Singapore-listed property developer Roxy-Pacific plans to launch five more developments in Singapore by the end of 2018, out of eight development sites in its pipeline. The developer will time the upcoming launches “appropriately”, and will continue to take “a prudent stance” to land acquisitions with a preference towards freehold sites, says Teo Hong Lim, CEO of Roxy-Pacific, in its half-year results release. “We’ve replenished our sites relatively early into the cycle, before the en bloc fever, at very reasonable prices.”
Artist Impression of Harbour View Gardens (Credit: Roxy-Pacific)
The latest property cooling measures “do not equate a total standstill” and the market is still in the “nascent stage of recovery”, says Teo. Adjusted property prices may still be affordable to buyers, and “a majority of the Group’s buyers are first-timers who are less affected by the cooling measures in terms of Additional Buyer’s Stamp Duty hikes, discounting the slight reduction in borrowing”, says Teo. Its latest launches include the freehold, 25-unit Straits Mansions which is fully sold, and the freehold, 57-unit Harbour View Garden which is 96% sold to date.
In May, an indirect associated company of Roxy-Pacific acquired two adjacent freehold sites on Moulmein Rise for $106 million (Picture: Sakal Real Estate Partners)
Roxy-Pacific’s property development segment reported lower revenue of $54 million for 1H2018, a 53% decline from $115.5 million in 1H2017. This was partly due to lower revenue from its already launched 222-unit residential development Trilive. But it recognised higher revenue from sales at Straits Mansions and its freehold residential development, the 48-unit Navian.