Singapore property prices fall
A construction worker passes the largely vacant Cape Royale condominium in Sentosa Cove on Singapore's Sentosa island. Reuters

Property developer Oxley Holdings said the issued and paid-up capital of its joint venture company Oxley Serangoon Pte has been increased from S$100 to S$4 million.

The increase was by way of the issue of about four million new ordinary shares at S$1 each to Oxley Holdings (about 1.6 million shares), Lian Beng (Serangoon) Pte Ltd (about 800,000 shares), Unique Invesco Pte Ltd (about 800,000 shares) and Apricot Capital Pte Ltd (about 800,000 shares), Oxley Holdings said on Thursday.

Following the issue of shares, Oxley Holdings holds 40 pecent stake in the joint venture company while LBS, Unique Invesco and Apricot hold 20 percent each.

The company funded the share issuance by internal resources and is not expected to have any material impact on the net tangible assets per share or earnings per share of Oxley Holdings for the current financial year ending June 30, 2018.

Oxley Holdings develops residential and commercial projects in accessible locations. It also develops light industrial buildings that include swimming pools and other recreational amenities.

Shares in Oxley Holdings rose 0.9 percent to S$0.56 on the Singapore Exchange. The stock has gained 30 percent so far this year.