Ecotech@SunviewDespite the competitive market conditions, net profit of Singapore-listed property developer Oxley Holdings climbed by 123% to $295.4 million on yearly basis for the financial year ended 30 June 2016, according to the group’s SGX filing.

Meanwhile, the group’s profit after tax & minority interests (PATMI) surged by 162% to $206 million on an annual basis.

The significant increase was due to 40% to $981.4 million growth in revenue, earned from 8 of its mixed-use and residential projects, industrial development Ecotech@Sunview, and rental income earned from investment properties.

According to Oxley Holdings’ Executive Chairman and CEO Ching Chiat Kwong, the group has an unbilled contract value worth $3 billion, and completion of Singapore developments and Royal Wharf phase one over the next year will enhance the group’s cash position.

Oxley Holdings is also working on a project in Ireland comprising 7 residential and 4 commercial blocks. Construction of the project has already begun and expected to be complete by year 2019.