Ching’s statement added that Oxley’s projects in Kuala Lumpur, Malaysia, and London, United Kingdom are underleveraged. “The Company is of the view that it is not unusual to seek to gear up by leveraging such assets for its general working capital purposes and other opportunities,” the statement says.
According to the statement, all of Oxley’s projects have reported good pre-sales. “In Malaysia, the Group’s Oxley Tower KLCC project has fully sold out its office tower and retail units, and more than 50% of the residential units have been sold to date. The Group’s joint venture project, Trinity Wellnessa, has also achieved a take-up rate of 99%. In London, 65% of the Riverscape project has been sold,” Ching says in the statement.
Market watchers have pointed out that Oxley’s much watched net gearing ratio has tumbled (which is a positive development). Back in 2018 for the year ended June 30, Oxley’s gearing ratio was at 2.17x. It has fallen steadily since then. As at end-June 2023, Oxley’s FY2023, its gearing ratio stood at 1.62x, compared to 1.38x as at end March this year.
