Property developer Oxley Holdings has announced a sale of land in Ho Chih Minh City, Vietnam for about VND480 billion ($28.3 million) via its associate, MK Thao Dien Project.

 

Oxley has a 36% interest in the associate, and a refundable deposit of VND47.5 billion had been received for the proposed transaction, which has an area of 2,952.22 square metres.

 

Upon signing a formal agreement for the transaction, VND144.5 billion will be received by MK Thao Dien Project. The remaining sum of the sale price will be received by the completion of the transaction.

 

Oxley says this transaction is subject to various conditions, including the signing of a formal agreement, which may not be fulfilled. The proceeds from the sale, if completed, will contribute positively to its cashflow.

 

Property developer Oxley Holdings was buying back its shares over the period.

 

On Jul 8, the company bought 146,500 shares at a range between S$0.171 and S$0.174, for a total consideration of S$25,481.93.

 

On Jul 12, it bought 176,200 shares at between S$0.172 and S$0.173, for a total consideration of S$30,559.48.

 

On Jul 13, it bought 218,100 shares at a range between S$0.171 and S$0.174, for a total consideration of S$37,692.98.

 

On Jul 14, the company also bought 191,900 shares at a range between S$0.175 and S$0.176, for a total consideration of S$33,769.16.

 

This brings the total number of treasury shares held by the company to 31.6 million after the buybacks.

 

In a business update on Jul 4, Oxley said it intends to focus its property development activities in developed countries such as the United Kingdom and Ireland, as it deems them as &ldquo relatively more politically stable and transparent&rdquo .

 

It also noted that as at Jun 27, about 99 per cent of its residential units in Singapore, excluding fully completed and sold projects, have been sold, and that construction progress of the projects is on schedule with the easing of Covid-related control measures.

 

OXLEY Holdings : 5UX +1.19% said in a business update on Monday (Jul 4) that it intends to focus its property development activities in developed countries such as the United Kingdom and Ireland as it deems them to be &ldquo relatively more politically stable and transparent&rdquo .

 

In its update, the property developer noted that it has S$305 million of unbilled contract value in the overseas market that will be recognised as revenue upon projects obtaining their temporary occupation permits (TOPs).

 

It also highlighted its Riverscape development, which overlooks Lyle Park and River Thames in London, UK, as well as a mixed-use development located at Connolly Station, which is at the busiest railway station in Dublin, Ireland.

 

The Riverscape development, in which the company has a 50 per cent stake, has a total gross development value (GDV) of S$683 million. The company also owns a 90 per cent stake in the Connolly Station development, which has an estimated GDV of S$1.4 billion. Both projects are expected to obtain TOP status in 2025.

 

Meanwhile, Oxley noted that as at Jun 27, approximately 99 per cent, or 3,593 units of the group&rsquo s residential units in Singapore, excluding fully completed and sold projects, have been sold.

 

It added that construction progress of the projects is on schedule with the easing of Covid-related control measures, and 7 out of the remaining 8 projects are expected to achieve TOPs in the next 6 months.

 

Between Jun 14 and 15, Oxley Holdings : 5UX -4.17% executive director and deputy CEO Eric Low See Ching acquired 100,000 shares of the company at 17.1 cents per share.

 

Low maintains a 28.13 per cent direct interest in the firm and is responsible for the operation of the group including sales and marketing, project development, business development and financial management. He also assists the CEO in charting and executing strategic plans.