RESIDENTIAL PROPERTY | Staff Reporter, Singapore

76% of The Verandah Residences sold for average of $1,815 psf

The whole project is expected to be completed in the fourth quarter of 2023.

Oxley Holdings said that its first project launched in Singapore this year, The Verandah Residences, has achieved 76% sales of the 170 units in just two days at its official launch on 7 and 8 April 2018.

According to an announcement, all unit types had “good take-up rates” and that all one-bedroom, one-bedroom with study, two-bedroom, and two-bedroom premium units were sold out. “The one-bedroom and twobedroom units were especially popular and balloting was carried out. The average price for the 129 units sold was $1,815 psf,” Oxley added.

The freehold development, located at the junction of Pasir Panjang Road and South Buona Vista Road, comprises 167 apartments in four blocks of five-storey buildings and three strata houses.

Oxley noted that it attracted buyers with its close proximity to MRT stations, major shopping malls, a wide range of food and beverage choices, as well as parks and recreation facilities, such as The Southern Ridges and Kent Ridge Park. The strong demand came from both homebuyers and investors, including overseas investors. 85% of the buyers are Singaporeans, whilst the remaining 15% are permanent residents and foreigners,” it added.

Oxley purchased the 89,620 sqft freehold site at the former 231 Pasir Panjang Road in July 2017, for $121m, or $964 psf ppr. The project is expected to be completed in the fourth quarter of 2023.

Oxley executive chairman and CEO Ching Chiat Kwong said, “The market response to the Verandah launch has been very encouraging. There were a lot of enquiries for the project before the launch, and the sales progress proved that the pentup demand was real, especially for quality projects with excellent location and reasonable prices. We have a strong project pipeline in Singapore. Riding on the upbeat market sentiment, Oxley is in a favourable position to supply more good quality residential projects to meet market demand, and to bring our business to the next level.” 

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