I refer to the AGM Minutes sent 25 Nov 2025. They are good reference to how the leadership is driving the business and how the prospects are going forward.

Key Points (Ching Chiat Kwong &ndash CCK, Low See Ching &ndash LSC):

1.CCK: We paid off the last bonds in July 2025 and will focus on divesting fixed assets, including industrial building, commercial units and hotels, to unlock cash for development projects in Singapore.

2. CCK: The Group&rsquo s business will focus on mature markets in Singapore, London and Ireland.

3. CCK: KL Markets -   SO Sofitel scheduled to open in December 2026 and Langham in 2027.

4. CCK: With the lessons learnt, I believe we will make a comeback in the next few years.

5. CCK: Johor Land: We are waiting for the right opportunity to sell the land we hold in Johor Bahru. Our first option is to sell the land.

6. CCK: China The Gaobeidian project in China is a long-term project. We have built more than 2,000 units and sold more than 1,000 units. We have fulfilled all obligations and there is no obligation to develop the other phases of the project. Our share in the project is about 25% and there are no borrowings. We only need to sell the remaining completed units at the right price.

7. Are you still open to selling the Mercure and Novotel hotels in Singapore? CCK: Yes, all the Group&rsquo s assets are for sale at the right price.

8. CCK: We have plans which are pending execution. We need time to unlock the value from our assets and revert to being a property developer again.

9. CCK: Everything is done for the good of Oxley. We will sell our assets when there is good value and then look for other opportunities. Our immediate plan is to sell the remaining units at Oxley Towers KLCC and in London. We also need to complete the project in Dublin. Be assured that after going through the last five years, we have never been clearer about our plans.

10. How likely will Oxley be able to sell its properties, such as the hotels in Singapore and Space@Tampines? CCK: We are open to offers. However, the interest rates are not coming down enough. We target to sell our assets within a year.

11. CCK: The Shangri-La in Cambodia broke even in the last two months. Occupancy is good and we are making good returns with the strong branding.

12. LSC: Investment properties require a lot of cash as they are sensitive to interest rates. When interest rates are high, the rental returns will be poor. Given that property prices have risen quite a lot, the return on property assets is relatively low in Singapore. Moreover, interest rates are unpredictable. It is better for us to redeploy our funds in property developments for better returns.