Oxley's foreign properties underpin earnings as it readies local portfolio for the future

SINGAPORE (Sept 24): Ching Chiat Kwong, executive chairman and CEO of Oxley Holdings was in a jovial mood when journalists from The Edge Singapore caught up with him on a rainy Friday evening recently. From a larger-than-average figure, Ching has slimmed down somewhat. He attributes his new-found fitness to planks, which help greatly in building core muscle strength. “I do the sideways plank as recommended by Eric,” he says, referring to his long-time business partner Eric Low, who is Oxley’s deputy CEO.

Oxley’s shareholders will lean on both men’s market astuteness and financial muscle to keep driving the company forward. Following a buying spree last year, Oxley had planned a 2018 rollout of eight to 10 projects with a total of 3,900 units by year-end with a total attributable gross development value (GDV) of $5 billion. The company has been on track, launching a new project just about every other month.

The most recent launch by Oxley was Mayfair Gardens. The 208,480 sq ft site was acquired in an en bloc sale for $311 million, or $1,244 psf per plot ratio. The deal was announced last November and completed in June. The old Mayfair Gardens comprised 124 units and will be developed into two new developments.

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