Tag Archives: Roxy-Pacific Holdings

Condo sales heat up

New mass market projects launched last weekend received strong interest from home buyers, reported The Straits Times.

The 380-unit Stratum sold 190 of the 250 units released under its initial phase. The 99-year leasehold project by Elitist Development was launched at around S$900 psf.

Roxy-Pacific Holdings’ 121-unit Whitehaven sold close to 70 units at average prices of S$1,470 and S$1,480 psf, said Chief Executive Teo Hong Lim.

Meanwhile, the 336-unit Corals at Keppel Bay sold over 80 of the initial 100 units at its preview. Prices ranged from S$1,800 to S$3,000 psf. Most of the buyers were Singaporeans with one- to three-bedroom units being snapped up.

The report added that the condo development will be launched this weekend. Corals is the third project developed by Keppel Land on its Keppel Bay site, following the 969-unit Caribbean at Keppel Bay and 1,129-unit Reflections project.

Moving forward, more developments will be launched this month, including the 142-unit KAP Residences at King Albert Park – a project by Oxley Holdings, and Roxy-Pacific’s 64-unit Liv on Sophia.

The 12-storey NeWest mixed development on West Coast Drive may also come on to the market soon along with the 118-unit cluster housing project Belgravia Villas in Ang Mo Kio which would likely be priced from S$2.9 million.

Source – PropGuru – 22 May 2013

Roxy-Pacific Q1 net profit up 31%

Property and hospitality group Roxy-Pacific Holdings posted a 31 percent rise in net profit to S$11.8 million in the first quarter of 2013 from S$9.0 million over the same period last year.

Gross profit also increased to S$18.3 million, up 10 percent from last year’s S$16.6 million, while revenue surged 41 percent to S$53.7 million from S$38.1 million.

“We are pleased to begin this new financial year with a strong set of first quarter results. The group’s earnings growth came on the back of positive performance from our property development and property investment segments and higher share of results from associates,” said Teo Hong Lim, Executive Chairman and CEO of Roxy-Pacific.

The firm’s property development business saw a 72 percent growth in turnover from S$24.6 million in Q1 2012 to S$42.4 million in Q1 this year, accounting for 72 percent of the group’s total revenue. The increase was due to revenue achieved from six projects – The MKZ, Treescape, Spottiswoode 18, Straits Residences, Space@Kovan and Jupiter 18.

At the same time, hotel ownership accounted for 20 percent of the total revenue, while the remainder came from property investment.

Source : PropGuru – 6 May 2013