Bloomberg: Oxley Seeks Up to US$120 Million Private Loan

[Dr Christopher Cheok C S]

Oxley Seeks Up to US$120 Million Private Loan​

https://www.bnnbloomberg.ca/singapore-builder-oxley-seeks-up-to-120-million-private-loan-1.2081713

(Bloomberg) -- Oxley Holdings Ltd, a cash-strapped property developer in Singapore, is seeking a private credit loan of US$100 million to US$120 million partly to help repay a Singapore dollar bond due next month, said people familiar with the matter. The borrowing is set to be backed by Oxley’s two property projects in Kuala Lumpur and London, the people said. The deal isn’t final and terms may change, the people added.

As of Dec. 31 last year, Oxley reported a total of S$48.9 million in cash and cash equivalents and total current liabilities of S$1.4 billion, according to a Singapore Exchange filing.

 

[laksaboy]

Of course it's cash-strapped. It has built many crappy properties in recent years.

That crappy new 'King Albert Park' mall was built by them.

And there was a lawsuit.

Huttons denies claims of misrepresentation in KAP Mall legal wrangle; 36-day trial set for 2024​

SEP 25, 2023
https://www.straitstimes.com/busine...-mall-legal-wrangle-36-day-trial-set-for-2024

Real estate agency Huttons Asia, which found itself entangled in a dispute between 28 shop owners at KAP Mall and developer Oxley Sanctuary, has refuted allegations of misinforming shop owners about the return of key tenants McDonald’s and Cold Storage.

A 36-day trial is set to take place from March to May 2024 over the lawsuit filed by the shop owners against Oxley Sanctuary, a subsidiary of Oxley Holdings, which bought the land at King Albert Park in 2012 and redeveloped it into the present KAP Mall that was completed in 2016.

28 KAP Mall shop owners suing Oxley unit for misrepresentation​

Nov 11, 2019
https://www.businesstimes.com.sg/co...hop-owners-suing-oxley-unit-misrepresentation

A GROUP of 28 shop owners who bought 19 units at the freehold strata KAP Mall has banded together to sue the developer Oxley Sanctuary, a subsidiary of Oxley Holdings, for alleged misrepresentation. The defendant denies the allegations and has named KAP's exclusive marketing and sales agent Huttons Asia as a third party in the lawsuit.

The plaintiffs allege that Oxley Sanctuary, through Huttons and the latter's co-broke agents Savills Singapore and ERA Realty Network Singapore, had misrepresented in the course of marketing the property that McDonald's or Cold Storage or both were returning as anchor stores at the mall.

 

[CoffeeAhSoh]

Tiagong this Mr Ching chap was a former Policeman ( then became a Chap Cai Png Hawker ) made good ;

He likes Doubling even Triple Down ( in the Property Market ) when others are afraid to do so ...

 

[k1976]

Oxley Seeks Up to US$120 Million Private Loan​

https://www.bnnbloomberg.ca/singapore-builder-oxley-seeks-up-to-120-million-private-loan-1.2081713

(Bloomberg) -- Oxley Holdings Ltd, a cash-strapped property developer in Singapore, is seeking a private credit loan of US$100 million to US$120 million partly to help repay a Singapore dollar bond due next month, said people familiar with the matter. The borrowing is set to be backed by Oxley’s two property projects in Kuala Lumpur and London, the people said. The deal isn’t final and terms may change, the people added.

As of Dec. 31 last year, Oxley reported a total of S$48.9 million in cash and cash equivalents and total current liabilities of S$1.4 billion, according to a Singapore Exchange filing.

This is really Moment of 万福金安

 

[dirtywoman]

Oxley is well known for building substandard development?

 

[Narong Wongwan]

He should be in jail for sullying the Oxley name and brand

 

[yubenOh]

Take $100M loan. Then divest, money dunno disappear where and declare bankrupt. All tips inside cheaters playbook 101.

 

[k1976]

Tiagong this Mr Ching chap was a former Policeman ( then became a Chap Cai Png Hawker ) made good ;

He likes Doubling even Triple Down ( in the Property Market ) when others are afraid to do so ...

https://www.forbes.com/profile/ching-chiat-kwong/?sh=1ff7291a636c

He is a self made successful man lai de woh.

Boss Johm, your kopi kaki?

 

[syed putra]

Oxley is well known for building substandard development?

The two development in London and KL is considered high standard. With Premium branding and management.

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The Newest KLCC Address​

Next to Petronas Twin Towers​

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· Designed by world-renowned architect​

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Living Conveniences​

· Daily conveniences within easy reach - medical centres, KLCC Parks, shopping malls & banks​

· Walking distance to train, bus and taxi stops via KLCC pedestrian link bridge​

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· Last few pieces of prime real estate, ensuring capital appreciation​

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With lifestyle venues, major businesses, key amenities, two LRT stations within walking distance and located face to face with one of the world’s most iconic buildings – the Petronas Twin Towers – a thrilling life waits at SO Sofitel Kuala Lumpur Residences​

 

[k1976]

BACKGROUND

Oxley Holdings Ltd, a cash-strapped property developer in Singapore, is seeking a private credit loan of US$100 million to US$120 million partly to help repay a Singapore dollar bond due next month, said people familiar with the matter.


THE PLAN
The developer plans to use part of the proceeds to repay its Singapore dollar-denominated 6.9% bond due July, the people added. The bond, which was issued in 2021, has S$133 million ($98.7 million) of principal outstanding, according to Bloomberg-compiled data.


As of Dec. 31 last year, Oxley reported a total of S$48.9 million in cash and cash equivalents and total current liabilities of S$1.4 billion or 1400million according to a Singapore Exchange filing

 

[k1976]

THat mean it is swimming deep deep in debt?

 

[k1976]

Recap...back in 2019

COMMERCIAL PROPERTY
ARIANNA DANGANAN
,SINGAPORE
PUBLISHED:
5 YEARS AGO
1028 VIEWS

Oxley CEO argues debt-ridden company can pay its dues​

Its ability to pay is supported by local and overseas projects worth approximately $2.9b and $4.6b respectively.

Oxley Holdings said it is capable of paying its $1.6b debt due in the next three years after stating that its ability to pay is supported by local and overseas projects worth approximately $2.9b and $4.6b respectively, according to its response to queries from the Singapore Exchange Securities Trading (SGX-ST).

Queries were raised after a statement made by its executive chairman and CEO Ching Chiat Kwong concerning the firm’s ability to pay off its debt through the sale of its completed projects, local and overseas, as well as a steady stream of asset disposals ran in a media report.

In its response, Ching highlighted that his statements made in the article were not the company’s internal estimates or projections, and have been made public by the firm through past announcements.

The firm made an announcement on 21 January in relation to the sale of Blocks 4 and 5 of Dublin Landings, as well as the proposed sale of parts of Blocks B and E in Dublin Landings, Ireland on 28 January. Likewise, Oxley announced on 10 January 2019 the proposed sale of Mercure and Novotel Hotels at Stevens Road in Singapore.
The gross proceeds from the sale of the aforesaid properties will amount to approximately $1.4b in 2019, the firm added.

 

[k1976]

Oxley Holdings (SGX:5UX) investors are sitting on a loss of 59% if they invested five years ago​

[email protected] (Simply Wall St)
Sun, Dec 31, 20233 min read

In This Article:

• 5UX.SI-4.55%

Statistically speaking, long term investing is a profitable endeavour. But along the way some stocks are going to perform badly. For example, after five long years the Oxley Holdings Limited (SGX:5UX) share price is a whole 65% lower.

That is extremely sub-optimal, to say the least. And some of the more recent buyers are probably worried, too, with the stock falling 30% in the last year.

Since shareholders are down over the longer term, lets look at the underlying fundamentals over the that time and see if they've been consistent with returns.

 

[k1976]

https://www.mingtiandi.com/real-est...-drop-66-and-more-asia-real-estate-headlines/

SINGAPORE DEVELOPER HOME SALES DROP 66% AND MORE ASIA REAL ESTATE HEADLINES​

2024/05/15 BY MICHAEL COLE LEAVE A COMMENT

Singapore’s home market continues to slide in 2024

Singapore’s sagging housing market leads Mingtiandi’s headline roundup today as homebuyer activity drops by two-thirds in the Lion City. Hong Kong’s CK Asset also makes the list as it slashes prices on some homes by a third and Guangdong-based developer Agile has defaulted on offshore debt for the first time.

Singapore New Home Sales Dropped 66% in April​

Developers in Singapore chalked up 301 new private home sales in April, down 58.1 percent from March’s take-up as fewer new units were launched in the month, official data showed.

Year on year, last month’s new home sales were 66.2 percent lower than the 890 units recorded in April 2023. Including the hybrid public-private executive condo segment, new unit sales dropped 57.7 percent from 832 units in March to 352 units in April, according to data from the Urban Redevelopment Authority released on Wednesday (May 15)

 

[k1976]

Developers sell 301 new homes in April, down 58%, on fewer launches​

The strongest sales in the month came out of projects in the suburban OCR and the city-fringe RCR areas

Samuel Oh​

Published Wed, May 15, 2024 · 02:03 PM

Developers' sales are 66.2 per cent lower than the 890 units recorded in April 2023. PHOTO: BT FILE
URA

DEVELOPERS in Singapore chalked up 301 new private home sales in April, 58.1 per cent lower than March’s take-up as fewer new units were launched in the month, official data showed on Wednesday (May 15).
Year on year, last month’s new home sales were 66.2 per cent lower than the 890 units recorded in April 2023.
“The substantial drop in sales is also due to a higher base in March 2024, where developers’ sales surged on strong demand at Lentor Mansion,” said PropNex’s head of research and content, Wong Siew Ying.

While monthly new sales directly correlate with projects launched during the time, Knight Frank’s head of research Leonard Tay noted that in the first four months of 2024, monthly average new sales rang in at only 369 units. In comparison, new home sales averaged 556 units a month in 2023, and 616 units in 2022.
April’s sales take the current tally for the year to date to 1,465 units, 31.7 per cent lower than the 2,146 units sold over the corresponding four-month period in 2023, said Tricia Song, CBRE’s head of research for Singapore and South-east Asia.
“Take-up has largely moderated and buying sentiment has turned cautious amid high interest rates and an uncertain economy,” she said.

 

[k1976]

Singapore retail sales worse than expected in April with 1.2% drop​

Only three of the 14 retail categories saw a year-on-year increase in sales in April. ST PHOTO: KUA CHEE SIONG

Rosalind Ang
UPDATED

JUN 05, 2024, 10:11 PM

FacebookTelegram

SINGAPORE - Retail sales in Singapore fell in April, snapping three months of gains and coming in worse than expected, as tourist arrivals cooled.

Takings at the till dropped 1.2 per cent in April from the year-ago period, reversing a revised 2.8 per cent growth in March, data from the Department of Statistics showed on June 5.

April’s result was below estimates by private-sector economists, who expected retail sales to grow 1.9 per cent year on year in a Bloomberg poll.

 

[Rabbit7]

BACKGROUND

Oxley Holdings Ltd, a cash-strapped property developer in Singapore, is seeking a private credit loan of US$100 million to US$120 million partly to help repay a Singapore dollar bond due next month, said people familiar with the matter.


THE PLAN
The developer plans to use part of the proceeds to repay its Singapore dollar-denominated 6.9% bond due July, the people added. The bond, which was issued in 2021, has S$133 million ($98.7 million) of principal outstanding, according to Bloomberg-compiled data.


As of Dec. 31 last year, Oxley reported a total of S$48.9 million in cash and cash equivalents and total current liabilities of S$1.4 billion or 1400million according to a Singapore Exchange filing

..but personally, has this ex-Polisman already cashed out ?
how to determine the difference between the corporate and Private assets ?

 

[Dr Christopher Cheok C S]

Hit by debt woes, Oxley hit historical-low of 8 cents. Company's refusal to offload major-assets casts doubt on valuation.

 

[syed putra]

Hit by debt woes, Oxley hit historical-low of 8 cents. Company's refusal to offload major-assets casts doubt on valuation.

That means they are confident of making big money from their mega development in London wharf and klcc once these are completed.
London maybe. Not sure about KL due to currency depreciation.

 

[Hightech88]

Oxley reported a total of S$48.9 million in cash and cash equivalents and total current liabilities of S$1.4 billion

That's a freaking high debt gearing.

Might as well file for Judicial Management, LOL.