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Oxley's Stevens Rd hotel development gets TOP

Singapore

HOMEGROWN property developer Oxley Holdings said on Tuesday its hotel development on Stevens Road had received the Temporary Occupation Permit (TOP) on Aug 3.

The group said the hotels at the development, operating under the Novotel and Mercure brands, are expected to commence operations in the second quarter of FY2018.

The development comprises a 254-room Novotel hotel and a 518-room Mercure hotel, as well as amenities such as a 360-seat ballroom, meeting facilities, swimming pools, and food and beverage outlets, with a combined gross development value of about S$900 million.

Oxley's executive chairman and CEO Ching Chiat Kwong said: "We believe that Singapore's hospitality market is expected to remain strong as the tourism sector continues to show encouraging growth.

"The growing tourism sector further strengthens our long-term view in investing in quality hospitality assets in Singapore and we are confident that the hotels will contribute positively to our financial performance.

"Furthermore, the timely completion of our hotel development signifies Oxley's capability in managing diversified property portfolios. We will continue to build up our expertise in hotel development and management to grow our hospitality business."

Oxley aims to achieve full TOP of the entire development ahead of the commencement of the hotel operations. The auxiliary areas in progress are the extended facilities for the hotels, two commercial units, as well as some external works and a tennis court.

Both hotels are expected to contribute to the group's financial results from the second quarter of FY2018.

Mainboard-listed Oxley has a market capitalisation of about S$1.62 billion, and has business presence across 10 geographical markets.