The recent measures aimed at cooling the property market have not stopped Oxley Holdings from seeking a listing on the Singapore stock exchange. The lifestyle property developer recently lodged its preliminary offer document for a listing on the Catalist board of the Singapore Exchange Securities Trading Limited (SGX).

Oxley Holdings, which focuses in residential-cum-commercial projects, intends to use the net proceeds from its IPO to fund the acquisition of new land sites, partly finance the acquisition of five land sites and for general corporate and working capital requirements.

So far, three of the company’s launched projects – Parc Somme, Loft@Rangoon and Suites@Katong – have been completely sold, while Viva Vista has been almost 94 percent sold.

As of 27 August, the capital value of assets held by Oxley Holdings for development totalled about $443 million, based on independent valuation.

“With the unique market position that we occupy, and the positive long-term prospects of Singapore’s property market, we are hopeful that our listing will enable us to strengthen our market position,” said Mr. Ching Chiat Kwong, chief executive and chairman of Oxley Holdings.

The developer said in its preliminary offer document that it plans to recommend and distribute dividends of at least 50 percent and 30 percent of its net profits attributable to shareholders for FY2011 and FY2012, respectively, and at least 20 percent of net profits attributable to shareholders for FY2013 to FY2015.

Collins Stewart Pte. Limited is the underwriter, sponsor and placement agent for the IPO.


http://www.propertyguru.com.sg/prope...ng-sgx-listing