Oxley Tower achieves TOP; 100% of sellable area sold

SINGAPORE (Dec 13): Property developer Oxley Holdings has announced that its development project Oxley Tower has achieved Temporary Occupation Permit (TOP) from the Building and Construction Authority (BCA) of Singapore.

Oxley says in a SGX filing on Monday that excluding three floors reserved for use as its corporate office when it is renovated and ready for relocation in 1H17, it has sold 100% of the sellable area, and has received progress payments from buyers.

Located in Singapore’s central business district at 138 Robinson Road, the 32-Storey freehold strata-titled commercial development has a gross floor area of 16,839 sq m which will include offices, restaurants, cafes, and shops.

“At TOP, we will be able to reduce up to S$211 million of project debt through collections from buyers of the sold units,” says Oxley’s Executive Chairman and CEO Ching Chiat Kwong.

“As Oxley makes steady progress in expanding its business and portfolio on the global market, Oxley Tower serves as a milestone for our efforts and achievements thus far,” Ching adds.

Oxley Holdings closed flat at 44 cents on Monday. — theedgemarkets.com.sg