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Singapore\'s founding father Mr Lee Kuan Yew passes away at 91
REMEMBERING LEE KUAN YEW (1923-2015)
Singapore's founding father Mr Lee Kuan Yew passes away at 91

The State Funeral Service will be held on Sunday.
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COMMERCIAL PROPERTY | Tony Chua, Singapore
Published: 22 Oct 10
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Oxley Holdings IPO launching targets $81.2mln

Developer allots proceeds for augmenting its financing for site acquisitions and for corporate capital requirements.

Property developer, Oxley Holdings Limited (“Oxley Holdings”), has launched the largest initial public offering (“IPO”) to-date on the SGX Catalist. Comprising 224 million new shares at 38 cents each, the Company will raise approximately $81.2 million in net proceeds through the offering. The shares are offered only by way of placement, according to an Oxley report.

The new shares to be issued represent 15.0% of Oxley Holding’s enlarged issued share capital after the IPO.
With 16 properties (including those that are sold) to be developed, and amounting to approximately 52,710 sqm in its land bank, Oxley Holdings intends to use the proceeds of the IPO to partially finance the acquisition of five existing land sites, acquire new development sites for its land bank and for general corporate and working capital requirements.

Commenting on the listing, Mr Ching Chiat Kwong, Executive Chairman and CEO of Oxley Holdings said, “We are a young, but dynamic company that has successfully launched several projects to positive response. The listing is a timely move that will enable us to strengthen our financial capabilities and create greater public awareness for our projects. With that, we can look forward to executing our growth strategy with confidence, and sharing the fruit of our success with our new shareholders.”

“We intend to propose a dividend payout of at least 50% of net profits attributable to shareholders for FY2011, at least 30% for FY2012 and at least 20% for FY2013 to FY2015,” Mr Ching added.

Oxley Holding’s share offering will close at 12 noon on 27 October 2010. Trading of the shares is expected to commence at 9:00 am on 29 October 2010. Collins Stewart Pte. Limited is the Sponsor and Placement Agent for this IPO.

Oxley Holdings prides itself on being able to develop residential projects that cater to the growing needs of young working adults who value quality living and a finer lifestyle. Its projects are generally located at easily accessible prime areas, well connected to business districts, and shopping and dining locations. Some developments feature commercial units, which provide convenient access to amenities.

As at 20 October 2010, three of Oxley Holdings’ launched projects, Suites@Katong, Parc Somme and Loft@Rangoon have been fully sold, while Viva Vista and RV Point were approximately 99% and 84% sold respectively. As at 27 August 2010, the capital value of the 15 properties held by Oxley Holdings for development, excluding the one at Robinson Road, amounted to approximately $443 million, based on an independent valuation.



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