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Operational Review

In the last six months of FY2020, the Group&rsquo s operations were hampered by the lockdown of varying degree in Singapore and overseas arising from the outbreak of COVID-19 virus.

Construction progress is expected to be delayed by 4 to 6 months at the Singapore, Ireland and Malaysia development projects  while the development projects in the United Kingdom and Cambodia have managed to catch up on the delay caused by the partial lock-down and safe distancing measures.

In Singapore, the Group has launched 11 development projects since April 2018 and the response received from buyers has been overwhelming.  As of August 2020, 3,109 units or 79.3% have been sold and total sales secured amounted $3.5 billion.  Two of the Group&rsquo s projects - Sea Pavilion Residences and The Addition (TOP achieved in April 2020) are 100% sold. Barring any unforeseen circumstances, the Group estimates the projects to be fully sold  within the following 12 to 15 months.

During the &ldquo circuit-breaker&rdquo period, the Group used virtual showrooms to showcase the layout of the apartment units to potential buyers. After relaxation of the &ldquo circuit-breaker&rdquo control measures in early June, the Group experienced pent-up demand for the residential units.  During the period April to early August 2020, Oxley issued more than 280 option-to-purchase to the buyers, garnering sales of more than $330.0 million.

Since the lifting of the &ldquo circuit-breaker&rdquo restrictions, all the Group&rsquo s construction sites in Singapore have gradually returned to full operation, and the Group can look to higher revenue, profit recognition as well as progressive billings of the sold units in the new financial year.