Oxley

Oxley: Latest was its 3Q13 results, release at the start of May. 3Q13 net profit leapt 142% y/y to $13.2m, while revenue jumped 42% to $70.6m, mainly due to the progress recognition of 10 of the group's 13 residential projects. Earnings was also boosted by rental income from The Corporate Office and MacDonald's at King Albert Park, with tenants serving their remaining lease terms pending their redevelopment. During the quarter, the group launched its residential-cum-commercial development, Oxley Edge to good market response with 76% of units sold. Sales of its previously launched prjects also made good progress with its 728-unit Oxley BizHub and 271-unit BizHub 2 each 99% sold, while sales of commercial projects Robinson Square and Oxley Tower reached 97% and 93% respectively. Going forward, the group has three land parcels planned for redevelopment: 1) 199,000 sf leasehold plot (currently occupied byThe Pines) along Stevens Road for hotel-cum-commercial development; 2) commercial-cum-residential development at 71/73/73A Oxley Rise; 3) 51% stake in a 303,000 sf 30-year leasehold industrial land parcel at Sunview Road; Oxley is monitoring market conditions for an opportune time to launch its pipeline of nine projects comprising six residential-cum-commercial developments, one commercial and two industrial developments following the government's recent round of cooling measures introduced in Jan 2013, which placed a dampener on the residential and industrial sectors. Management is also looking at opportunities in the Asia Pac region for its future growth.