Oxley Holdings reported Thursday its net profit after tax for the fiscal first half fell 18 percent on-year to S$23.42 million on lower revenue from the Royal Wharf project in the U.K.
The decline was partly offset by higher revenue from Singapore development projects and the sale of land parcels in Australia, Oxley said.
Revenue for the six months ended 31 December declined 13 percent on-year to S$506.38 million, the property developer reported.
Oxley said it has sold around 97 percent of its Singapore residential units, representing 96 percent of gross development value, or around S$4.7 billion. The remaining 110 units is targeted to be sold by the end of 2022, with construction completion expected by early 2023, Oxley said.
The Royal Wharf project in the U.S. is fully completed and fully sold, Oxley said, adding construction of the 100 percent sold Dublin Landings project has also been finished.
In its outlook, Oxley said the impact of Singapore’s imposition of property cooling measures wasn’t likely to affect the company much as its exposure to the residential property market is “not significant” with its projects 97 percent sold.
The remaining units are also in the mid-mass market segment attractive to first time buyers who are the least affected by the new measures, Oxley said.