Oxley

Oxley: has sold $100m of three-year bonds, its sixth debt issuance this year. The bonds were priced at 5.10%, and orders were in excess of $120m, according to DBS, the sole arranger of the issue. Private bank clients made up 98% of investors while 99% of the bonds were sold in Singapore. Including the latest deal, the property company has this year raised $600 million from the local debt market. The shoebox apartment specialist has of late ventured overseas. Early this month it acquired three freehold and three leasehold adjacent parcels of land in London's Royal Docks area. The Royal Wharf development site, which was purchased at £200m, yields an effective gross area of ~363,000 sqm. Oxley has said that it intends to develop the parcels, which stretch for about 500 metres facing the River Thames, into more than 3,400 homes, along with a mix of commercial, retail, leisure and educational facilities. This came hot on the heels of a ramp-up in overseas acquisitions over the quarter. In July, Oxley unveiled separate acquisitions of three plots of land in Cambodia. Adding a JV to develop another plot, this brings the total number of pipeline projects in Cambodia to four. In China, Oxley entered into an agreement to acquire a 10% stake in GD Capital, which will ultimately hold the land use rights for two plots of land of 102,506 sqm and 80,599 sqm, respectively, in Xuancheng Economic and Technical Development Zone, Anhui province. Under the deal, Oxley will also be able to participate, with up to 30% interest, in the development of five other land parcels in the same economic zone. The company has a further five projects in Malaysia spread across Selangor, Johor Bahru, Kuala Lumpur and Penang. It marked its first overseas acquisition on May 29, when it bought a Malaysia-incorporated company that clinched the rights for a mixed development site in Kuala Lumpur. Oxley this month posted record-high quarterly earnings, with 1QFY14 net profit surging to a record $250.8m, from just $6.6m a year ago. Revenue soared to $686m, compared with $50m a year ago.