Oxley

Oxley: URA has issued new guidelines, which take effect on 4 Nov, to cap the number of shoebox apartments in non-landed private residential projects outside of central area suburban areas. So-called shoebox apartments have floor areas of 500sf or less. The new guidelines are meant to encourage developers to provide homes of various sizes that better cater to varying needs of Singapore residents. Oxley is a specialist developer of shoebox units. To-date it has launched 8 shoebox apartment projects and fully sold 7 of them wit the majority expected to TOP in Dec 2014 and Dec 2015. The group currently has another 6 similar projects with a total GFA of 270,000sf (~10.5% of gross value) in the pipeline. To mitigate the policy risk in this market segment, the group has diversified its portfolio to industrial and commercial developments with the purchase of 4 sites in Ubi, Geylang and Robinson Road to develop small format industrial units and strata titled offices.