both local and foreign,” says Low.

“Building on our success in these cities, we will be launching more overseas developments in Singapore,” he adds.

Building with bricks of success

Following its success in these cities, Oxley will continue to strengthen its presence overseas, bringing premium properties of high quality and standards to these countries.

In Cambodia, with its joint-venture partner Worldbridge Land, Oxley has two more developments in Phnom Penh – The Peak, an integrated mixed development; and The Palms, a freehold landed housing estate.

The Peak is located in the heart of Phnom Penh City. It is an integrated mixed-use development that comprises of dual residential towers, a five-level retail podium and a commercial tower with office units and a hotel, Shangri-La Hotel. The residential towers and offices were completed in 2021, while the retail podium was completed in mid- 2020. The hotel will be completed in 2022.

Standing at 55 storeys high, The Peak comes clad in stylish bronze, a definite colour of luxury. The two towers, comprising about 507 residential units each, are paragons of dynamic architecture, specially crafted to bring out the finest of the site and its surroundings.

The residential units at The Peak provide sensational views, a beautiful city skyline, or a serene river view. Each residential unit comes equipped with good quality fittings and finishes that create a space that exudes beauty and sophistication. Currently, 93% of the residential units in The Peak have been sold.

Apart from the impressive residences, Shangri-La Phnom Penh at The Peak marks the Shangri-La’s Group’s debut in Cambodia, featuring 303 elegant and spacious guest rooms and suites that are sophisticated and contemporary while remaining respectful of the Cambodian culture. Additionally, the hotel will house different meeting and event spaces, easily accommodating a variety of social gatherings or business conferences.

The five-level retail podium will be managed by Bluebell Group, Asia’s leading brand distributor. Bluebell has pioneered building successful brands in Asia since 1954. As a brand curator of luxury, premium and lifestyle brands, it has the most comprehensive Asian network covering 10 markets.

Bluebell is present in Japan, South Korea, mainland China, Hong Kong, Taiwan, Macau, Singapore, Malaysia, Cambodia and Australia. Its distribution network includes flagship stores, shop-in-shops, counters, its own multibrand concepts, as well as a highly selective wholesale network, together with both direct e-commerce and marketplaces, covering both domestic and travel retail.

Targeting diverse cultures and market sectors, Bluebell operates across multiple product categories such as accessories, footwear, apparel, fragrance, beauty, gourmet, jewellery, watches, eyewear and tobacco.

The Bluebell Group has over 150 brand partners such as Louis Vuitton, Givenchy, Jimmy Choo and more.

With almost 70 years of experience and track record in curating excellent retail experiences, Oxley is confident that its partnership with Bluebell can create an exceptional shopping experience and change the retail landscape in Phnom Penh.

“We have seen great interest from both local and overseas buyers. Due to its prime location and quality finishing, it is a development that can attract both investors and buyers looking for own stay,” says Low. He notes that 87% of The Peak integrated development has been sold to date.

The Palms boasts a luxurious bespoke resort living lifestyle. Described as an “organic development”, The Palms by Oxley features a collection of exclusive cluster homes and luxurious villas built amid hundreds of palm trees, evoking vacation vibes every day.

Just a 15-minute drive away from the central business district (CBD), The Palms offers an escape from the hustle and bustle of the city, where one can work, live and play within their own development. It features one of Cambodia’s first man-made beach, similar to a complete resort. The estate boasts over 60 facilities, including an elegant clubhouse, hydrotherapy pools, water playground and barbecue area. Homeowners at The Palms can enjoy these facilities with their families, where kids can run freely and parents can have the peace of mind knowing that the 24/7 security is keeping their families safe.

“Despite the challenges, construction is progressing well and we are targeting to complete the development by end of 2021,” says Low.

Growing global presence

Over the next six months, Oxley will be launching more overseas projects. The way Low sees it, “it does not matter where in the world — as long as we see an opportunity for a great development, we will take it”.

Oxley also sees an opportunity in Kuala Lumpur, as the city is one of the busiest in the region. Located right in the heart of Kuala Lumpur and inside the famed Kuala Lumpur City Centre, the freehold mixed development, Oxley Towers, stands tall sharing the same skyline with the iconic Petronas Twin Towers.

The development comprises two hotel towers with residences, an office tower, and a retail podium linking all the three towers.

Also located within Oxley Towers is the SO Sofitel Kuala Lumpur Residences, which offers one-of-a-kind opportunity to call a global hotel style icon “home”. It has a hotel portion for staycation-goers and tourists.

In partnership with Malaysia’s Pavilion Group, the SO Sofitel Residences Kuala Lumpur comprises 590 units and first-class facilities such as an extensive pool with deck and terrace, SO Fit Gym, SO Spa, signature club lounge, business centre and multiple function and event spaces. Owners will also enjoy perks from the Accor ownership benefits programme.

Outside of the Southeast Asian region, Oxley is also making headway in Europe.

Riverscape is a new riverfront development in the heart of the Royal Docks, located adjacent to the Royal Wharf Estate. Riverscape is one of the capital’s greenest and best-connected developments with strong public transport links supported by great resident amenities, and overlooks Lyle Park and the River Thames.

Targeted to be launched globally by the end of 2021, Riverscape will offer over 760 homes. Thanks to the development’s architect, Glenn Howells Architects, it will set a new standard for sophisticated urban living, giving Riverscape its own distinct identity. Every apartment will have enviably large picture windows, which will perfectly frame the breathtaking river views.

Meanwhile, in Ireland, the Oxley-Ballymore partnership continues as the duo are in the midst of developing Connolly Quarter, a 23-storey integrated mixed use development that is adjacent to Connolly Station in the city centre of Dublin.

The site is part of the strategic landmark scheme that the Irish government has been pushing forward in order to enhance passenger experience at Connolly Station, with the aim of creating a revamped city centre with mixed-use residential, commercial, student accommodation properties and community and cultural functions.

“The Connolly Quarter project is an integrated transport project. It is unique in a way that the development will be integrated with the existing Connolly Station, so residents of the Connolly Quarter will have easy public transport access,” says Low, who expects this development to create over 1,000 jobs and home over 5,000 people.

Overall, Oxley has set its sights on overseas projects. And as borders start opening up and vaccination rates increase worldwide, Low is confident that the appetite for properties locally and overseas will increase.

“Covid-19 has been tough on developers as it has been difficult to launch overseas projects and potential buyers cannot travel to view the property. But Oxley prides itself on its quality developments and we have managed to consistently uphold our reputation,” he says.

This article appeared in The EdgeProp Pullout Issue 1002 (Sep 20, 2021) of The Edge Singapore.

---