Which firm will benefit from the lift in the property market?

Every 10% price increase could lift its RNAV by 3%.

Oxley Holdings is poised to benefit from the lift in the property market, thanks to its growing land bank, UOB Kay Hian said.

Its residential landbank, with a total of 2,833 units for $3b gross development value (GDV), is the largest amongst Singapore-listed property stocks.

Thus, its diversified earnings base with $2.5b in secured sales provides earnings visibility.

Oxley also showed execution astuteness in grabbing sites on the cheap in this en bloc wave.

UOB Kay Hian said the company is a key beneficiary in the property uplift, deriving 40% of value by gross asset value (GAV).

Every 10% increase in Singapore residential prices would result in a 3% increase in its revalued net asset value (RNAV).

Oxley's purchase of Serangoon Ville for $835 psf ppr is 16% lower than $964.80 psf ppr paid by the Keppel Land-WingTai JV for the nearby Serangoon North site.

Here's more from UOB Kay Hian:

Oxley has a diversified earnings base with $2.46b out of $5.44b in secured development sales yet to be recognised, spread across the UK, Ireland, Cambodia, Malaysia, Indonesia, Myanmar, and China.

In addition, Oxley has been growing its recurring income stream from its investment and hospitality properties, which is expected to grow from $11.3m in FY17 to $167.1m in FY21.

The Space@Tampines is contributing $11m per year to recurring income.

The hotel properties in Singapore (under Novotel & Mercure brands), when operational from Sept/Oct 17, are also set to contribute $46m per year.

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