Singapore-listed property developer Oxley Holdings previewed its newest residential development, the freehold The Verandah Residences in Pasir Panjang, over the Good Friday weekend (March 30 to April 1).
The 170- unit development is Oxley’s first in a series of seven new residential projects to be launched in 2018. The Verandah Residences will set the benchmark in terms of design and product features for Oxley’s upcoming developments.
Designed by DP Architects, The Verandah Residences has a theme inspired by the black-and- white colonial bungalows that used to dot the area. Given its location at the junction of Pasir Panjang and South Buona Vista Road, it is expected to be the new icon in the neighbourhood.
“Both investors and homebuyers have expressed interest in the development,” says Eugene Lim, Oxley Holdings director of marketing and sales. “It’s the timelessness of the black-and-white concept that appeals to a vast majority of the population.” Oxley intends to release 100 units in the first phase at an average price of $1,800 psf.
The project is priced “realistically”, says Eric Low, deputy CEO of Oxley Holdings. “It’s even below the replacement cost of some of the aggressive bids at en bloc tenders that closed recently.” The 89,620 sq ft, freehold site is occupied by four 5-storey blocks with a range of one- to four-bedroom apartments as well as three strata houses.
To cater for a wide range of investors and future homeowners, the project has a variety of unit types: 57 one-bedroom units starting from 463 sq ft and 10 one-bedroom-plus-study units of 603 sq ft each. There are also 11 two-bedroom units of 646 sq ft each and 21 two-bedroom premium units starting from 689 sq ft.
Three- and three-bedroom premium types make up 48 units, with sizes starting from 904 sq ft. Families that want more space can choose from 20 four-bedroom units starting from 1,249 sq ft as well as three strata houses of 2,174 sq ft each.
The Verandah Residences is a redevelopment of the former 231 Pasir Panjang Road, which Oxley purchased for $121 million, or $964 psf per plot ratio, last July. Oxley is not new to the area. It developed the mixed-use development Viva Vista located just across the road. Launched and fully sold in 2010, Viva Vista was completed in 2014.
Meanwhile, last December, Oxley purchased the 209-unit Vista Park en bloc for $418 million ($1,096 psf ppr). In fact, the sales gallery of The Verandah Residences is adjacent to Vista Park. “Pent-up demand has been building up since 3Q2017,” says Ching Chiat Kwong, executive chairman of Oxley Holdings.
“There haven’t been many new launches, as developers have been holding back some of their new projects. With the recent bullish tender prices for both government land sale sites and collective sale sites, this creates an urgency for buyers to purchase now instead of later.” Thus, Ching foresees new-home sales in 2018 surpassing the previous year’s 10,682 units. “This is certainly a very exciting year for the market,” he adds.
This story appeared the The EdgeProp pullout (Issue #823, April 2 2018)