Oxley shares drop after imposition of new cooling measures

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Oxley shares drop after imposition of new cooling measures

Oxley Holdings, Singapore’s largest developer in terms of residential landbank, suffered significant drops in stock prices after the government introduced new cooling measures last week.

Image: Affinity at Serangoon (Source: Oxley)

Oxley Holdings, Singapore’s largest developer in terms of residential landbank, suffered significant drops in stock prices after the government introduced new cooling measures last week.

Its latest residential projects include the Riverfront Residences, Affinity at Serangoon, and The Verandah Residences, which sold out in just three months.

According to data from SG investors.io, the shares of the home-grown property developer fell by about 15.85 percent from its closing price of 41 cents last Thursday (5 July) to a closing price of 34.5 cents on Friday after the new property curbs took effect on noon of that day. 

This represented the biggest ever one-day drop, with around 30.36 million Oxley units changing hands. Then on Monday (9 July), its’ share price declined further by about 4.35 percent to end the day at 33 cents.

The drop in share prices prompted Oxley’s Executive Director and Deputy CEO Eric Low See Ching to acquire an additional 2.5 million company shares for a total of $872,803 on Tuesday and Wednesday (10-11 July) to shore up the firm’s stocks.

Business Times reported that the acquisition resulted in Low now having 1,118,319,792 ordinary voting shares or 27.69 percent of the overall ordinary voting shares from 27.63 percent prior to the purchase.

On Wednesday, Oxley’s shares closed at 36 cents, down 12.2 percent from of 41 cents last Thursday.

 

Senior Content Producer, Christopher Chitty, edited this story.