http://www.straitstimes.com/premium/...april-20130221
Roxy-Pacific set to launch residential projects in April
Published on Feb 21, 2013
By Cheryl Ong
ROXY-PACIFIC Holdings can expect to have a busy second quarter this year.
Its chief executive Teo Hong Lim said at a results briefing yesterday that showflats at three of its sites will be completed by next month and are set to be launched in April.
"We always sell the moment we are ready. If you go to the various sites now, the showflats are already rushing," he said.
The freehold sites at Lew Lian Vale, 334 Pasir Panjang and Wilkie Terrace were acquired by the group through collective sales.
But the Wilkie Terrace showflat will market units at its other site in nearby Adis Road first.
Marketing for units in Wilkie Terrace and its other site in Pasir Panjang Road will commence a few months later, depending on sales at the earlier launches.
Mr Teo also said prices for units at 334 Pasir Panjang and Lew Lian Vale are likely to be set at a minimum of $1,400 per sq ft (psf), while units in Adis Road will not fall below $2,000 psf.
"Even for 99-year projects near the MRT, developers are targeting prices at $1,400 psf to $1,500 psf. Our projects are freehold," he said.
The group also announced that it had a balance of $861.7 million in attributable progress billings as of Feb 7, of which profits will be recognised from the first quarter this year to 2016.
This includes billings from Space@Kovan, Spottiswoode 18 and Centropod@Changi.
On Tuesday, the company had announced that full-year net profit rose 13 per cent to $58.4 million.
A final dividend of 0.924 cent a share was recommended.
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