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 $133 million of principal outstanding, according to Bloomberg-compiled data.
Oxley didn’t immediately reply to a request for comment.
As of Dec 31, 2023, Oxley reported a total of $48.9 million in cash and cash equivalents and total current liabilities of $1.4 billion, according to a Singapore Exchange filing.
Singapore’s property sector, which has so far dodged the downturns seen in other major cities, has slowed due to weaker economic growth and multiple government interventions to cool the overheated market.
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Oxley has completed more than 40 projects in multiple countries including the UK and Ireland since its establishment in 2010, according to its latest annual report. Oxley’s shares were trading around 8.8 Singapore cents in recent weeks, and are near their lowest level since the company’s public offering in 2010.
Oxley recently appointed Chin Mei Ling as its new chief financial officer, following the departure of Leong Mei Kuan, according to a filing with the Singapore Exchange.
